Whether you are an entrepreneur and own a business, you want a family, you strive for a fantastic career or just want that really cool car, EVERYONE has a why. The reason why we do things.
This is the reason why one of my lovely landlords decided to be hands off with her property. Her why was pretty big and yours may be for less personal reasons but I have to say I really enjoyed reading her story and feel privileged that we are able to help achieve that happy ending. Here goes..
I fell into property by accident when I met my now husband and decided to move in with his parents to save to get married. Because I owned and lived in my flat, the next question was ‘what do I do with it’!? The obvious solution was to rent it out. For many years I managed the property myself and encountered so many obstacles and problems when searching for and looking after tenants.
It started off well, until I got pregnant and in the last few weeks of my third trimester, my tenant turned nasty and wanted to leave before the end of her tenancy. From here, the honeymoon period was over.
Don’t get me wrong, not all situations are as negative as mine but from all of the issues I’ve had to overcome, my view of my flat was a pretty negative one.
I struggled to be anything less than traumatised, every time I had text from a tenant or totally mortified if the phone rang. No call or text is to ever tell you that the tenant is having a lovely time and really enjoying the property they are living in! There will forever be a problem that needs to be sorted as a landlord.
From complaints from your neighbours about inconsiderate behaviour from your tenant, a leak that you can’t do anything about until the next day, thus causing damage to your property, tenants not upholding their responsibility of updating utility companies, section 21’s and the resulting damage caused by the tenant, just to spite you because you want to sell your own property for your own sanity and financial stability! All of these issues (and believe me, there’s more!), compounded the fact that I sincerely wished I’d chosen to go travelling instead of getting on the property ladder in first place!
I’ve used an agent for tenant finds and would then take on the daily, by myself; always due to what I felt was a lack of funds. People always have this misconception that landlords are ‘rolling in it’, actually it’s the polar opposite! My flat has always taken any savings that I’ve ever had and more! It’s a false prophecy to take on such a beast yourself and believe you will be financially fluent and happy in the same breath.
A couple of tenants ago, I made the decision to move forward and have the flat fully managed and be hands off. This was absolutely the best decision I have ever made, in terms of this property.
The problem with my situation is that I have an emotional bond to my flat. It was my home and what I had worked so hard to keep and maintain. Many other landlords won’t have this personal connection to the properties they let out so, for me, the best solution is to have as little involvement in the running as possible.
I have a busy life, kids, work, a side hustle, family etc., so why would I choose to eat into precious time just to do something that fills me with dread!? For years I didn’t give this full consideration and battled on.
Since I handed the flat over, I’ve been able to put it to the back of my mind, knowing it is in safe hands and I don’t have to worry. The bit that astounded me was the agent was able to command a higher rent which meant that I wasn’t losing out financially. What they were asking for more than covered their services and I was still achieving the same income I had been whilst self managing.
Any problems are dealt with by the agent and seen through to completion, giving the tenant peace of mind that they are in professional hands as well as myself, knowing that I will get the job done, keep the tenant happy and not have to use my time and energy trying to sort an issue in-between my busy schedule.
There will always be a time when a tenant gives notice and this is especially the time that having a managing agent will make a huge difference. You keep calm, carry on and leave it with them! No viewings, no waste of time calls, not checking or inventories. It’s all taken care of! Even the deposit is organised and held. It couldn’t be any less hassle for you.
If I would give advice to anyone looking to enter into the world of rentals, it would be to get it managed! It frees up your time and energy to invest in the areas that you want to. I no longer have sleepless nights, unbearable anxiety at the sight of every message and I can be confident that the property is being managed by professionals who know what they are taking about and are on top of current legislation.
If, like me, you have hesitations or niggling doubt about giving an agent a go, take my advice and just make a phone call. You don’t have to sign up there and then but you might just come away with some food for thought.
What would you rather be doing today, sorting problems or investing your focus in your family or you’re business? I would bet it’s the latter of the two! Seriously, make the call, it could end up being the best decision you ever make!