Whether you have just one property to rent out, or several, chances are it’s not your only source of income, and if this income stream impacts on your other time pressures, it can be tempting to give up and sell up, giving you a cash lump sum and fewer responsibilities. But, there are obvious benefits to the buy-to-let schemes that you’d be giving up. Happily, there are a number of headaches you can outsource to others, allowing you to keep a regular income from your property portfolio, without having to deal with all the day-to-day issues that go with it. Here, we offer some suggestions as to how to make things easier on yourself.
Whether it’s arranging repair visits, checking tenant references or writing up your inventory, there’s a lot of admin involved with renting a property out, and the freelance market offers a huge array of talented administration staff that will be only too happy to take it on for you. You could opt for a VA (Virtual Assistant) to manage it for you quite easily, allowing you to have minimal disruption to the smooth running of your property. Alternatively, there are property managers in London and the surrounding area that will provide a full property management service for you, allowing you to simply sit back and rake in the cash.
If a full service is not what you need, then why not take the pain out of a property owner’s worst headache – the accounts. Finding an accountant is child’s play with the number of firms out there. Better yet, you could consider looking for one that specialises in property management, and whilst you’ll obviously need to pay them to take care of your accounts, they could save you money on your tax return by informing you of what constitutes as business expenses or highlighting somewhere else you could make savings. In addition, they could handle any late payment/non-payment issues for you.
If accounts are not what gives you the most pain, then maintenance may well be at the top of the list. Finding a plumber at short notice when something has gone wrong with a property isn’t easy, but there are firms that you can keep on a retainer, giving you peace of mind that they’ll be able to move quickly should the unexpected happen. Additionally, you’ll be able to get the house decorated/upgraded quicksmart between tenants.
It can be a headache to keep up with changing legislation, especially when it comes to tenancy issues, and this is where having a knowledgeable legal firm on hand to help can save you a fortune. Not only will you be protecting your property, but you’ll be protecting yourself from making expensive mistakes if your tenancy agreement isn’t up to scratch. Similarly, you’ll be able to get expert help should something go wrong and you have to evict your tenant.
Struggling to find a tenant for your property or want to get more money for your new improved property? Then why not pay someone to advertise your property for you. There’s a trick to writing property advertisements that garner more interest than the standard ad, and you could find yourself filling your soon to be vacant properties well before the previous tenants have even moved out.
Whether you want to outsource it all to a property management company or outsource the things you like least about managing your properties, it could save you time and money in the long-term, not to mention making your life infinitely less stressful than it once was.