Many of us aspire to buy more properties and expand our business. But a potential consequence can be a maintenance headache. Just how do you streamline your property maintenance schedule so that it feels routine and manageable? How do you balance your desire to provide excellent customer service with the unknowns that repair issues can throw up and the free spirited world of some tradesman? Here's an experienced landlord's perspective:
1. DIY or agent?
Most agents will manage your property for around 10-12% of your rental income and this may well suit you if you do not live close to your property. The advantage of this is that the agent will have a team of maintenance people and will be able to deal with enquiries on a 24 hour basis. The disadvantage is that they don't always visit the property to check the work has been done properly and nobody will ever care for your property as much as you do. If you choose to use an agent, try to get one through personal recommendation.
The obvious advantage of managing property yourself is that you will save on agent charges and keeping a closer eye on your property could save on the costs of long term deterioration. Tenants often appreciate the extra care provided by a landlord and may reciprocate by taking greater care of the property themselves. You will need a team of tradespeople and may have to field calls and emails at all hours. Make a business case for the use of your own time. Should you be paying somebody else to do it and use your valuable time to seek more deals? Some landlords negotiate an hourly service with local independent agents or hire their own part-time lettings manager.