The Ins and Outs of Property Management

Wondering what’s involved in Property Management?  Here’s what we’ve learned as well as some advice on whether or not to recruit external assistance.

Small portfolios are relatively easily managed. Whilst larger portfolios can also be self-managed, you will have to be organized. Eventually, you will probably get to a position where you’ll need to consider whether to make property management your full-time job.

We have selected some excellent software toolsto assist you, whether you are interested in property management as a side business, or would like to manage your UK rental properties full-time.

These tools cover everything from legal documents to contact management systems

Property Management Considerations

Property management can be easy. It can also be hard work. It all depends on the age of the property, your target tenants, and your access to local skills.

When thinking about buying a buy-to-let property, you need to have a property management plan. After all, property management has to be performed by someone!

Management charges vary depending on who or how you perform the task. Estate Agents are the most commonly used for property management. They charge anything between 7 and 15% of the monthly rental value based on the level of service you require.

Undertaking the job yourself will often be much cheaper, and very easy.

Managing Buy-to-Let Properties Yourself

We have full-time jobs and are still easily able to manage 2 UK apartments, a property in Bulgaria, and a holiday cottage which accommodates people for 3, 4 or 7 night breaks.

The most time-consuming of our property management tasks is without doubt the holiday cottage. The need to maintain and clean the cottage is a priority and must be done constantly.

To reduce maintenance we opted to buy newly built apartments. This reduces ongoing maintenance massively.

We also use self-completing proforma tenancy contracts and hand-select our tenants to reduce our reliance on other people whilst increasing our profitability.

In addition, we do all of our own advertising, interviewing, and setting up of standing orders etc.

Property management isn’t scary! It really can be very easy.

Property Management Specialist Advice

If you have any tenancy-related questions or problems you can join the National Landlords Association (cost approx £100/yr). The NLA will provide you with free help and guidance on UK landlord related issues.

Alternative sources of assistance are: