The image most of us have in our heads of what a landlord should do is often based on our own experiences as a tenant, but in reality there is no ‘one size fits all’ description. With so many different landlords, it follows that there is no set way to manage a property either. What is important is that maintenance is kept up to date and legislation is adhered to.
Whether the landlord is hands-on or uses a fully managed letting agent or anything in between, it is largely down to personal preference and practicalities; if you as the landlord live very close by, you might prefer to manage things yourself, but if that isn’t for you, do some research on letting agents.
At the other end of the scale from doing everything yourself, with a Fully Managed agreement you as the landlord will generally only hear from the agency with statements for the rental income or if there is an issue that needs a decision from you to resolve.
The big benefit for this sort of arrangement is that there is reduced stress and no risk of late-night phone calls about the boiler! Take on an agency that has expertise in all the inspections and maintenance and leave the administration and day-to-day running to someone else.
Tenant Find Only
As the name suggests, this type of agent will be involved up until the point the tenancy commences and the tenant takes the keys, at which point their involvement stops and the responsibility for the property returns to the landlord.
Your Investment Property Magazine has some more suggestions for managing your rental property. Finding a reliable agency in your local area will help greatly too. Look for a firm with experience in the area your property is, like https://www.tgres.co.uk/, who cover Gloucester sales and lettings, in the city and surrounding countryside.
Ultimately, there is no right or wrong answer. It will be down to personal preference, and it might be done on a property by property basis; it might vary depending on the size of the property, the location or another factor. It’s important to know that there are agencies out there that are willing to help with whatever elements you need support with, however much or little you need.