Managing a Property Portfolio as a Landlord

Introduction

So you’ve decided to become a landlord! Maybe you’ve joined the ever-growing band of buy-to-let investors. Perhaps you’ve inherited a property – or moved in with a partner – or decided to work abroad for a few years, but want to hang on to your UK base.

The next step is to consider how best to manage your property, or properties. Your circumstances will probably dictate whether you choose to do this yourself or appoint an agent to do it on your behalf. If you’re working abroad, for example, you’re unlikely to be able to deal with routine issues personally. However, if you’re just around the corner from your tenants, it may be practical to try your hand at property management.

Going it alone - or employing an agent

Letting agents can be valuable sources of advice and expertise. You can choose to use them initially, to attract and vet potential tenants, draw up the necessary paperwork and so on, then take over the day-to-day running yourself. Alternatively, you can retain an agent to provide a full management service, liaising with your tenants and arranging repairs as necessary.

When deciding how to manage your property, bear in mind that, although you will save money by doing it yourself, you will almost certainly spend a great deal of time – also a precious commodity – on advertising, organising and attending viewings, coordinating repairs, and so on. Be realistic about the commitment you can make. Should you opt to employ an agent, be sure you are clear about the charges you will incur.

Whether you own just one property or a whole portfolio, here are some tips for property management without tears.

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