Should you use an investment property manager or be a DIY landlord?
Property investors are now more likely to use investment property managers than at any time in recent history. It is the conclusion of a recent survey, which found that six out of ten landlords are now using a property manager or letting agent rather than going down the DIY route.
This greater use of property managers echoes the advice given in the latest episode of The Buy to Let Show (online TV), and the advice that we give all buy-to-let property investors: be an investor and not a landlord. There are at least six reasons why you’d be insane to be a buy-to-let landlord. Effortless property management is the best strategy to benefit from property investment opportunities without them becoming a full-time job.
How do you keep on top of property investor laws?
It appears that the government are intent on introducing as many laws as possible to control the private rented sector. At the last count, there are around 160 property investor laws in the UK. These have created more than 400 rules and regulations which all relate to buy-to-let property and property letting. And if you don’t comply with these rules, it could cost you as much as £30,000 in fines alone. You could also be banned from letting your properties.
Never mind about keeping on top of property maintenance, tenant vetting and rent collection. Keeping on top of the changing legal scene has become a full-time occupation. On top of which, you also need to understand the legal jargon that you’re dealing with. If you don’t, you could be hit with one of those fines – ignorance is no excuse in the eyes of the law.
So, what’s the best way to keep on top of all the legal stuff? Get someone else to manage it for you, of course. It means either turning to expensive lawyers or using the services of a good, experienced investment property manager. The property manager will offer a full service, cradle to grave, and help you to maximise the profit from your property portfolio.
More property investors are using property managers
Unsurprisingly, savvy property investors are already turning to investment property managers like Ezytrac to manage their property portfolios.
A recent survey found that 61% of all property investors now have a property manager or letting agent help manage their properties. That’s up from 53% since last year. In Scotland, the proportion is highest at almost eight in ten investors using a property manager/letting agent. It’s only in the North East that there has been a decrease in the number of investors relying on property managers – only 56% use a letting agent to manage their property for them.
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Why are property investors turning to investment property managers?
There are several reasons why property investors are now more likely to use investment property managers rather than become a DIY landlord now. These include:
- Property letting is becoming more complex. New laws need to be adhered to, and one slip-up could prove costly
- Property investors can offset their property management costs against profits, and reduce tax bills (and property tax is changing in the UK)
- Using a property manager frees up time – and busy property investors are increasingly aware that buy-to-let property is a lifestyle investment
Using an investment property manager gives the property investor a guiding hand, relieves them of the need to focus on the everyday aspects of the buy-to-let property, and ensures that the best people are taking care of their property. If you aren’t using an investment property manager already, isn’t it time you did?
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