Every landlord and property investor have their own bespoke strategy and preferences when it comes to investing; be it the hands-on time-consuming approach, or the hands-off, passive income direction. No matter which method you opt for in your investment strategy, the bottom line is that it helps to discuss your options with a Portadown letting agent.
From the extensive number of landlords and investors we have spoken to over the years, or assisted along their investment journeys, their stand-out desire is all too clear; to have their properties work effectively and efficiently for them in achieving their cashflow.
For those who very much like to manage their portfolio by themselves with a hands-on method, this offers savings in management fees; particularly in a buoyant market when rental demand is particularly high. Afterall, advertising for prospective tenants on social media platforms is far cheaper than using paid platforms or tapping into the major property portals, right?
No matter how organised a self-managing landlord is with their copious amount of spreadsheets, there will always be something lurking around the corner, however that can potentially scupper their strategy; be that new legislation changes imposed by the government that shake up the sector, or something so simple as an unreferenced tenant being unable to afford their rent.
This is where the passive-income, hands-off landlords and investors have somewhat of an advantage. By instilling their trust in a Portadown managing agency, every possible or imaginable scenario when letting out a property has been encountered and dealt with by experienced professionals. So what advantages and benefits do these investors have over the hands-on investors?
Being a responsible, ethical and law-abiding investor takes time. You are required to research and implement methods to ensure you stay on the correct side of the law at all times, with your property itself and with the legal documentation required to set up a manage a tenancy. Legislation changes in our industry can be unpredictable and heavy-hitting, so it is vastly beneficial to have a supportive managing agent who regularly liaise with officials to ensure all their landlords let their properties by the book. These agents, such as ourselves, can be identified by the organisations they partner with. Orchard lodge tenant deposits in a government approved scheme (TDS), to ensure clarity and transparency in the event a deposit dispute needs to be resolved.
In addition, a legally obliged managing agent will also be part of the Property Redress Scheme (PRS), like ourselves. This means that any user may be able to pursue an official avenue of complaint in an extremely unlikely event of us being unable to meet expectations, whilst also offering useful services such as tenant mediation.
Ultimately for you as a Portadown investor and landlord, this means no heavy fines, seizure of assets or even potential time in a prison cell.
The key to crafting a long-lasting, healthy tenancy is by sustaining a line of communication with your tenants. Of course, this takes time and also poses the probability of tenants contacting you at unpredictable and possible anti-social hours. By having a transparent and amicable method of communicating with your tenants, we can establish how they feel and look to implement potential remedies to rectify any situation that could turn a tenancy sour. Responding to maintenance requests in a timely manner is typically one of the best communication tools in place to keep a tenant happy, yet regular inspections (which we arrange with the tenant in a non-intrusive manner) help to mitigate any prospective maintenance issues before they occur.
On the subject of maintenance, we know it can be a landlord’s worst nightmare, primarily down to costs. Not only do our detailed inspections identify and set the foundations for preventing the escalation of any maintenance issues, but we can also advise on the most cost-effective methods of dealing with them to keep both your tenant and your income flow happy. We also only work with experienced contractors to guarantee the best quality remedies are carried out to your property, or are happy to work around any trusted traders you may wish to utilise. No dodgy cowboy contractors are invited to carry out any maintenance work on our landlords’ properties!
Any experienced managing agent will have their finger on the pulse of the local property market. For you as an investor, it means you can tap into property markets you may not be located near to, and generate the results and yields you desire from the opposite end of the country. An accurate rental valuation is the key to generating and maximising the income your property is capable of, without creating undesirable and lengthy void periods.
For the best peace of mind, you will want to identify and partner with a managing agent who will treat your property as one of their own. The added benefit of using an agent like Orchard is that we only do lettings, so all our team are thoroughly versed and committed to offering the best levels of service for your property. In addition, we were founded by landlords, so we know exactly how valuable your properties are as assets and income generators!
Listing on a property portal is by no means an inexpensive task, yet it is crucial to gaining your property the spotlight and the maximum levels of exposure it deserves. By partnering with a managing agent who can position your property on all the leading portals (such as PropertyPal), you can rest assured your property will be seen by as many suitable and prospective tenants as possible, further assisting to minimise any void periods.
Time is undisputedly one of the most valuable commodities to us as humans. We are landlords ourselves, so we know exactly how precious time is when it comes to generating an income through property. Any good Portadown agent such as ourselves will be able to offer demonstrable evidence of commitment to restoring full control of your time through managing your property, as well as the value for your money that you will get through service levels. We know how frustrating it can be when agents hide fees and keep them close to their chest, leaving you uncertain of any hidden costs. We will say it how it is, with transparent fees so you know where you stand and exactly how much income your properties can generate for you.
Property investment is a strategy that yields some of the best wealth management results when conducted with diligence, communication, and time. We have a deep founded respect for all Co.Amargh landlords who are able to demonstrate these fundamental factors when letting out properties, regardless of their approach. If you currently a hands-on investor considering saving time and getting the best value from your property, or a first-time landlord looking for unrivalled commitment for letting your property, we would be delighted to discuss your bespoke needs further. Get in touch and give us a call on 02838 355 100.
