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SELF MANAGING PROS AND CONS

 "self-management comes with significant responsibilities that require a comprehensive understanding of the legal and financial aspects of property rental" 

Pros and Cons of Self-Management

Pros of Self-Management:

Self-managing your rental properties allows for direct control over every aspect of property management, from tenant selection and rent collection to maintenance and repairs. This hands-on approach can potentially increase your net profits by saving on property management fees. It also allows you to build a direct relationship with your tenants, which can lead to quicker resolution of issues and potentially longer tenant retention.

 

Cons of Self-Management:

However, self-management comes with significant responsibilities that require a comprehensive understanding of the legal and financial aspects of property rental. Landlords must stay updated on all legal requirements such as safety regulations, tenancy agreements, and rental compliance, which can be daunting and time-consuming. The major cons include:

 

Time Commitment: Managing properties is time-intensive. You need to handle everything from tenant inquiries and conducting viewings to dealing with late-night emergencies and routine maintenance.

 

Complexity of Compliance: Keeping up with legislation such as the Housing Health and Safety Rating System (HHSRS), Fire Safety Regulations, and HMO Licensing can be complex. Non-compliance can lead to heavy fines and legal actions.

 

Risk of Mistakes: Without expertise in property legislation and tenant management, you risk making mistakes that could be costly, both financially and legally.

 

As property management professionals, we offer an extensive array of services designed to alleviate these burdens. We ensure compliance with all current legislation, manage all aspects of tenant interactions, and handle maintenance and emergency repairs. This allows you to enjoy the benefits of your investment without the day-to-day hassles, ensuring peace of mind and freeing your time for higher-value activities, such as seeking new investment opportunities or focusing on other business ventures.

 

If considering transitioning from self-management, we welcome you to schedule a free consultation through our online calendar to explore how our services can meet your needs. CLICK HERE to book a call. 

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