A question that comes up a lot for landlords is whether to self-manage your rental property or hire a property management company to handle everything on your behalf. Both options have their advantages and disadvantages, so it’s important to weigh them carefully before making a decision. In this blog, we’ll go over what you can expect from self-management and full management, as well as some tips for success and legal requirements for landlords.

Self-Management

Self-management refers to a landlord managing their own rental property. This means you’ll be responsible for everything from finding tenants to dealing with maintenance requests and collecting rent.

Pros of self-management include the potential to save money on management fees, greater control over your property, and a closer relationship with your tenants. You’ll also have the flexibility to make decisions about your property without having to consult with a management company.

However, self-management also has its drawbacks. It can be time-consuming, especially if you have multiple properties or a high turnover of tenants. It also requires a significant amount of knowledge about property management, including legal requirements and best practices.

To be a successful self-managing landlord, it’s important to screen tenants thoroughly to ensure they are reliable and responsible. You should also be responsive to tenant needs and provide timely maintenance and repairs. Keeping up with legal requirements, such as obtaining the correct licences and certifications, is also crucial.

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Full Management

Full management means hiring a property management company to handle everything related to your rental property. This includes finding tenants, dealing with maintenance requests, and collecting rent. The management company will also handle legal requirements such as obtaining the correct licences and certifications.

The main advantage of full management is that it takes the burden of managing your rental property off your shoulders. You’ll have more free time and less stress. Additionally, a Government approved management company will have the knowledge and experience to handle any issues that may arise.

However, full management also has its drawbacks. Management fees can be expensive, which can eat into your profits. Additionally, you’ll have less control over your property and may have to consult with the management company before making certain decisions.

To ensure a successful fully managed property, it’s important to choose a Government approved property management company with a proven track record. Review management contracts carefully to ensure you understand the terms and fees and communicate regularly with the management company to make sure you’re on the same page.

Find out more here about Home Made’s excellent property management services.

Legal Requirements for Landlords

Regardless of whether you choose to self-manage or fully manage your property, there are legal requirements you must comply with as a landlord, though self-management and full management can affect your legal responsibilities differently.

If you self-manage your property, you’ll be responsible for ensuring you comply with all legal requirements, whereas if you have a fully managed property, the management company will handle this for you.

To stay compliant with legal requirements, it’s important to keep up with changes to legislation and use a government-approved deposit protection scheme. Additionally, maintaining safety standards in your property, such as installing smoke alarms and carbon monoxide detectors, is crucial.

Conclusion

Whether to self-manage or fully manage your rental property depends on your personal preferences and circumstances. Both options have their advantages and disadvantages, so it’s important to weigh them carefully before making a decision. By following the tips outlined in this blog and staying compliant with legal requirements, you can be a successful and responsible landlord.

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