While purchasing a house to let can be a great way to make extra money to save for retirement or live the lifestyle you want, it is a lot of work. The property needs to be well-maintained to attract the type of clients to which you want to let and you need to collect rent, maintain financial records, and deal with unruly tenants. However, you can gain these benefits from hiring a property management agency.
Among the many duties of a landlord is to advertise properties to let when they are vacant and find tenants for them. Instead of taking the time to sift through applications and interview prospective tenants, you can hire a property management company to do that for you. They will also prepare the rental agreement that the tenant signs.
Collecting and accounting for the rents from your tenants is another important function of a property management company. In addition, the company will also put your share of the rent into an account for you and send out a financial statement each month. They will also prepare an end-of-year report to use for your taxes.
Another important aspect of owning a property, its maintenance, will also be taken care of by East Sussex letting agents. They will make sure the property is ready for let, inspect it, and prepare it for the next occupants. The maintenance crew will also answer any calls for repairs to the property and get them done.
Not everyone who buys a property to let to make extra income wants to do the day-to-day work of a landlord. Instead, they hire a property management company to take care of the properties for them and save the extra money they make for retirement or use it to supplement their current income.