Risk-free, hassle-free renting – advice from experienced rental property managers
Despite turbulent conditions in the property market, buying an investment property remains one of the least risky ways to invest and secure funds for the future. However, purchasing a property is only the first step in the investment process. The truly crucial role is played by effective property management, which minimises the risks and concerns associated with this type of investment.
Problem tenants
The risk of non-paying tenants can jeopardise the returns from an investment property that you carefully calculated on paper, depriving you of the pleasure of a worthwhile income. In practice, the dream of easy extra income can quickly give way to disillusionment, and what began as a sideline alongside employment often becomes a full-time job. The time investment is substantial and, as the saying goes, time is money.
A flat only becomes a sound investment when it is let well and on a long-term basis to financially sound tenants with a reliable payment record. The greatest nightmare is non-paying tenants, frequent tenant turnover and other problematic tenants who cost you a great deal of money and time. This risk needs to be eliminated, or at least minimised, from the outset.
If you do not manage investment flats full time, it is better to entrust the management to professionals. An experienced property manager can handle virtually everything involved in a tenancy and save you an average of seventy hours or more of work. From finding the ideal tenant and collecting rent, including ensuring that lost rental income is minimised, to routine maintenance, repairs and all dealings with authorities and utility and energy providers. In addition, professional rental management can generate more income: a property manager has more experience and works more efficiently than an owner who has to learn everything themselves.
Tenant insurance for the flat
When arranging insurance, it is advisable to invite an expert who can tailor cover to your household. It is important to specify more valuable items and calculate their residual value, as this is often a stumbling block when settling insurance claims. The service also includes the option of handling an insurance claim settlement on the client’s behalf under a power of attorney.
Guaranteed rent service
The Guaranteed Rent service relieves you of all the concerns and risks associated with letting your property. You will always receive the full rent in your account on time, even when the flat is currently vacant. A professional property manager will also deal with complex questions concerning insurance for the property and its furnishings on your behalf.
Specialist rental insurance
The company has negotiated framework agreements with insurers for specialist insurance covering the risks arising from letting a property. A distinction is made between property insurance and contents insurance. With contents insurance, it is important to specify more valuable items, such as the kitchen, boiler or electrical appliances.
This ensures that your investment property is protected while minimising the risks associated with letting it.