Many investors venturing into the property market for the first time are often confused as to whether they should be a hands-on or hands-off investor. As a hands-on investor, it basically means that you take responsibility for everything. This means that you need to find tenants, vet them, collect rents, deal with any maintenance issues/queries and ensure you are fully aware of your legal obligations as a landlord. Understandably, when somebody is investing for the first time, there is a tendency to believe that they should be taking control and managing everything themselves but is this really the best way to start off your property investment portfolio?
The chances are that whilst you may have very good intentions of being a good hands-on landlord, the rest of your life will get in the way of achieving this. Unless you intend to make becoming a landlord your full-time job you will find that the responsibilities of being a landlord will take over your life and many people under-estimate this.
There is an alternative and that’s by becoming a hands-off investor. This means that you appoint a managing agent to look after all the duties outlined above so that you don’t have to. Yes, there are fees for doing this, but in the long-term most investors feel that the fee is well worth it. Delegating responsibilities to a good managing agent means that you will be able to place more personal focus on your investment and be able to free-up time so that you can put together a strategy on how to build your property investment portfolio. If you try to do everything yourself, you simply won’t have the time or energy to do this.
Another benefit of utilizing the services of a good managing agent is that they will be committed to holding regular rent reviews and getting you the best return on your investment. It’s clearly in their own interest to do this because the better the rent deal they can secure, the better their returns will be as well.
At Barrows and Forrester, we specialize in hands-off property investments and we can guide you every step of the way with your investment portfolio. Contact us now on 0333 3001 888 to get the ball rolling.