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DIY property managers often do not cope 2008-06-25
One of the factors which many Rawson Properties’ buy-to-rent clients have come to accept is that it really does pay to use an agent to handle your tenant - even though this will cost you 10% to 12% of your monthly rental from the property.

This is the view of Tony Clarke, MD of Rawson Properties, an acknowledged expert on buy-to-rent properties.

“Our experience,” said Clarke, “is that even highly qualified professionals who are big names in other fields can be incredibly ignorant when comes to property management.

“Not only do they not know the laws and regulations but they are inept at choosing tenants, hopeless at managing those who default on their payments and likely to be taken for a ride by contractors and sub-contractors when it comes to maintenance and repair work.”

Experienced rental agents, said Clarke, know how to check the credit records of a proposed tenant (“and believe me this is absolutely essential”). They also know how to ensure that the tenant pays for property he damages and looks after the unit satisfactorily. If and when the tenant does default on payments, the good agent will know when to be lenient and when to apply pressure.

Similarly, when it comes to handling repairs and maintenance, said Clarke, the good agent will have built up a list of good, efficient, reasonably priced people to help him and these people can save both time and money.

Above all, however, said Clarke, the experienced agent will know how to deal with difficult tenants without becoming emotionally stressed. By contrast, the owner, often understandably, becomes emotionally wrought, and is likely to end up in arguments and find himself frustrated and angry.

“Like many other skills, property management has to be learned over a long period under the mentorship of someone who already knows the game. Those who think that it will be ‘easy money’ are, in my experience, very often sadly disillusioned,” said Clarke.