This involves handing over the day-to-day management of your property investment to another interested party such as an estate agent and independent managing agent. They can carry out such functions as collecting the rent, carrying out any necessary maintenance, organising the tenancy deposit, marketing the property during void periods and ensuring that your investment is compliant within the law. It allows you to become a ‘hands-off’ investor, although they will take a fee for this work (usually between 10 and 15 per cent of the property’s monthly rental value).
Other tasks of the property manager is to look for suitable tenants and check refences, as well as show them around the property then, once a renter has been sourced, prepare a tenancy agreement and inventory.
