The number of disputes between landlords and their tenants are reducing according to research by My Property Inventories – less than 10% of landlords have experienced disputes with tenants in the past year. Of this low percentage, 58% of disputes were as a result of property damage, 51% over redecoration and 42% in terms of rent arrears.
In recent years buy-to-let investment has become increasingly popular among full time workers as a method of earning extra money. The news that there are fewer disputes occurring between landlords and their tenants will attract even more property investors as the risks of difficult tenants have been reduced.
The survey also found that 34% of landlords were able to solve the disputes without legal action which meant that they were resolved without expensive legal costs, another attraction for potential landlords.
Often if landlords have a number of property investments to mange it can become difficult to ensure that all of their residents are happy with their home and that it is being cared for appropriately.
Property management companies are becoming increasingly popular among landlords who wish to enjoy the high yields on rental properties however do not want to find tenants and maintain the property themselves. It is common for property investors to use management companies when investing in HMO or student property as it is much easier for a student investment company to manage, maintain and find tenants for the academic year.
HMO properties have multiple tenants therefore it can become time consuming to ensure that the property is being looked after properly and that monthly rent is being paid on time.
There are other advantages of using a property management company, for example it can increase the overall value of the investment as specialists in property management are able to find issues within the property that may become expensive problems in the long run, therefore reducing expenses.
Mistoria Group are property investment specialists, offering investment and management services. For more information on the services that we offer email us at email@example.com or call us on 0800 500 3015.