If you're a landlord in Gibraltar, whether you've purchased an investment property, inherited a house, or have temporarily relocated, your property is a valuable asset. But managing it can be a demanding task. That's where a fully managed lettings agent like Richardsons comes into play.
In this article, we'll go through what fully managed letting is, explore the reasons why landlords should opt for a fully managed service, and what qualities to look for in an experienced agent.
What is fully managed letting?
Fully managed letting is a type of property management service where an estate agent manages your rental property on your behalf. What this management involves can depend on the agent and the needs of the landlord.
For more information on property management, its different levels, and what it can involve, read our Landlords Guide to Renting.
What are some advantages of using a fully managed service?
Choosing a fully managed lettings agent provides you with a wealth of expertise at your fingertips.
Here's all the things a good letting agent has at their disposal that makes a fully managed service for landlords worth considering:
Comprehensive tenant services
An experienced agent will have an extensive database of tenants actively seeking properties. They'll meticulously vet prospective tenants through identity checks, employment verification, and previous landlord references. This ensures that your property is matched with high-quality tenants, reducing vacancy periods and potential issues.
A hassle-free property management system
Many landlords choose fully managed services to eliminate the hassles of property management. An adept agent will be able to handle routine property checks, coordinate repairs, and ensure your property is well-maintained. This proactive approach prevents minor issues from escalating into costly problems.
Local market knowledge
A good lettings agent knows the Gibraltar rental market inside and out. Their experience enables them to help you achieve the best rental income from your property. They understand the nuances of pricing, marketing, and maintaining your property for optimal returns. Here at Richardsons, we have almost 40 years of experience letting in Gibraltar.
Knowledge of complex and ever-changing legislation
Landlords in Gibraltar must be aware of a huge number of safety regulations and pieces of legislation and anti-money laundering regulations. Compliance is crucial to avoid legal issues, especially with an ever evolving property legal system. A good letting agent will ensure you are compliant and keep you abreast of the latest changes.
Cutting-edge online tools
Leading lettings agents offer proactive repairs reporting and maintenance management tools. This ensures streamlined communication between tenants and the agent. Richardsons tenants have a single point of contact to report to, allowing us to address minor issues promptly. This not only keeps your property in top condition but also enhances tenant satisfaction.
What do Richardsons offer as part of our fully managed letting service?
Here at Richardsons we offer a number of services as part of our fully managed letting package. These include but are not limited to:
- Value your property and provide marketing advice
- Conduct full tenant referencing including identity checks, employment and previous landlord references
- Do rent collection on a monthly basis
- Pursue and provide advice on rental arrears
- Do regular property inspections
- Negotiate renewal at the end of the fixed term tenancy
- Arrange an inventory and end of tenancy check out
For a more comprehensive list, take a look at our property management page.
At a time when the lettings industry is constantly evolving, the decision to opt for a fully managed service with a lettings agent is a smart move for landlords to make. A capable, experienced, and trusted agent, like Richardsons, can transform the management of your rental property into a seamless and profitable venture.
If you’re interested in our fully managed landlord service, contact our Property Management team for more information or call (00350) 200 79210
