Owning a rental property can be very profitable. However, it can be very overwhelming for a landlord to find reliable tenants, understand legislation and navigate through the ever changing goal posts. Finance management, debt collection and managing repairs/maintenance is not for the faint hearted. This can become very stressful for a landlord especially if they don’t have a lot of experience of letting or time to learn the industry. A letting agent would be able to assist with all of this, allowing the property management to become a smoother process as well as taking stress off the landlord.
Why should I consider using a letting agent to manage my property?
- Marketing and efficient tenant selection
One of the most important parts of successful property letting is finding the right tenants who are reliable and will take care of the property and pay the rent on time. A letting agent will check credit reports, employer and landlord references. They will assess the tenants’ affordability and that of their guarantors.
- Minimise voids to maximise your income
Empty properties result in lost income, which is critical income for repairs and is fundamental in keeping the rents down. The bigger the void, the higher the rent has to become to cover the mortgage, insurance, compliance and maintenance – all need to be funded from the rent. A letting agent will work hard to reduce your void periods by choosing tenants who can move in as soon as possible and by refurbishing vacant properties as quickly as possible. Thereby reducing any financial loss to you and reducing the costs that need to be covered by the rent.
- Expert property management:
Managing rental properties involves much more than simply just collecting rent. It includes a variety of responsibilities such as:
- Rent collection: A letting agent will deal with collecting rent as well as chasing arrears, saving you time.
- Repairs and maintenance: A letting agent will manage the repairs and maintenance, working with tested contractors to help quickly resolve issues. This helps make the tenants feel supported while protecting the value of your property. They will chase up contractors and provide a 24 hour, 7 day per week emergency phone service for your tenants.
- Legal compliance: Trying to stay up to date with the ever changing tenancy legislation can be difficult. A letting agent will be up to date with current regulations, which protects you from any potential legal problems. They will chase up your safety certificates and licenses and will ensure you always comply with the law.
- Inventory management: A letting agent will complete detailed inventory reports. They protect both you and your tenants, by keeping a clear record of events with photos at the beginning of the tenancy and throughout the tenancy, thus reducing disputes at the end of the tenancy.
- Dealing with tenant issues: A letting agent will resolve any issues between you and your tenant no matter how serious the matter is, including anti-social behaviour, sub-letting, illegal/immoral property use, tenancy breaches, insurance claims and so on.
- Protecting your investment:
It is important to protect your investment. A letting agent can massively reduce the risks to you, associated with property letting:
- Reduce arrears: Proper pre-tenancy referencing will minimise the risks of rent defaults and rapid debt management/benefits advice will help tenants stay on top of rental debt while it is still manageable.
- Minimised property damage: Routine inspections and prompt action with minor repairs will stop minor issues from becoming major issues with a costly resolution.
- Legal protection: Compliance with tenancy legislation will protect you against any potential legal challenges.
- Saving you time and effort:
By using a letting agent you can save valuable time and focus on other areas of your life. One of the greatest advantages of working with a letting agent is the peace of mind that comes from knowing your property is being handled by professionals and that you do not need to be available 24/7 for your tenant, as they will do this for you.
- Access to expertise and market knowledge:
A letting agent has comprehensive knowledge of the local market. They can offer valuable insights into rental trends, pricing strategies and local regulations. They can guide you on optimising rental values to ensure you receive the best possible returns from your investment, whilst maintaining an affordable equilibrium for your tenant, and most importantly a house in an excellent state of repair.
Choosing the right letting agent:
Not all letting agents are created equal! When selecting an agent, consider:
- Reputation and experience: Select an agency with a strong, experienced track record and many positive reviews on Google.
- Service contract: A well-defined service agreement ensures transparency and accountability for both the landlord and agency.
- Fees and charges: Compare these carefully and ensure they are competitive and transparent.
- Communication and responsiveness: Good communication is important. Choose an agency who will communicate and will keep you informed.
Engaging a letting agent is an investment in peace of mind. Enhanced income, and the long term protection of your valuable asset. There are some upfront costs, the advantages of working with a letting agent massively outweigh the expense, which offers you a large return on investment, in terms of time being saved, reduced stress and increased profitability.
Instead of worrying about the difficulties of self-property management, benefit from the rewards of successful property investment.
Partner with a reputable letting agent and unlock the true potential of your rental property.
