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Whether you are a seasoned property investor, an accidental landlord or letting out your property whilst living away, you need to consider how your property will be managed.
Being a landlord can be a demanding job and if far more challenging than sitting back and watching the rent roll in. As a landlord, there is a lot to do from ensuring that the property is occupied, to keeping important paperwork valid and handling day to day issues with the tenant. So many landlords opt to enlist the help of a letting agent, which will take care of the day-to-day stuff. But is it worth it? As a landlord there are some real benefits to using a letting agent to handle your property:
A trained letting agent will be familiar with all the legal requirements you must meet and will be able to advise on what needs to happen. Often, they can take the burden of many of the mundane necessities such as ensuring safety certificates are complete and staying on top of property and tenancy legislation.
Authorities are getting stricter about landlords holding the required paperwork, plus new rules are coming into force (for EPCs and tenancy deposits) so if you are not an experienced landlord you will need professional help.
Typically letting agents have access to online advertising sites such as Rightmove, Zoopla, Prime Location and many more websites. Through an array of different tools letting agents have access to properties are typically let a lot faster with a letting agent than without.
They’ll also know how to take the most flattering photos of a property and compile the most engaging advertisements, thus attracting more potential renters.
A good agent will carefully screen and reference all prospective tenants as a matter of course. This does not always mean that there are no problems later, but it certainly reduces the chances of this happening. Letting agents may also be able to recognise known bad tenants, and also recognise the signs of a bad or criminal tenant from past experience.
If things go wrong with the tenants in your property, a letting agent can provide an impartial buffer, plus they’re often well-versed in dispute resolution. If for some reason you need to evict a tenant, an agency will be able to advise on the correct legal process, if not implement it for you depending on your level of agreement with your letting agents.
A letting agent will deal with any problems that arise during the tenancy, this includes things such as sorting minor repairs to dealing with tenants who lock themselves out of the property. These little problems may not seem much but can add up and really impact on your time.
A good agent will also carry out regular inspections to make sure that the tenant is looking after the property properly and that all is well there.
Ultimately, while there are some benefits to renting your property as a private landlord, you can often find that using a reputable letting agent is more beneficial to you. Talk to one of our property managers today to find out how Open House Leicester can work with you when letting out your property. Call 0116 243 7938 or email firstname.lastname@example.org