Why choose an agent to manage your property?December 11, 2018
Buying and letting property is a smart investment of your money but it can also be a complicated business. Finding the right tenants as well as ensuring compliance with all relevant laws can be time-consuming and mistakes can be costly. While many landlords prefer to manage their portfolios directly, for many others, having the right professional support can be a valuable resource, especially if you are new to the process, do not live near your property or you have other commitments to balance. Whether you want someone to manage the whole process for the entire duration or you want to choose which aspects you would like help and advice with, letting agents provide a range of services to suit you and help remove the stress of being a landlord.
Local Knowledge and Expertise
Independent locally based letting agents are experts in the local markets and will have spent years building a network of contacts and prospective tenants within the geographical area. They can advise on the best rental returns you can expect to achieve and provide examples of similar properties they have let recently.
Marketing & Advertising
Not sure where to advertise your property to let, how much you should spend on advertising? Don't have the time to deal with it? A letting agent will manage every step of this process for you. As insiders in the market, they will have expert knowledge and access to effective and fast routes to attract quality tenants. In the fast paced rentals market, agents usually already have their own lists of tenants waiting for suitable properties. They can arrange viewings, shortlist and negotiate on your behalf as well as handle all aspects of checking and signing up a new occupant.
Rent & Money Protection
The single biggest reason you are letting out your property is to see a return on your investment, making it important to receive timely rental payments and to minimise void periods where your property stands unoccupied and not earning. Agents can act as an intermediary, collecting and processing rent payments for you. All reputable agents will hold professional indemnity insurance in case of serious complaint and have a system in place to protect landlord's money against misappropriation, providing additional security to the landlord. Paperwork
Arranging and agreeing tenancies for your property comes with a whole lot of paperwork. There are credit and background checks, references, tenancy agreements & renewals, EPC's, tenancy deposit scheme documents and inventory among others. All of this has to be completed correctly, within certain timeframes and comply with relevant legislation. Cutting any corners or even making simple mistakes could mean serious repercussions in the event of a dispute. Letting agents are highly experienced in this side of the business, able to provide the correct templates and can arrange for all documentation to be completed without you needing to be present. Even forms needing your signature can be posted to you.
A huge amount of legislation applies to various aspects of property renting. Learning the law, keeping abreast of changes and applying it correctly can be a daunting task, especially if you have other commitments on your time. As professionals in the field, letting agents are experienced in the legal requirements of the industry and it is their business to help ensure that landlords remain fully compliant, protecting you from potentially costly fines or delays in resolving problems. They will also work closely with specialist lawyers to ensure that everything is in order at all times. Maintenance
Most agents offer a management service where they will organise repairs and any general property maintenance. They are likely to already have tried and trusted tradesmen contacts and will negotiate with the tenants for access at appropriate times to get the job completed. Furthermore, letting agents will carry out house inspections at regular intervals to ensure the property is being looked after, informing the landlord as these are completed. This provides extra peace of mind, especially if you live away from the property or do not have the time to chase tradesmen yourself.
Regardless of whether you have just one rental property or a large portfolio, have a full-time job elsewhere or are a professional landlord, employing the services of a letting agent can be invaluable, leaving you to enjoy the benefits of your investment while freeing up your time and energy for the more important things in your busy life.
To find out more about letting your property with one of Spennymoor's leading estate agents, give us a call today on 01388417270 .
- January 18, 2019
- 5 Tips for decorating your property to let
- It's the beginning of a new year, and whether you have made the decision to go into the letting business for the first time or have decided to turn your property into a source of passive income, getting the decor and finishings right from the start will help to attract the right tenants, command a good rent and keep the property in the best possible condition. So what is the best advice if you are planning to spruce up a house or flat ready to let?
- Read this article