Why Should I Use a Letting Agent?
Renting your property is often a good financial investment, however being a landlord can sometimes be stressful and time consuming.
In a recent survey conducted by insurance company Endsleigh, it was revealed the landlords who use a letting agent save on average around six hours a month and £1,910 a year more than if they had to deal with their tenants directly! With such a huge saving up for grabs, we’ve put together the top five ways a letting agent can help you.
Expertise of the local property market
A good, local agent will have excellent knowledge of the property market in your area and will therefore be able to advise you on your properties potential rental yield. They can also advise on any necessary changes which could increase your property’s income or ensure a faster let ensuring you’re making the most from your investment.
Marketing your property and securing good tenants
Advertising a property yourself can be very time consuming and competition is tough. A letting agent will professionally market your property utilising their experience of the market to advertise your property in a way which attracts the right kinds of tenants. Good agents will have a database of registered tenants who they can inform about your property before it even goes on the market.
A letting agent can also help to vet the prospective tenant and to negotiate terms such as the length of tenancy and the agreed rental charges per month.
Keeping up to date with legislation changes
It is absolutely critical to keep up to date with legislation as there can be big fines for landlords that don’t comply. In the past two years alone, there have been changes to 13 different pieces of lettings legislation meaning it can be incredibly difficult to keep up with what’s required.
Of course, keeping up to date with these changes is all part of a letting agent’s job and with their expertise, you can rest assured knowing you’re not going to get caught out.
Taking Care of the Paperwork
There are lots of things a landlord needs to consider when renting a property, from keeping track of the property inventory, to ensuring the required safety certificates are in place and up to date. These are all things that letting agents handle on a day to day basis and will easily save you plenty of time.
Letting agents can also make sure your tenants deposit is secured safely and manged properly in the case of any damages to your property.
It can be difficult to find the time to keep direct contact with tenants; agents are on hand to help to communicate any changes or issues that may arise during the duration of a tenancy. A letting agent can help alleviate a landlord’s stress too. They can help with any difficulties with tenants that might occur; being a mediator is part of their job!
A local, reputable letting agent is well worth the investment. If you would like to find out more about our property management service, please call us on 01904 629629 or email email@example.com.