12 Reasons Smart Landlords Use A Letting Agent
5th May 2021
In this two-minute read, we look at the benefits of using a letting agent to manage your rental property
Almost every landlord has weighed up the merits of self-managing their rental property versus using a letting agent. After all, why pay someone to do something you do yourself, eh?
It’s a reasonable enough question to which we have an emphatic answer: there are many reasons to get an expert to manage your investment property (we can think of at least 12).
It makes sense from a financial point of view and from a time management perspective. Let’s look at the first six reasons.
A good letting agent will:
1) Save you money. Let’s cut to the chase: a letting agent will improve your profit margin. According to research, a letting agent saves a landlord on average £1,910 a year (source: Endsleigh Insurance).
2) Share market insight. Letting agents know the local market like the back of their hand and provide expert advice about setting rents. Go too high, and your property will sit empty. Go too low, and you’ll miss out on revenue.
3) Help you access top tradespeople. Letting agents have a selection of reliable professionals on speed dial, so when you need a plumber, sparky or builder, you won’t get messed around by someone who cuts corners and charges the earth.
4) Chase rental payments. A letting agent will address late payments in a professional and timely manner. Landlords with hectic schedules often prefer to let an expert deal with the hassle of chasing late rent.
5) Handle the inventory. Get a pro to do your inventory so you don’t lose money at the end of a tenancy. When it comes to assessing damage and ensuring the property has been adequately cleaned, a good inventory is crucial.
6) Sort the end of tenancy inspection. Even smooth-running tenancies can get complicated towards the end. A letting agent will handle the final inspection and ensure you’re not left out of pocket for cleaning or repairs.
In the next six reasons on property management, we look at how letting agents handle the fiddly, time-consuming elements of renting out a property and how letting agents save landlords time – that precious commodity that is always in short supply.
A survey of 500 landlords found that using a letting agent saves a landlord on average six hours a month (source: Endsleigh Insurance).
We would go further and argue that letting agents don’t just save landlords time, but the right sort of time.
It’s one thing to get a call from your tenant saying a pipe has burst; it’s another if the call comes through while you’re sipping a cocktail on your long-awaited holiday.
Landlords must be on call 24/7 as property management is unpredictable. It doesn’t matter if you’re abroad, or under the cosh at work, if something goes wrong, you need to drop everything and act. Unless you have a letting agent, in which case they’ll handle it for you – while you keep sipping that cocktail.
Here’s a list of six ways letting agents save landlords time.
1) Find good tenants. The key ingredient to a successful let is a reliable tenant. Letting agents are experts at tenant sourcing and reference checks.
2) Make sure you follow the law. There are more than 175 plus laws that apply to landlords in the UK. A letting agent will make sure you follow them all – and hence avoid a hefty fine or a criminal charge.
3) Conduct inspections. A letting agent will conduct regular inspections to check that there are no safety or maintenance issues and that the tenant is meeting their obligations.
4) Handle evictions. A letting agent will navigate this complex and stressful process for you.
5) Manage day-to-day tenant relations. A letting agent provides a buffer between the landlord and the tenant. It’s the agent’s job to check in with tenants and maintain good lines of communication.
6) Deal with the paperwork. A letting agent will deal with the admin and keep a clear paper trail.
Get in touch with us to learn more about our property management services.
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