No matter whether you’re an old hand with an impressive portfolio of properties or a green first-timer who’s renting out a family property, using a letting agent will bring you some real benefits. Here are just a few.
You’ll get a higher rent and fewer void periods
Letting agents know exactly what they’re doing and they’ll be able to get the best rent level for your property as well as to advertise in all the right places. They’ll know all the latest and local trends and they’ll already be advertising in all the major local and national portals.
A letting agent can find you the right tenants
Finding genuine, reliable tenants can almost be a full-time job and if you’re doing it by yourself you could end up relying on your gut-feeling, which isn’t always best. Letting agents can perform credit, employment and reference checks, as well as ask for a guarantor. They can also make the right checks in the case of non-UK nationals applying for a tenancy.
Every landlord is different – you might only need help with finding tenants, or you may need a full management package because you live overseas or own several properties. A good letting agent can tailor your package to your needs.
They can offer day-to-day management
If a pipe cracks or the tenant finds moths in the wardrobes, the letting agent can deal with it for you. They’ll have a good network of tradespeople so they can get the job done for a good price and they also have the time and skills to liaise with the workmen and the tenant to organise the job. This saves you lots of time. They can also come out in the middle of the night when the tenant is locked out!
Dealing with non-paying tenants
The biggest worry – and the biggest risk – is that your tenants won’t pay the rent on time, or at all. Late payment is sometimes unavoidable, and it’s stressful to chase and negotiate. Letting agents are very experienced in handling late-payers and chasing non-payers and they should also have insurance in place so that you still get your rent. They can also deal with evictions if the worst comes to the worst.
A letting agent gives you peace of mind
There are so many things that can go wrong or take up a lot of time when you’re a private landlord, so having a letting agent to dot all the Is and cross all the Ts is invaluable. You can also rest assured in the knowledge that everything’s been done to the letter of the law.
They can offer advice
The law is always changing and it’s hard work to stay abreast and to be able to interpret legislation correctly. Letting agents can do this for you and give you advice on any changes.