While you can manage your rental property yourself, your legal responsibilities as a landlord are constantly changing – and growing! At present, you have to be aware of and adhere to upwards of 400 rules when you rent out a property, with the risk of huge fines if you fall foul.
You might enjoy this challenge, but the chances are you’re already too busy to keep up with all the admin and legislation changes, which is where a letting agent comes in to save the day.
Your letting agent can take the strain for you
Opting for a fully-managed service takes care of everything, from finding suitable tenants to dealing with maintenance issues and even disputes. Of course, you might opt for a more basic package, in which the agent finds the tenants and carries out all the necessary checks, but this still involves a lot of admin and experience.
Why you should engage a letting agent
Peace of mind
Letting out a property is almost a part-time job and if you’re renting out more than one, then you can find yourself very busy indeed. Handing over the management to an agent means that for your fee you’ll get peace of mind; no 3.00am calls when there’s a leak and no hassle over rent payments.
Your agent will take care of the legal side of things
It’s your letting agent’s job to know about changes in the law and to apply them to tenancies and tenants. You can be sure that your property and contract is complying with current laws, so no £30,000 fines (yes, you read that right…).
You’ll have fewer voids
If any voids at all! Your letting agent will get marketing straight away when your current tenants give their notice and will coordinate the old tenants moving out with the new ones moving in.
Your agent will take care of property maintenance and rent reviews
Your agent will conduct regular property inspections to make sure everything’s in order and that your tenants are looking after the place. They’ll also advise you on repairs and maintenance, in some cases carrying it out for you so that your property retains its value. Speaking of value, the letting agent will also carry out rent reviews to make sure your property is achieving its maximum potential.
Choosing the right agent
Your ideal agent will have a good reputation and be a member of ARLA, RICS or NALS, as well as be local to your area so they understand your market well.