Advantages of choosing a letting agent to manage your property
In the current economic climate, many people are keen to find ways to bring in additional income. Given the nature of the property and lettings market, many people have found that the buy to let market provides an opportunity to generate regular income. On paper, being a landlord seems a simple and straightforward process but it may be that you are not fully aware of the number of jobs that a landlord has to carry out.
These are the most common tasks that a landlord has to do:
- Advertise the property in appropriate places
- Vet and check potential tenants
- Answer any questions that a tenant may have and within a reasonable period of time
- Be able to show all aspects of the home including boiler, heating appliances and operating appliances
- Arrange for gas/energy safety certificates to be obtained and presented to the tenant
- Arrange for energy performance certificate to be obtained and presented to the tenant
- Arrange for an inventory to be undertaken
- Produce a tailored tenancy agreement
- Take care of repairs and upgrades
- Carry out all administrative duties
- Collect payment
- Place the deposit into a safe holding facility
If you don’t have the confidence, experience or ability to undertake these tasks, it is likely that you will need professional help in acting as a landlord. For many landlords, the biggest issue that they face is a lack of time. While the idea of bringing in additional income sounds of great benefit, many landlords underestimate the amount of work and effort that can be involved with being a landlord. Anyone who is hoping to provide a satisfactory landlord service over and above working full-time hours will find that they will have very little spare time and may still struggle to meet the demands of their tenants.
Being a landlord can be a 24/7 role
Being a landlord can be an around the clock role and if an emergency arises, are you in a position to take action at unsocial hours? This is a major issue for many potential landlords and it is a key factor in why choosing a letting agent to manage your property is a very sensible decision.
Being able to avoid dealing with conflict is another strong reason for calling on the services of a letting agent. Not everyone is comfortable dealing with other people and given that money is a major aspect of the relationship between a landlord and the tenant, this can cause conflict and discomfort. Rather than obtaining the money directly from the tenant themselves, many landlords find it is better to utilise the services of a letting agent as a “broker” to pursue the money on their behalf.
There is also a “guaranteed rent” service provided by many letting agents which sees a landlord receive rental income, even if their property is empty. For landlords that need to make mortgage payments every month or who consider their rental income as essential income, this can be a great boon and a weight off of their mind.