There’s certainly number of things landlords need to consider when it’s time to let out their properties. Even if you’ve been through the painful process of letting out other properties the process is never easier to manage it correctly particularly if you’re doing on your own. From managing time to managing finances, finding tenants , to fixing boilers, as the property portfolio grows so do the responsibilities.
A property portfolio that is growing could be thought of as paternity leave. A landlord takes care of every property to the best of their ability they can, but when the time comes for them to be required to return to work they often hire someone else to help manage the property day-to-day.
A reputable let agent isn’t just an unofficial ‘nanny’ for your children in the property but much more. There are many great reasons why landlords work with letting agents, regardless of whether they have one property or 21. Here are seven advantages that a letting agency can provide.
1. You’ll ALWAYS get your rent
Although there are things a letting agent will do before you get to the rent phase, it’s generally the biggest worry for landlords. If your tenant is not paying their rent or other bills on time the cash flow may be interrupted and it can impact other areas of your life.
If you have a lease only contract with an agent, you will be able to have the tenant contract prepared and the deposit as well as the first month’s rent collected for you. In a fully managed service an experienced letting agent will make sure you that the rental is paid regardless of. Even if they are working on finding new tenants for your home but you’ll still receive rent 52 weeks of the year.
2. Legal requirements are taken care of
Before you are able to think about letting your property out to a tenant there are some legal requirements that must be met, including the electrical and gas safety requirements, fire and safety regulations as well as Energy Performance Certificates.
Regardless of whether you have an all-inclusive or fully managed agreement with your letting agent they’ll take on this burden for you and remain up-to-date on any law modifications, making sure that your property is compliant with the law. The smallest adjustments that are suggested by the letting agent can make a huge difference and could help you get your property ready to be let. With a managed service, all legal costs are protected.
3. The most appropriate tenants will be located
Agents will not only be able find prospective tenants quicker due to extensive marketing and advertising of their property they can also select the most suitable tenants through an extensive screening and reference process. It’s impossible to completely eradicate possible issues later on however, it will give you the greatest chance to sleep at ease.
Through experience they will also be able to recognise the common signs of potentially-troublesome tenants, and may even have had experience with a tenant previously. If you are using a fully-managed service, the collection of fees for re-let and the costs of negotiations for renewals of tenancy should be included.
4. A complete inventory will be taken
It’s imperative that an in-depth inventory is done prior to moving in. If the process gets rushed and certain elements are left out the landlord is likely to lose the chance of winning if taken to court to decide by tenants.
A reputable letting agent offers specially trained staff who can carry out this work for you, which will result in an APIP photo and written inventory. Given that your inventory will be drawn up by an independent third party (your agent in this case) the inventory will be considered more important by an adjudicator over one that a landlord wrote by themselves.
5. The regular property inspections will be actioned
To ensure your property is taken care of The letting agent will visit your property regularly. This not only puts your mind at ease but can also keep any neglect of your property from advancing to a serious stage, such as infestation or overgrowth of your garden should you ever have to locate new tenants fast.
The inspection process permits your letting agent to act as a middleman in between your tenant and you, being able to access the property on behalf of you. Should the home be in temporary vacant at any stage it is recommended that management fees be suspended until the property is rented out to new tenants.
6. There’s no need to call an electrician
If your property is managed letting agencies will include a 24 hour emergency call-out service, so you won’t have to worry about being awakened up in the in the middle of the night as a result of an overflowing washing machine or boiler malfunction during winter.
All repairs and maintenance are handled by the service, removing the need to have an electrician, a plumber or a builder on the call.
7. You’ll be assured of peace of mind
Your time is precious and so are your properties. If this is the first time you own a property then you might want to use Lancashire estate agents to allow you to focus on building your portfolio. If you have multiple properties, feel at ease knowing that all of them are taken care of by experts.
