Why should I pay for a letting agent to manage my property?
Whether you’re an experienced buy-to-let investor or a first-time landlord, you’re sure to want to protect your property as best you can. Keeping an eye on your portfolio can be difficult, however, particularly if you’re very busy or live a long way away.
This is why many landlords choose to use letting agents to manage their buy-to-let investments. If you’re uncertain, here’s some key reasons why using a letting agent can help you get the most out of your property.
Using a letting agent means fewer void periods
Void periods are the biggest source of both financial loss and inconvenience for landlords. While landlords should always factor occasional void periods in to their budget, property management agents can minimise their likelihood by maintaining a good relationship with your tenants and conducting inspections to ensure your property remains well looked after at all times.
Managing agents take the stress out of repairs
If the boiler breaks in the middle of the night or on Christmas Day, do you really want to deal with it yourself? Letting agents provide emergency contact numbers to tenants in case something major goes wrong, and have long-term relationships with specialist contractors who are available on short notice.
When it comes to repairs, using their inspection reports, letting agents can identify problems before they become serious, allowing you to keep on top of maintenance and wear-and-tear.
They’ll handle the negotiations for you
Whether it’s renewing a tenancy agreement, checking the safety certificates are up to date or replacing tenants if they decide to move, letting agents can manage the whole process for you from start to finish.
This is particularly useful if you’re time-poor, as your agent will keep on top of the paperwork and will be knowledgeable about changes in the law, such as the recent demand placed upon landlords to check the immigration status of their tenants under Right to Rent.
Some managing agents will also provide a rent guarantee, which covers you if your tenant defaults on rent payments, giving you total piece of mind that you won’t be out of pocket.
Finally, your letting agent will have a great understanding of trends in the local market, and can ensure you get the best tenants for the best deal.
They can act as a buffer between you and your tenants
Getting and keeping hold of quality tenants is one of the most important aspects of being a landlord, and by using a managing agent you can increase the likelihood that your tenants will feel wanted and wish to stay for longer.
As a landlord, it’s not always easy to be visible to your tenants, especially if you’re managing several properties at once. Your agent, however, can act as a go-between linking you with your tenants when necessary.
This regular communication increases the chances of your tenant remaining content, and also minimises the risk of their being a deposit-related dispute at the end of the tenancy.