DIY Landlord or Landlord with POM?
Many of us take on jobs that we think that we can do, then we find that it wasn't as simple as we thought it would be. If you redecorate and mess it up, a decorator can put it right for you. If you try your hand at property management & get it wrong, it’s not that easy to fix and it could cost you thousands.
POM stands for "Peace Of Mind" and as a landlord its PRICELESS.
Are you letting out a property for the first time? Or have you often faced a lot of problems while searching for a rental property? Well, in the current property market, letting out as well as finding a property can be a real challenge.
Have several people recommended that you should hire a letting agent, but you are not sure about it? Don’t worry! You are not the only property owner with this confusion. If you talk to landlords, you may get contrasting opinion about the need of a letting agent. Few landlords just don’t do their job without a letting agent while others simply don’t hire one. So, instead of believing the opinion of others, you need to analyse your requirement.
Here are a few points you should consider while deciding whether you need a letting agent or not.
Trust - When you are letting out a property, you mostly deal with strangers. Having someone reliable in between is always a good idea. It not only makes the process but also reduces the risks involved.
Knowledge - A letting agent has a sound knowledge of the local property market. They know what tenants are looking for and how you can market your property. They will also decide the right amount of rent you should be quoting based on other properties in the area.
Paperwork - A letting agent takes care of all the paperwork required in renting out a property. They give correspondence, take care of viewings, references and complete any other paperwork involved in the process.
Legal Requirements - Though you may have rented out several properties, you may not always be aware of the legal requirements for landlords. Also, there are several Health and Safety regulations a property must abide to, and you may suffer penalty if you fail to do so. A letting agent has updated knowledge of the regulations and can help you meet them.
Cost Effectiveness - Though it may seem surprising, going for a letting agent is cost effective. Property owners argue that they must pay the letting agent and it is an extra expense. But if you compare the time, money, and efforts the agent saves with the amount paid as fees, you will realise that you have saved money. Not just money, a letting agent also saves you a lot of stress.
Surety - One of the biggest nightmares of a landlord is not receiving the rent on time. If the rent is not being paid or not being fully paid, it can affect your cash flows. With a full-service letting agent, you get the guarantee that you will receive your rent on time.
There are several benefits of hiring a letting agent, but one of the most important ones is peace of mind. With a letting agent, you can keep all the stress and hassles at bay. Just make sure you make a reliable choice for a letting agent. Do your research properly, seek recommendations from co-workers and friends, and talk to few letting agents before deciding. Remember, your peace of mind & your property is in their hands!