Should I Employ a Letting Agent or Let It Myself?
Should You Have Your Property Managed By Professionals? Whether you are looking to rent out your perfectly located apartment or entering the buy-to-let market, you are in for a whirlwind of legal responsibilities. While the income from the rental property is appealing, it comes with a lot of work.
The various tasks landlords need to undertake such as ensuring they have the correct building agreement and insurance can easily overwhelm new landlords. This also includes appropriate gas, fire, electrical and furnishing safety requirements. Then vetting tenants and the challenges of having to deal with delayed rents, regular property maintenance and tenant issues are also a hassle.
While the income from the rental property is appealing, it comes with a lot of work. That is why it is recommended to work with a professional estate agent or a property management company to assist with all letting needs. This not only takes the stress out of your hands to deal with the admin work but also ensures that you are complying with the legal aspects of letting the property. That, if ignored, could incur massive fines, and turn your investment property into an expensive mistake.
We have listed out some of the main benefits below:
Getting the right tenants
The success of an investment property depends on finding the right tenants, people who will treat your property with respect, pay rent on time and hopefully live in your property for a longer duration. Finding and checking the backgrounds of tenants is a lot of hassle. Property managers use targeted advertising and then the tenants are carefully vetted to ensure they are the right people for your property.
Handling all the legal formalities
Protecting yourself legally requires having the right official documents in place. You are also expected to remain within the law in terms of health and safety and will need to undertake specific checks on your tenants, under the Right to Rent Act. Handling all legal formalities is included in a fully managed letting service, which means that you don’t have to worry about unintentionally breaking the law and being subject to penalties.
Reduce Void periods
Every landlord has concerns about their property standing vacant for an extended period. Working with a good letting agent will help you find the good tenants and ensure they stay for as long as possible. If they choose to leave, your agent will then work towards filling the vacant unit by advertising the forthcoming vacancy in the relevant online portals and on other platforms. This means reduced void periods and a more reliable cash flow.
Peace of Mind
The managing a rental property can be tricky, especially if you don’t live nearby. Even if you plan to make periodic inspections of the house, or check in to ensure your tenants are happy, it is difficult to keep up if you are not living close. Property letting agents take this stress out of the equation as they will regularly inspect your property, investigate the maintenance needs, check if tenants are happy, collect the rent and resolve tenant issues.
These are the benefits of getting your property fully managed by professionals.