In this first of two articles, we look at the benefits of using a letting agent to manage your rental property.
Almost every landlord has weighed up the merits of self-managing their rental property versus using a letting agent. After all, why pay someone to do something you do yourself, eh?
It’s a reasonable enough question to which we have an emphatic answer: there are many reasons to get an expert to manage your investment property (we can think of at least 12).
It makes sense from a financial point of view (as we’ll explain in this article) and from a time management perspective (stay tuned for part two where we’ll cover this). Let’s look at the first six reasons.
A good letting agent will:
1) Save you money. Let’s cut to the chase: a letting agent will improve your profit margin. According to research, a letting agent saves a landlord on average £1,910 a year (source: Endsleigh Insurance).
2) Share market insight. Letting agents know the local market like the back of their hand and provide expert advice about setting rents. Go too high, and your property will sit empty. Go too low, and you’ll miss out on potential revenue.
3) Help you access top tradespeople. Letting agents have a selection of reliable professionals on speed dial, so when you need a plumber, sparky or builder, you won’t get messed around by someone who cuts corners and charges the earth.
4) Chase rental payments. A letting agent will address late payments in a professional and timely manner. Landlords with hectic schedules often prefer to let an expert deal with the hassle of chasing late rent.
5) Handle the inventory. Get a pro to do your inventory so you don’t lose money at the end of a tenancy. When it comes to assessing damage and ensuring the property has been adequately cleaned, a good inventory is crucial.
6) Sort the end of tenancy inspection. Even smooth-running tenancies can get complicated towards the end. A letting agent will handle the final inspection and ensure you’re not left out of pocket for cleaning or repairs.
Read part two of this article which will look at how letting agents save landlords time.
Please get in touch with us to learn more about our property management services.