In this two-minute read, we look at how letting agents handle the fiddly, time-consuming elements of renting out a property (part two of a two-part series).
In this part, we look at how letting agents save landlords time – that precious commodity that is always in short supply.
A survey of 500 landlords found that using a letting agent saves a landlord on average six hours a month (source: Endsleigh Insurance).
We would go further and argue that letting agents don’t just save landlords time, but the right sort of time.
It’s one thing to get a call from your tenant saying a pipe has burst; it’s another if the call comes through while you’re sipping a cocktail on your long-awaited Covid-free holiday.
Landlords must be on call 24/7 as property management is unpredictable. It doesn’t matter if you’re abroad, or under the cosh at work, if something goes wrong, you need to drop everything and act. Unless you have a letting agent, in which case they’ll handle it for you – while you keep sipping that cocktail.
Here’s a list of six ways letting agents save East London and Essex landlords time.
1) Find good tenants. The key ingredient to a successful let is a reliable tenant. Letting agents are experts at tenant sourcing and reference checks. The wrong tenants can end up costing you £000s
2) Make sure you follow the law. There are more than 175 laws that apply to landlords in the UK. A letting agent will make sure you comply with them all – and hence avoid a hefty fine or even a criminal charge. Ignorance of the law is no excuse.
3) Conduct inspections. A letting agent will conduct regular inspections to check that there are no safety or maintenance issues and that the tenants are meeting their obligations.
4) Handle evictions. If/when it becomes necessary, a letting agent will navigate this complex and stressful process for you.
5) Manage day-to-day tenant relations. A letting agent provides a buffer between the landlord and the tenant. It’s the agent’s job to check in with tenants and maintain good lines of communication.
6) Deal with the paperwork. A letting agent will deal with the admin and keep a clear paper trail.
In part one, we looked at the financial benefits of using a letting agent to manage your property. If you missed it, you can read it here: https://lpagents.com/blog/top-reasons-why-landlords-should-use-a-letting-agent-part-1/29220
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