Why use a letting agent?
The letting process can be a daunting one for both landlords and tenants. Are you a first time Landlord? Or adding another property to your portfolio? Or a tenant experiencing a severe shortage of properties available to let? During this blog we look at the pros and cons of using a letting agent.
Are you letting out a property for the first time? Or have you often faced problems while searching for a rental property? 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. Some Landlords will always use a letting agent, whilst others will do it themselves. So, instead of believing the opinion of others, you need to analyse your requirement.
When analysing your own requirements it is definitely worth considering the following:
Trust: When letting your property quite often, the tenant prior to their enquiry is a complete stranger. Having an agent involved is often beneficial to all parties as it often makes the process easier and reduces the risks involved. For landlords and tenants alike we have a pre tenancy match questionnaire which allows us to find the perfect tenant for any property. We ask landlords to pass the the criteria for their perfect tenants from Pets to Family Size and smokers to employment status. Then when tenants complete their pre-application form we can ensure they match the landlords criteria, saving time for all parties.
Knowledge: An agent is likely to have sound knowledge of the local property market. They will be able to give you invaluable advice on topics ranging from the best tenants to target, likely achievable rents and timescales from listing to finding a tenant.
Convenience and security: Letting agents keep their contracts and paperwork up to date meaning that as a landlord your are protected some landlords decide to use Assured Shorthold Tenancy Contracts they have used online which can become quickly out of date. Agents are also prepared to conduct viewings and minimise the stress and inconvenience to the landlord.
Legal Requirements: Gas Safety, EICR, EPC, Smoke and Carbon Monoxide detectors.... Confused yet, Letting agents can simplify the process and have contractors available to complete the necessary certification and ensure your property is safe and legally qualified to be available to let.
Cost Effectiveness: Though it may seem surprising, going for a letting agent is actually cost effective. Property owners argue that they have to 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. We are also members of the tenancy deposit scheme allowing us to legally hold tenants deposits.
Surety: Having an agent involved in the letting of your property can often give additional protection when it comes to receiving rents on time. Many of our fully managed landlords also choose to take out rent guarantee insurance.
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 coworkers and friends, and talk to few letting agents before making a decision. Remember, your peace of mind and your property is in there hands!
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