There’s definitely number of things landlords need to take into account when they are deciding to let out a property. Even if you have gone through the painful process of letting out previous properties, it never gets any easier to manage it correctly – especially if you’re going by yourself. From time management to organising finances, locating tenants to fixing boilers, as a property portfolio expands, it also increases the burden.
The process of expanding a portfolio of properties could be like paternity leave. A landlord takes care of each property as much as they can, but when the time comes to need to return to work, they typically employ an additional person to take care of them day-to-day.
But a good an agent for letting isn’t just simply a “nanny” for your property children – it can be so much more. There are many great reasons why landlords choose to work with the letting agent, no matter whether they own a single property or have 21. Here are seven advantages that a letting agency can provide.
1. Rent is always paid.
There are certain things that the letting agent can do before you reach the rent phase, it’s generally the main concern for landlords. If your tenant is not paying rent or paying bills on time your cash flow could be interrupted and it can impact other areas of your life.
In a let-only arrangement with Lancashire estate agents, you’ll always have the tenancy contract drawn up , and the deposit and the first month’s rent collected. However, in a fully managed service an excellent letting agent will make sure you that the rental is paid regardless of. Even if they are looking to find new tenants for your property however, you’ll still be receiving rent for 52 weeks throughout the year.
2. Your legal requirements are taken care of
Before you are able to think about letting your property out to a tenant There are a few legal requirements that must be fulfilled, such as the safety of electrical and gas in addition to fire and safety rules in addition to Energy Performance Certificates.
Regardless of whether you have a let only or fully managed agreement with your letting agent they’ll take on this burden for you and always remain up-to-date on any law modifications, making sure that your property conforms to the laws. Many times, small adjustments that are suggested by the letting professional can have a significant impact, and could help you get your property ready for letting. Through a managed service all legal costs will be paid for.
3. The most appropriate tenants will be located
The agent will not only be able to find prospective tenants quicker because of an extensive promotion and advertising of their property they can also identify the best tenants by conducting a thorough screening and referencing process. It’s not possible to completely eliminate any potential issues down the road However, it does give you the greatest chance to sleep and relax.
Through experience they will also be able to recognise the common signs of potentially-troublesome tenants, and may even have had experience with a tenant previously. If you have an entirely managed service the cost of re-let fees and the expenses associated with the renewal of tenancies should be included.
4. A proper inventory will be conducted
It’s essential these days that an extensive inventory is conducted prior to moving into. If the process is rushed and some factors are not considered the landlord stands a slim chances of winning if he is subjected to court by tenants.
A good letting agency offers specially trained personnel to do this task for you, that will produce an APIP written and photographic inventory. As your inventory is likely to have been drafted up from an independent entity (your agent in this instance) the inventory will be considered more important by an adjudicator than one which a landlord has written their own.
5. Checks on property that occur regularly will be actioned
To ensure that your property is well-maintained the letting agency will perform frequent visits. This is not just a way to put your mind at ease but will also stop any issue with your property from advancing to a serious point, such as an infestation or overgrowth in your garden in the event that you need to find a new tenant quickly.
The inspection process allows your letting agent to serve as a middleman for you as well as your renters, having access to the property on your behalf. In the event that your property becomes in temporary empty at any time, management fees should be suspended until you find new tenants.
6. You’ll never need to call an electrician
If your property is fully controlled, letting companies will provide a 24 hour emergency call-out facility, meaning you do not have to worry about waking up in the in the middle of the night as a result of an overflowing washing machine or a boiler failure during winter.
Repairs and maintenance is handled by the service, saving the need to have an electrician, a plumber and a builder available.
7. You’ll be assured of peace of mind
Your time is precious, but so are your homes. If this is your first property it’s a good idea to hire a letting agency to help you focus your energy on growing your portfolio. If you already have multiple properties, you’ll be secure knowing that each one is being properly managed by professionals.
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