Why using a letting agent may be the right choice for you.
Are you letting out a property for the first time? Or have you often faced a lot of 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’re just not sure about it? Don’t worry! You aren’t the only property owner in this dilemma.
If you talk to other landlords, you’ll probably get contrasting opinions about whether you should or not. Some landlords wouldn’t be without one because it means they don’t have to get involved with their tenants and others never do and deal with everything themselves.
To help you decide if getting an agent is for you, here are a few points you should consider:
Trust
When you are letting out a property, you mostly deal with strangers. Having someone reliable in between is always a good idea. It not only makes the process easier but also reduces the risks involved.
Knowledge
A letting agent has a sound knowledge of the local property market. They know what tenants are looking for and how you can market your property. They will also decide the right amount of rent you should be quoting based on other properties in the area.
Paperwork
A letting agent takes care of all the paperwork required in renting out a property corresponding with tenants and managing references.
Legal Requirements
Though you may have rented out several properties, you may not always be aware of the legal requirements like health and safety regulations which if you fail to apply could cause a penalty. A letting agent is always on top of any changes to the law and can keep you on the right side of a fine.
Cost Effectiveness
Though it may be surprising, a letting agent can actually be cost effective. It may seem like an extra expense, but when you factor in the time, stress and energy it might take you to manage the property yourself, an agent could be a cheaper alternative.
Surety
One of a landlord’s biggest fears, having made the investment in a property to let, is not getting the rent they’re relying on in time. A full-service letting agent will guarantee that you will.
Peace of mind
The biggest benefit by far can be peace of mind. With a letting agent you can sit back and let them deal with the stress and hassle. No small thing when you have your own life to be stressed by!
If that sounds appealing, make sure you do your research properly. Seek recommendations from co-workers and friends as well as any other landlords you may know. Interview multiple letting agents and compare and contrast their approach before you make a decision.
Good luck!