The signs are there that the rental market is booming with the number of prospective tenants increasing (*) rents across the UK rising at the fastest pace since 2008 (**) and the potential for good capital growth too. It’s no wonder that many recognise the benefits that the lettings market presents; either as an existing landlord or as a new one, yet not all appreciate the benefits that a letting agent can also bring. Here we explain what they are:
The benefit of time. Whether you’re new to lettings, or consider yourself an experienced ‘operator’, being a landlord takes time. From finding a tenant, conducting references, arranging pre tenancy checks on the property as well as the ongoing issues that may arise along the way, it takes time to address them. If you’ve got that time, then fine, but what if you are unexpectedly poorly, want to take a holiday or simply start finding it’s all too much? Having an agent that gives you time and support, often when you least expect you’ll need it, can be a true added benefit.
The benefit of being hassle free. Tenants who won’t pay rent, maintenance contractors who you can’t find (sometimes in an emergency), legal or compliance advice you can’t afford; all problems that can come along for a landlord and, with them, the hassle of sorting them out. Employing an agent, however, on a fully managed service means you can often ‘step back’ and leave the hassle to them. A good agent will have the expertise and knowledge of the procedures to follow, advice to give and how to handle the awkward conversations that might arise – so you don’t have to.
The benefit of knowing you’re doing OK. With a minefield of regulations and health and safety measures to adopt - and potentially more changes within the market to come - it can be hard for landlords to ‘keep up’. By employing a reputable lettings agent, to help you comply, it should bring you confidence and reassurance that you’re operating as a good landlord should. Ensuring actions and measures are taken – at the appropriate time – identifying potential problems before they arise and ensuring you’re ‘doing the right thing’ should certain, perhaps negative, events unfold. It could protect you against prosecution or blame but also, importantly, ensure that the health and well-being of your tenants is taken care of.
Overall there are many benefits to using a letting agent to manage your property; all of which can complement those of being a landlord. If you are interested to find out more, why not gain further information from Reeds Rains either via one of our local ‘in branch’ letting agents or by booking an appointment online. We’ve just been crowned the Best Large Lettings Agency in the UK – so perhaps now is the time to find out why.