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- As a private landlord, you have complete control over every aspect of your rental property, but it can mean you’re on call 24/7. Letting agents on the other hand can manage the majority of your landlord responsibilities, saving you more of your precious time – but you’re likely to pay a pretty penny for the privilege.
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- Marketing
- Tenant Referencing
- Preparation and Signing of Tenancy Agreements
- Inventory
- Security Deposit
- Insurance
- Rent Arrears
- Property Maintenance
- Compliance with Legislation
- Conclusion
A letting agent can prepare a marketing plan for your property which will include setting a competitive rent, together with online and newspaper advertising to secure a tenant. You can prepare your own marketing plan but it will require some research regarding setting an appropriate rent and a financial outlay will be required to implement the adve...
One area that is often overlooked by landlords is the comprehensive referencing of prospective tenants. Cutting corners in this area can store up trouble for the future, with poor-paying tenants seriously eroding any potential profit. A letting agent is able to reference prospective tenants quickly and will exclude any potential problem applicants.
Tenancy agreements are available for download on the internet so this does not pose a major problem for a go-it-alone landlord. It is, however, preferable to do this process face-to-face rather than through the post, which is easily facilitated through the branch of a letting agent.
It is vitally important that the landlord carries out a full inventory of his/her premises prior to the commencement of any letting. The contents of this inventory must be agreed with the incoming tenant to ensure that there are no future disputes. A letting agent will carry out this inventory at both the start and the end of a tenancy and by provi...
Since 6th April 2007, all deposits taken by landlords and agents have to be protected by a government authorised tenancy deposit scheme. All letting agents have a scheme already set up, making it easier than arranging one yourself.
A landlord will need to arrange building and contents insurance specifically for a tenanted property, which is easy enough to do. A letting agent will already have schemes available for a Landlord, usually at very competitive rates. They can also provide rent-indemnity insurance which covers non-payment of rent.
Every landlord’s nightmare is non-payment of rent and it's important that this is handled correctly. If you decide to handle this yourself, you will need to do some research on the dos and don'ts regarding rent arrears and eviction. Letting agents are fully conversant with all the legalities in this area and will ensure prompt action to address any...
If you are a bit of a handyman, this area may not pose any particular problem, but be aware that things do go wrong in the middle of the night, so go-it-alone landlords can expect early-hour calls from time to time. Letting agents have numerous contacts with professionals in all areas of property maintenance and can arrange for quotes or emergency ...
Letting legislation is a minefield with laws covering gas regulations, electrical safety and furniture and furnishings to name a few. This is one area that a landlord going it alone can really fall down on, as they will need to keep up with the ever-changing legal landscape. Letting agents, on the other hand, deal with these issues on a daily basis...
One of the first things to understand is that the easy option is to use a letting agent. However, they will charge a fee for every part of their service, which can mount up. Most letting agents will have different levels of service, so at the lower level you can use them just to find a tenant, or else use the top-end service and just sit back and r...
Should I use a letting agent to let my rental property or is it possible for a landlord to do it themselves. The benefits of a letting agent vs DIY.
Oct 26, 2022 · The main advantage of being a private landlord is that you will have complete control over your rental property and make all the decisions over its maintenance and upkeep. However, it will also mean you being on call 24/7 to solve any tenants’ problems. Using a letting agent comes at a price, so if you want to maximise your rental income ...
May 18, 2020 · Estate agents can act as the main point of contact between landlord and tenant, helping with everything from collecting rent to managing repairs – their level of input will largely depend on you, your needs and your budget. There are 3 main types of service levels letting agents offer.
Letting agents on the other hand can manage the majority of your landlord responsibilities, saving you more of your precious time – but you’re likely to pay a pretty penny for the privilege. The choice that’s right for you depends entirely on your personal circumstances.
Jun 12, 2024 · Should you use a letting agent or go directly with a landlord? Here's a breakdown to help you help you weigh the pros and cons of each approach. Convenience & communication. Letting agent: Letting agents typically have a physical offices and dedicated staff, making them easier to reach for repairs, questions and scheduling viewings. They have ...
