Landlords face a myriad of challenges when trying to seamlessly manage investments. There are the complexities of tenant screening, legal obligations, marketing, rent collection, and property maintenance, quickly leaving a landlord feeling overwhelmed. Having a letting agent as a valuable ally, offering a suite of services designed to streamline operations and enhance the overall rental experience replaces that overwhelmed feeling into a stress-free, time and money-saving process.
In this article, we will share with you 5 compelling reasons a landlord should enlist the expertise of a letting agent.
A letting agent employs rigorous screening to assess potential tenants’ financial stability, rental history, creditworthiness, and background checks. According to the National Residential Landlords Association (NRLA), landlords’ primary concern is tenant quality. Having a go-to letting agent removes the apprehension associated with finding the right tenant. They provide detailed tenant screenings reducing the risk of problematic tenancies and late payments, contributing to a more stable rental income and even the add-on option of rental guarantee policies.
According to Total Landlord Insurance, “There are more than 168 individual rules and regulations that apply to the private rented sector, and these are often amended and updated with relatively short notice.” Letting agents eliminate the time and stress it takes to stay updated on all of these aspects.
Letting agents are well-versed in the latest regulations and ensure all documentation is meticulously prepared and submitted. The process helps you stay compliant avoiding any legal pitfalls, and provides peace of mind by handling this complex, faceted rental factor for you.
Letting agents leverage their marketing expertise and online presence to showcase properties across various platforms. They are also informed regarding the latest algorithms, organic and paid opportunities, social media, marketing tactics, and what is the best way to utilise each for different audiences. E.g. newsletters, blogs, social media posts, LinkedIn, An agent’s own website and Rightmove.
In 2022, Rightmove had over 2.3 billion visits with people spending more than 16.3 billion minutes on their website searching for properties. This statement alone emphasises the importance of being listed on Rightmove, and with that being only one tool in a letting agent’s arsenal then it is a smart decision to have a letting agent on your side.
Letting agents amplify property exposure through targeted marketing campaigns, and they drive higher tenant interest. All of that results in an improved occupancy rate versus an empty property earning you zero money.
In May 2023, Which? reported 700,000 UK households missed or defaulted on a rent or mortgage payment. Hiring a letting agent that uses an effective rent collection process reduces the danger of tenants defaulting on rent, and reduces the administrative burden put on landlords.
Letting agents coordinate repairs, conduct inspections, and ensure properties adhere to health and safety standards. This benefits the longevity of the property, and your tenant’s health, and improves occupancy rates.
If you spend some of the rent every year on upkeep, then you preserve the property’s value. A letting agent does regular property checks and walk arounds to ensure this occurs. They frequently check for leaks, loosening of roof tiles, arrange for maintenance of appliances, check bathrooms (sinks, showers, and toilets are working okay), ensure no hazards are blocking shared stairwells, repair pipework, clean out gutters and drains, check the structure and exterior of the home, and more. It is worth remembering that estate agents only carry out a basic visual inspection so if the issue is deeper, it is best to get a specialist involved to solve it.
Furthermore, as a landlord, you have a legal responsibility to fix any property problems that arise in a reasonable time. If you neglect to do so, you could be in legal breach of the tenancy agreement. If that is the case then you could end up in court with legal and tenant fees. Eliminate that from happening. Let a letting agent oversee property upkeep, for it contributes to tenant satisfaction and prolonged occupancy.
In conclusion, the role of a letting agent is pivotal for landlords seeking efficient property management, maintaining property value, improving tenant satisfaction, and receiving consistent rental income. To find out more, contact us today!
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