Why should I use a letting agent?

April 18, 2017

If you own a buy to let property, you may be happy to manage the property yourself, but if you aren’t keen on the idea of being a landlord, are new to property letting, or are currently struggling to find time to manage things yourself, a letting agent could be the answer.

What does a letting agent do?

There are several services that letting agents can offer, and depending on the level of support you need, you might need any or all of the following:

1. Help you with advertising the property online and in relevant local media
2. Advise you on what rent to charge
3. Help you to find a suitable tenant
4. Offer viewings to prospective tenants
5. Create an inventory of the property. This is a record of what the property includes and the overall condition of it so everyone understands what’s included, to avoid arguments later on if something goes missing or gets damaged.
6. Provide a legally binding Tenancy Agreement
   Conduct a handover of the property, ensuring the tenant has signed the Tenancy Agreement, understands it, and has a copy of it
7. Act as the emergency contact in case something goes wrong at the property eg. a pipe bursts, an essential appliance such as the cooker breaks, or there is a burglary
8. Act as a mediator in the event of a dispute between the landlord and tenant.

How much will it cost?

Letting agents usually charge in one of two ways, either a flat fee per month or a percentage of the monthly rent, typically around 10-15%. We will discuss this in more detail with you should you wish to find out more about our services.

Do I really need a letting agent?

Some landlords prefer to go it alone, however unless you intend to make property management your main profession, this approach can be risky and may eat up a lot of your free time, particularly if you have more than one property. We would recommend you consider using a letting agent if any of the following apply to you:

• I live far away from the property
• I work full time
• I have very little spare time
• I need more time to myself/I don’t want my free time to be interrupted
• I don’t understand the ins and outs of property management
• I don’t know what my legal obligations are
• I have several properties to manage

If you are looking for peace of mind that your property is in safe hands and being professionally managed then get in touch for a free no-obligation chat about your requirements.