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:
- Help you with advertising the property online and in relevant local media
- Advise you on what rent to charge
- Help you to find a suitable tenant
- Offer viewings to prospective tenants
- 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.
- 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
- 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
- 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.