Is Using a Letting Agent to Manage Your Property a Good Idea?

Well it seems obvious that using a letting agent to find you a tenant, as they have access to the property portals such as Rightmove and Zoopla but good letting agents have so much more to offer.

Here are a few points you should consider while deciding whether you need a letting agent or not.

Trust - When you are letting out a property, you mostly deal with strangers. Having someone reliable you can trust in between is always a good idea. It not only makes the process easier but also reduces the risks and stress involved.

Knowledge - A letting agent has a sound knowledge of the local property market. They know what tenants are looking for and how you can market your property. They will also decide the right amount of rent you should be quoting based on other properties in the area.

Paperwork - A letting agent takes care of all the paperwork required in renting out a property. They give correspondence, take care of viewings, references and complete any other paperwork involved in the process. The accuracy and correct paperwork is vital to ensure that you are legally covered and enable you to take legal action should you require.

Legal Requirements - Though you may have rented out several properties, you may not always be aware of the legal requirements for landlords. Also, there are several Health and Safety regulations a property must abide to and you may suffer penalty if you fail to do so. A letting agent has updated knowledge of the regulations, and can help you meet them.

Cost Effectiveness - Though it may seem surprising, going for a letting agent is actually cost effective. Property owners argue that they have to pay the letting agent and it is an extra expense. But if you compare the time, money and efforts the agent saves with the amount paid as fees, you will realise that you have saved money. Not just money, a letting agent also saves you a lot of time and stress.

Surety - One of the biggest nightmares of a landlord is not receiving the rent on time. If the rent is not being paid or not being fully paid, it can affect your cash flow. With a full service letting agent, you should get the confidence that everything is being done to chase your rent, because the letting agent ultimately does not get paid until you receive your rent.

There are several benefits of hiring a letting agent, but one of the most important ones is peace of mind. With a letting agent, you can keep all the stress and hassles at bay. Just make sure you make a reliable choice for a letting agent. Do your research properly, seek recommendations, and talk to few letting agents before making a decision.