By Rose Jinks, Content Manager at Landlord News
There’s been a lot of news in the industry recently that may have put landlords off using letting agents to manage their properties. But property industry expert Landlord News believes that it’s imperative that they do…
Regulations and rules within the lettings sector are constantly changing, and some prospective new ones are set to hit letting agents hard.
The most significant upcoming legislation change that landlords and their letting agents must be aware of is the proposed lettings fee ban. If this law comes into force, it will prevent letting agents charging fees to tenants, which may mean that these costs are instead passed onto their landlord clients.
For this reason, some landlords may decide to ditch their letting agents and go it alone. But are letting agents worth the extra expense? Landlord News thinks so, here’s why:
Your legal responsibilities
Landlords now have a host of regulations to comply with, which means that running a rental property (or an entire portfolio) can be particularly time-consuming.
If you choose to go with a full service package with your letting agent, they should take care of all of your legal responsibilities, which removes the stress of trying to keep up with the law.
Another worry for landlords is making sure that your properties are full at all times, in order to avoid costly void periods. Fortunately, letting agents have the tools to market your properties effectively and keep them full.
They will do all of the legwork for you, such as property viewings, to ensure that your investment is thriving.
Once your agent has found prospective tenants, they can also vet them and carry out essential referencing checks that make sure you have reliable renters in your properties.
It’s vital that you only have tenants that will pay the rent on time and look after your investment, so letting agents are invaluable in completing all of the checks that give you the best chance of this.
Property market knowledge
Although the property market always seems to be in the news, some landlords simply don’t have time to keep up with what’s going on – especially if you’re a part-time investor.
Letting agents are completely aware of all the trends in their local areas, which enables you to set the right rent price for your property and target the tenants that are actively seeking a rental home like yours.
Again, this does depend on the package that you choose, but it’s useful to have a letting agent on hand to arrange all the maintenance work your properties need.
If they’re in charge of organising this, you won’t have to worry about being woken up in the middle of the night by your tenants, or trying to arrange work at a short notice.
Chasing rent arrears and disputes
Rent arrears and disputes can be stressful and time-consuming for landlords, so having a letting agent to deal with this for you can be priceless.
Of course, we hope that you’ll never be in this situation, but, if you are, letting agents will have the procedures in place to deal with your tenants professionally and effectively.
Rose Jinks, of Landlord News, says: “Although new laws could make it more expensive for landlords to use a letting agent to manage their properties, the advice, support and guidance that an agent can offer you really is worth it.
“We recommend that all landlords who are unsure of their responsibilities or who require a little bit of additional support in dealing with tenants instruct an agent to help them manage their portfolio.”