As a landlord, one of the first major decisions you will have to make is whether you want to manage your own rental property or find an agent to do some of the tedious tasks for you.
Managing the tenancy yourself, while doable, can be fairly time-consuming, so it’s worth considering what a letting agent can provide for you instead.
With the ban on lettings fees coming into force in June this year, it’s a challenging time for the rental industry. However, a recent study by Zoopla shows demand for agents’ services and rented accommodation are strong and continuing to grow.
Zoopla’s ‘State of the Property Nation’ study revealed that the number of tenants using a letting agent to find a rental property has increased by 12% in the past year.
What’s more, nearly one in two (48%) tenants used a letting agent to source accommodation in 2018 – a significant rise from 36% in the 2017 report.
Meanwhile, landlords have seen a range of regulatory and legislative changes flooding the rental market, which means that they are faced with an increasingly challenging environment.
With this in mind, here at Angels Sales and Lettings, we’ve put together a recap of some of the key benefits of working with a letting agent.
Vetting and handling tenants
It’s a letting agent’s job is to find suitable tenants for a property on behalf of its owner. Because of this, they are able to carry out stringent vetting and referencing procedures that are more likely to attract reliable tenants.
According to Zoopla’s study, more than half of landlords (56%) surveyed cited finding suitable tenants as their biggest challenge, followed by ensuring tenants look after the property (55%).
With the help of a letting agent, you have peace of mind that these two factors will be professionally handled.
Also, lettings agents are experienced in dispute resolution, meaning that in the event of a disagreement between you and your tenants, they can act as an intermediary to resolve any issues.
Saving you time and reducing stress
Once you and the agent have agreed on the rental price for your home, the agent will advertise the property. As professional experts, we know the current market conditions and can negotiate the best
Letting agents are also capable of handling all of the paperwork relating to your property and can register tenants’ deposits with a government-approved tenancy deposit protection scheme. This will save you time and help you to focus on other tasks.
Instructing a letting agent also means that they will be able to collect the rent and chase it up on your behalf. Zoopla’s survey found that 47% of landlords surveyed found it challenging to make sure tenants paid their rent on time.
Compliance and legal handling
Interestingly, four in ten (39%) landlords in Zoopla’s survey said they struggle to keep up with increased regulation, while more than a third (36%) of landlords were worried about how future legislation will affect them.
Letting agents are required to be up-to-date on current legislation that affects landlords, offering extra protection and security against any potential legal troubles. What’s more, agents are professional and experienced, working with a range of landlords. They also know the correct legal process to evict tenants.
A reliable agent will also offer property management, rent guarantee, and free valuation, among other advisory services. This is especially important as the market becomes more regulated and complex for landlords.
Of course, there is always the cost to consider when hiring a letting agent, but the advantages of doing so can make your buy-to-let investment all the more worthwhile.
As a local letting agent operating in Enfield and across London, Angels Sales and Lettings aims to make tenancies as smooth as possible for landlords.
For more information about the services we offer, please get in contact with us
To find out how much you could be generating in rent each month, you can also request a free and instant online valuation.