As a landlord, do you really need a letting agent?
A series of legislative changes have made it harder for landlords in the private rented sector to manage their own properties, meaning that more people are turning to reputable lettings agents to manage their property portfolio.
Landlords legal responsibilities are constantly changing and there are now more than 400 rules to adhere to when renting out your property. As a landlord, you can either opt to take full responsibility (and adhere to the rules to avoid fines of up to £30,000 for non-compliance) or instruct an agent to take away the stress and manage the property on your behalf. If you decide on a hands-on approach and manage your property and tenants yourself, it can be worthwhile as long as you don’t fall foul of the law.
If, however, you don’t want to be disturbed with maintenance issues or have the worry of changing legal requirements and possible fines, the simple answer is to hand over the responsibility to a professional lettings agent. The benefits of a fully-managed service where you instruct a lettings agent to take care of your property on your behalf can be quite a relief. There are various levels of support an agent can offer you as a landlord, from simply finding you reliable and suitable tenants, to fully managing your property.
Deciding to go with a Fully Managed / Executive Service has its benefits and here’s what you can expect:
- You can enjoy freedom and peace of mind 365 days of the year. Letting one or more properties can easily become a full-time job, so handing over the management means that you won’t be disturbed any day of the year, or at any time of the day. Your agent will take care of all issues such as maintenance issues, leaks or tenant disputes with neighbours.
- You will be able to relax knowing your property is rented out and that all safety and legal requirements are being met. Your professional agent will take responsibility for any changes in the law while ensuring that your property complies.
- If you find that your tenant wants to move on from your property, your agent will act quickly. They will arrange to market your property immediately, so you have the best chance of finding a suitable tenant straightaway to prevent any gaps in your regular rental income.
- Your agent will arrange regular property inspections directly with your tenant to ensure your property is being well cared for. They can also advise you on repairs and a maintenance schedule to ensure that your property holds its value.
- Regular rent reviews are factored in as part of your service to ensure your property is reaching its maximum rental potential.
Choosing your agent
When deciding on the right agent to manage your property, make sure they have a good reputation and check that they are a member of ARLA, RICS or NALS. It is beneficial to choose a local agent as they will know the local market well and you can easily reach them.
Our lettings team has seen a rise in the number of landlords moving their portfolio to us, quite often using our fully managed or executive service after experiencing poor service and management elsewhere. Our teams are proud to live and work locally and we pride ourselves on our excellent client service.
If you would like more information about how we can help you to manage your property and the flexible levels of service we offer, please contact your local Michael Jones lettings office or check out landlord services page.
Content accurate at time of publishing.