8 Benefits to Letting Your Property Through a Letting Agent
If you’ve recently invested in property you will want to start covering your costs, and so you will want to get it occupied quickly, especially if you have a buy to let mortgage on the property. However, one of the most difficult tasks for a landlord can be sourcing the perfect tenants for your property. You really don’t want vacant premises when it’s ready for occupancy, or having your new property occupied by unsavoury renters.
There are many responsibilities that come with being a landlord. Ensuring that the rent is paid on time, generally maintaining the upkeep of the property, ensuring the property meets all legal safety standards, fixing any damages, advertising for new tenants, the list goes on and on. Whilst it might be exciting and keeping you busy to begin with, it can soon become frustrating for a new Landlord and at times can be become extremely stressful to manage your own property.
In this article we’ll look at the advantages to using letting agents (also known as rental agents) and what they can do for you. A letting agent isn’t just there to collect the rent; they’re also very good at managing your property for you. This means you have more time to spend on enjoying other things in your life.
1. Getting the Rent on time
If you are tied into a buy to let mortgage you need the rent to be paid on time, otherwise your property may be repossessed. You will also need to ensure that any other bills are covered by the payments coming in. It can be a real problem if or when tenants don’t pay their bills on time or when cash flow becomes a problem. But worry not – Letting agents can manage rental payments for you so you know you’ll be paid on time, every time.
2. Property checks
Occasionally you need to make sure the property doesn’t have any damages and that it is safe. A simple task, but it can be a burden if you’re busy. Your letting agent will carry out checks for you to ensure there are no damages. This ensures a middle man is available to gain access to the property on your behalf, and to ensure that everything is as it should be
3. Fixing damages
If any damages are found on a check… they will need to be fixed quickly to avoid further problems along the way. Here at Garabys, we have a network of plumbers, electricians, builders etc that can fix the damage fast, and at a competitive price for you. These costs can then be added to your monthly letting agency fees for convenience. Because we have these existing relationships in place already – we can negotiate the best prices for you.
4. Finding suitable tenants
If your property is aimed at certain type of occupant i.e. students, professionals, non-smokers etc then you’ll want these tenants to occupy your property to be of the right type. Finding these tenants can cost a lot of money and it certainly takes time. A good rental agency such as Garabys can quickly find suitable tenants, carry out reference checks and move them in. This saves you time – leaving you to do what you do best elsewhere.
5. Legal requirements
As a landlord there are certain legal requirements which must be met. These requirements are often changing and you need to make sure you adhere to them. Here at Garabys, we continuously ensure that we are fully aware of any and all changes in the law – and make sure that your property always adheres to them.
How much do you value your time? By managing your own property you’ll likely spend many evenings and weekends on viewings and carrying out maintenance work. If you don’t have much spare time, let the agency do it for you. This is what we do – this is what we are the best at – and you can rest easy, knowing that everything is being taken care of.
7. Peace of mind
A letting agent (or rental agent) gives you peace of mind. It’s your way of growing your property portfolio with confidence. Once you have your first property – you may find that it is so simple going through a good Letting Agent that you are in a position to increase the number of properties. You don’t have to worry about your property because it’s all being managed by the professionals. If that’s something you want to benefit from; contact us today.
Finally, an agency is often regulated to hold deposits and provide protection come the end of the tenancy. This ensures that the Landlord is not hit with terrible repair bills caused by the tenant, but also to ensure the landlord does not unfairly deduct dilapidations.