The important role of letting agents for landlords
Becoming a landlord can be a lucrative endeavour, providing a steady stream of rental income and potential property appreciation. However, managing rental properties comes with its own set of challenges, from finding reliable tenants to navigating complex legalities. This is where a letting agent becomes an invaluable asset for landlords. Today we'll explore the reasons why a letting agent is essential for landlords looking to optimise their property investment.
One of the primary responsibilities of a letting agent is to screen potential tenants thoroughly. This includes conducting referencing and background checks, verifying employment and rental history, and assessing financial stability. Letting agents have access to resources that enable them to identify red flags and select tenants who are more likely to pay rent on time and take good care of the property.
Failure to tick all the necessary boxes could lead to a poor choice of tenant, potentially leading to rent arrears, property damage and legal costs to pursue them through the courts. Having suitable referencing can also allow landlords to opt in for products such as Rent & Legal Protection(RLP). This will protect them financially should tenants fall into arrears or require evictions, resulting in various legal costs and time taken to pursue. All of which can be handled by either the agent or a third party, giving the landlord peace of mind. Andrews work with Goodlord to provide landlords with RLP and can offer protection cover for just over £1 a day.
Marketing and property exposure:
Letting agents are skilled at marketing properties effectively, utilising various channels to reach a wider audience. From professional photography and compelling property descriptions to online listings and social media promotion, letting agents ensure that your property receives maximum exposure to attract the highest volume of tenants it can to achieve the best possible price in the local market. This increased visibility can lead to a quicker rental process and reduce the likelihood of void periods. Through use of online portals Like RightMove and Zoopla as well as various online advertising channels, we’ll ensure your property gets as much exposure to the online market as possible. Online portals like RightMove attract over 1 million visitors every day, viewing over 40 million a pages a day, leading to one lead being generated every second.
Negotiating rental terms:
Negotiating rental terms can be a delicate process, and letting agents are well-versed in this aspect of property management. They can help landlords strike a balance between achieving competitive rental rates and securing reliable, long-term tenants. Additionally, letting agents can handle negotiations related to tenancy agreement terms, ensuring that both parties are satisfied with the agreement.
Legal compliance:
The legal landscape surrounding rental properties can be complex and ever-changing. Over the past 5 years alone we have seen a multitude of changes to lettings legislation and we expect more to come. As letting agents, we are kept well informed about local and national housing laws, regulations, and compliance requirements. Having a letting agent on board helps landlords navigate the legalities of leasing, reducing the risk of legal disputes and ensuring that all aspects of the rental process adhere to the law. Failure to adhere to legislation could lead to fines from local authorities. Knowledge is key to the protection and being able to inform landlords of any changes.
Time and stress management:
Managing a rental property involves countless tasks which are time consuming. By entrusting these responsibilities to a letting agent, landlords save valuable time and alleviate stress associated with day-to-day property management. As agents we have a multitude of reliable contractors who can assist in maintenance issues, from broken boilers to garden fences. Ensuring works are completed to a high standard in a timely manner is the priority for the agent. This allows landlords to focus on other aspects of their lives, family, work, hobbies etc or invest their time in expanding their property portfolios.
In the competitive world of property management, having a letting agent by your side is not just beneficial but essential for landlords. Their expertise in tenant screening, marketing, negotiations, legal compliance, and time management can make the difference between a smooth, profitable rental experience and a challenging one. Partnering with a letting agent gives each landlord peace of mind, efficiency, and the overall success of their property portfolio.
To find out more on how Andrews can help you with your property contact us online or visit your local branch.
Marcus De Ville, Regional Lettings Manager for the South East
