The benefits of being a landlord are obvious from a financial perspective – but a great deal of responsibility and decision making is the flipside.
One of the most important choices to make is whether to operate as a private landlord or opt for the support of a letting agent.
Here are just three of the main reasons to consider using letting agents and save yourself hassle and headaches.
Legal compliance and competency
By using letting agents, you are trusting specialists on the laws and regulations relating to your property and tenants, it means you don’t have to become an expert yourself.
It’s a letting agent’s job to be up-to-speed and conversion with current legislation, regardless of its ever changing nature or differences in regions.
Taking on that responsibility yourself, especially if you have another main job or family duties, is a big ask.
As a recent example, during the pandemic there have been frequent alterations to the law surrounding tenants and landlords, particularly in relation to evictions.
And failure to comply with any changes can result in fines or even sentencing – with ignorance not a valid excuse.
In order to avoid falling foul of any amends, it’s easier to delegate this authority to someone who gets paid to do exactly that.
The passive income you enjoy as a landlord becomes less so if you’re continually reading up on upcoming bills and proposals.
A competent letting agent will possess the professional tools to run a comprehensive check on any possible tenants prior to passing their details on.
You may like the look of someone if you meet them in person but without credit checks, income verification references and more, how can you know for sure?
As well as thorough background checking capabilities, letting agents can also draw on vast experience of spotting tell-tale signs of potential problem tenants.
Sector knowledge and local experience
By using a letting agent – particularly one that also operates as an estate agent – you’re choosing specialist property sector knowledge.
This means an awareness of any current demand in your area for a particular type of property and comparable potential rental rates and yields.
Agents know how much a comparable rental costs down the road and how many people on their books are waiting for a place just like yours.
And without extensive property sector experience, it’s likely your own best guesses on what to charge will be inaccurate.
Plus, with access to leading property apps and websites that you’d need to pay to list on, letting agents can save you more even before tenants are found.
Want to know more about the benefits of using a letting agent?
There are numerous reasons to use letting agents rather than continue as a private landlord, apart from the three highlighted above.
But pretty much all of them hinge on saving you hassle, or money, or both in the long term.
To talk in more detail with a member of our helpful team, why not get in touch today.