5 Reasons You Should Use An Agent To Let Your Property
We fully understand that as a Landlord you need to run your property like a business and look carefully at all expenditure to make sure you are getting the best possible return. No doubt some Landlords will look at the cost of using a Letting Agent and wonder whether or not they should advertise for tenants themselves. Now having been a letting agent for over 14 years I might not be the most impartial on this topic but I have set out below 5 reasons why you really are better off using a letting agent!
There are so many more regulations to adhere to when letting a property out now and the smallest of mistakes could lead you to incurring a big fine or not being able to recover possession of your property if you need to evict the tenant. A professional letting agent will be able to make sure that everything is done correctly and you are fully compliant. A good tip is to look for a letting agent that is a member of the Association of Residential Letting Agents (ARLA) as that way you know they will be qualified and as part of their membership they will have to commit to ongoing professional development making sure they are always up to date with the latest legislation.
A Better Rent Quicker
A good letting agent will be able to give your property more exposure to the market and will also have a database of tenants that they can speak to about it. This should mean they are able to achieve a higher rent and just as importantly find tenants quicker than you would be able to do yourself. A good letting agent should mean you are able to achieve a better return even after having paid their fee.
Following on from the above point more exposure will of course mean that you attract more potential tenants. This will mean that you can afford to be even more selective in making sure that the best possible tenants are selected for your property. If you choose a good letting agent they will understand that their reputation is largely based on the quality of tenants that they find and will be looking to build a long-term relationship with you. The first tenant that comes along isn’t necessarily the best tenant and they will use the larger number of enquires to filter through and make sure they secure you the most suitable tenant.
A letting agent will need to have a detailed referencing procedure in place to make sure they are meeting their obligations to Landlords. Their referencing would normally be carried out by a third party specialist company to make sure the tenants are credible. Landlords who advertise their properties themselves will often find that they receive a lot of interest from tenants who are trying to avoid having to pass through a letting agents referencing procedure, which can make it hard for them to filter through to find the best tenants. Many Landlords also find it uncomfortable having to face the tenants directly to say yes or no to their application and would prefer the buffer of a letting agent!
Saves Time & Money
At least as important as any other reason is that using a letting agent will save you time and money. If you are advertising the property yourself then you will need to be able to answer your phone at any time of day to answer enquires from potential tenants. You ‘ll also need to show tenants around the property often in the evenings and weekends and have the inevitable frustration of some tenants not turning up for their viewing. The other thing to factor in is the cost of advertising, petrol, contracts, stationary etc which will all mount up and something you wouldn’t need to pay if you used an agent.
Of course all of the above is contingent on making sure that you use the right letting agent. If you have got a property in Derby or the surrounding area then we’d love to talk about how we can work with you!
Click Here To Read The 3 Main Reasons a Property Doesn’t Let.