Times are challenging for many households across the UK at the moment, with the rate of inflation inching ever higher; in 2021-22 alone, the Consumer Prices Index (CPI) rose by 6.2%. Not every household has the luxury of access to additional property or the funds to buy one, but for those that do, renting is an excellent opportunity to secure additional income.
However, how a rental property is managed is another matter. It is possible to manage alone, but there are advantages to using a professional agency to handle matters on your behalf. Here are some of those key advantages:
Legal Requirements Covered
One of the chief benefits of using a professional letting agency relates to your legal responsibilities as a landlord. They can draft tenancy agreements on your behalf, with your interests in mind. They can also handle tenancy deposits on your behalf, ensuring correct policy is followed and your tenants’ deposits are legally secured.
On top of the legal aspects of the tenancy agreement you draft for prospective tenants, and the legal handling of tenancy deposits, you also have to contend with health and safety laws relating to gas, fire and electrical safety. These laws can be prone to change; your letting agency can advise you on upcoming changes, and recommend alterations or renovations to your property that keep you up to code and in the clear.
Tenant Search Handled
Letting agencies can also be vital in securing tenants for your property. The rental market is competitive as ever, and private listings can often get overlooked for listings with better marketing or SEO. Partnering with a letting agency means you can leave the tenant search to their larger team and marketing budget. It is in their best interests to get you a tenant as soon as possible, meaning you can be sure your listing will receive its fair share of attention.
Property Management Available
Many professional letting agents offer levels of service depending on your ideal arrangement, from basic listing assistance to complete and comprehensive property management services. If you so choose, you could delegate nearly every responsibility to your letting agent – from viewings to rent collection and beyond.
Where letting agents already pay for themselves with assistance in legal adherence, they can also manage other aspects of your rental. You could place them in charge of your property’s inventory and of final inspections between tenants; crucially, you could also entrust them with repairs and emergency callouts, preserving your free time.
Expert Advice
Lastly, letting agencies are a shrewd choice overall due to the general advice they can offer regarding property rental. If you are new to letting properties, a good agency can talk you through every step of the process and provide you with up-to-date information regarding the market as it stands. With this information, you will be better equipped to navigate the market, and to interact with your tenants in an open and fair manner.
