There is a certainly number of things landlords need to take into consideration when they are deciding to lease out their property. Even if you’ve gone through the sometimes painful process with previous properties the process is never simpler to get it right especially when you’re doing by yourself. From managing time to organizing financials, to finding tenants to repair boilers, as a portfolio of properties grows, so do the responsibilities.
A property portfolio that is growing could be compared to paternity leave. A landlord takes care of every property as best they can, however when it is time to be required to return to work, they will often employ an additional person to look after them day-to-day.
But a quality professional isn’t merely an unofficial ‘nanny’ for your children at home but much more. There are plenty of good reasons why landlords choose to work with agencies for letting, regardless of whether they own one property or have 21. Here are seven advantages from using Lancashire estate agents.
1. You’ll always get your rent
There are certain things that the letting agent can do before you get to the rent stage, it’s often the main concern for landlords. If your tenant isn’t paying their rent or other bills in time the cash flow may be disrupted and affect other aspects of your life.
In a let-only contract with an agent you’ll constantly have the lease contract drawn up and the deposit and the initial month’s rent collected for you. In the case of a fully managed service, an excellent letting agent will ensure you that the rental is paid to you regardless of. Even if they’re looking to find new tenants for your property and you are not, you’ll still get rent every 52 weeks during the year.
2. The legal requirements of your state are met
Before you think about the possibility of renting your property to a tenant there are some legal requirements to be fulfilled, including gas and electrical safety regulations for fire safety along with Energy Performance Certifications.
No matter if you’ve an open-ended lease or a fully managed arrangement with your agent for letting, they will shoulder this burden for you. They will also stay up-to date with any legal modifications, making sure that your property is in compliance with them. Sometimes, the smallest changes that are suggested by the letting agent can make a huge difference and help you get your property ready to let. If you choose a managed service, all legal costs are covered.
3. The most suitable tenants are those who have
An agent will not only be able find potential tenants more quickly due to comprehensive marketing of the property, but they will also be able to locate the most suitable tenants through an extensive screening and reference process. It’s impossible to completely eliminate potential problems down the line however, it will give you the greatest chance to sleep at ease.
Through experience they will also be able to recognise the common signs of potentially-troublesome tenants, and may even have had experience with a tenant previously. If you have a fully-managed service, the cost of re-let fees and the expenses associated with negotiations for renewals of tenancy should be included.
4. An appropriate inventory will be taken
It’s essential these days that a thorough inventory be completed prior to any tenant moving in. If the process is done in a hurry and certain elements are left out the landlord stands a slim chances of winning if he is subjected for adjudication by tenants.
A reputable letting agent has trained employees who can do this task for you, and produce a complete APIP photo and written inventory. Given that your inventory will be drawn up with the help of an outside third person (your representative in this case) and will be considered more valuable by an adjudicator than a document which a landlord has written by themselves.
5. Regular property checks will be taken
To make sure your home is well-maintained The letting agent will visit your property regularly. This will not only put your mind at ease , but also prevents any abuse to your property from advancing to a serious stage, such as infestation or garden overgrowth, should you ever need to find new tenants quickly.
The process of inspecting allows your letting agent to act as a middle man in between your tenant and you by having access to the property on your behalf. In the event that your property becomes vacant and management fees are due, they should be paused until new tenants are found.
6. You’ll never need to call an electrician
If the property is properly managed , letting agents will offer a 24 hour emergency call-out service, so you won’t have to worry about being awakened up in the middle of the night because of a water-logged washing machine or boiler malfunction during winter.
All repairs and maintenance are handled by the process, freeing you from the necessity of having an electrician, a plumber and a builder on call.
7. You’ll be assured of peace of mind
Your time is valuable as are your properties. If it’s your first property and you’re looking to rent it out, use a letting agent to allow you to focus your energy on growing your portfolio. If you own several properties, you’ll be secure knowing that all of them are properly managed by professionals.
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