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DIY landlords are being burdened with ever-changing regulations and legislation. Is it time to consider full management?

Whether you are new to the industry or a successful landlord with a
growing property portfolio, the services of a reputable letting agent can be an
important source of help and support. With profit margins tight, many landlords
try to manage their own properties, but is it worth risking falling foul of the
law in order to save a few pounds? There may be many benefits to using a
letting agent that you have not yet considered…

Firstly, a reputable letting agent will have a comprehensive
overview of everything that is going on within your geographic area, and this
can be invaluable. The agent can also offer guidance to issues such as legal
compliance, setting up the tenancy and running all aspects of the tenancy for
you. A good agent really can save a landlord significant amounts of time, money
and stress!

Interestingly, it’s not just the landlord who can benefit from a good
letting agent. Tenants who secure a property via an agent will also benefit
from many levels of protection and support, knowing they are living in a
property that is safe and legally compliant. Letting agents should have access
to regular training in all areas of the business and are kept up to date with
legislation as soon as it is announced. Tenants can be reassured that any
action a landlord wanted to take would be moderated by the agent to ensure it
was fair and legal. In addition, if a tenant was in a predicament of any kind,
or a property required emergency maintenance, the agent should be able to help
to sort out the problems quickly and efficiently – sometimes without troubling
the landlord at all.

Under
management

Levels of service and management will differ from agent to agent, so
what specific day-to-day services can a landlord generally expect?

A letting agent’s work starts long before a tenancy even begins. A
good agent, can market the property to the widest possible audience, offer
advice on how to best to prepare that property for market, organise and execute
the viewings, source contractors to make sure the property has the correct
certification, carry out credit checks and references to mitigate any risk to
the landlord, draw up the Tenancy Agreement, take a thorough inventory of the
condition of the property, plus register the deposit lawfully on behalf of the
landlord.

The agent’s work will continue throughout the tenancy. The agent
will visit the property regularly to ensure that the tenant is living within
the terms of their Tenancy Agreement and no maintenance issues have arisen. When
the time comes for the tenant to vacate the property, checks will be made comparing
the condition of the property to the inventory that was carried out at the
beginning of the tenancy.

Troubleshooting

One much-underestimated benefit is that an agent can become a
communication firewall between the landlord and tenant should something go
wrong during the tenancy. Some landlords find difficult conversations
particularly uncomfortable and it can sometimes prove easier for an objective
third-party to take over. The agent can also advise landlords on their legal
rights and make sure any issues are dealt with fairly, swiftly and within the
law.

Importantly, if an agent is involved early enough, they can help to
ensure potential problems are avoided in the first place, which is always the
best solution to problem-management.

Portfolio
potential

If you’re looking to grow your property portfolio an agent can help
here too. Whether a landlord is looking for incremental growth or yield from a
property, an agent will be able to help them find their next investment.

Professional letting agents will know what is available on the market,
and many also offer a sales service, they will be aware of any good properties that
are due to be offered shortly. Importantly, the agent will have wide and
up-to-date knowledge of those local areas that are good for investment and represent
good value.

Prior to purchase an agent can give an indication of potential
rental income and possible outgoings so that landlords can create an accurate calculation
of profit and costs.

Arranging an annual or bi-annual meeting with your agent is a good
idea to ensure you are not missing out on any potential opportunities to grow
your portfolio and maximise your overall investment. You may also be offered
access to wealth management and tax advice, which is more important than ever
today.

Choosing an
agent

Every letting agent will offer their own specific set of services
and level of support, so make sure you do your research before committing. Working
with the right agent is vital. Never choose an agent purely on their fees. Find
out exactly what level of service you can expect for the fees asked, how your
money will be protected, and ensure all your needs will be covered.

A quick check of the agent’s online reviews plus research into any industry awards they may have won will give you a good overview of the services they offer. Finally, do make sure you arrange to meet your short-listed agents in person. The agent you choose will be entrusted with the keys to one of your biggest assets, so there needs to be personal rapport, trust and confidence between the two parties.

To find a Belvoir agent in your local area visit: www.belvoir.co.uk

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