Should I use a Letting Agent to find a tenant?
In a market with too few properties and lots of tenants needing somewhere to live it may be tempting to find a tenant yourself and move them in. Why is it worth paying an agent to help?
In a market with too few properties and lots of tenants needing somewhere to live it may be tempting to find a tenant yourself and move them in. Why is it worth paying an agent to help?
Trust & Professionalism- You need to add formality and professionalism to the marketing, viewing and referencing process, putting someone you trust between yourself and the tenant. This will ensure decisions are made based on fact, not emotion.
It can be easy to let emotion take over and act on whether you like the applicant, whilst this is important, the financials and professional referencing should reduce the risk of renting to a ‘problem’ tenant
Knowledge- A letting agent has sound knowledge of the local property market and knows how much you can let your property for – in many cases this is higher than what a landlord is expecting! Since 1st June 2019 the tenant fees act means there is a cap on the amount you can ask for as a tenancy deposit. You also need to be very clear what is included within the rental and what is not to ensure there is no confusion. Correct marketing with written confirmation by a landlord will prevent these misunderstandings.
Paperwork - A letting agent will take care of all the paperwork required to rent out a property and will ensure you meet your legal obligations– from the proper preparation and execution of an Assured Shorthold Tenancy, to issuing all the other extensive paperwork and ensuring it is correctly signed and approved (for example the governments how to rent guide and prescribed information).
Legal Requirements – Legislation governing the private rented sector is continually changing. Though you may have rented out several properties in the past, you may not always be aware of the legal requirements for landlords. There are several Health and Safety regulations a property must abide by before it can be let, and you may suffer a penalty should you fail to do so. A letting agent has updated knowledge of the regulations and can help you make sure the property is ready to let.
Peace of Mind - Finding the RIGHT tenant, in the shortest time and ensuing all legislation is complied with will in the long run save you money, time and worry.
Remember, even if you have found your own tenant, perhaps it’s a friend or relative, it is always worth getting an agent to complete the referencing checks, draw up the paperwork and conduct a 'property health check'. This ensures you are staying on the right side of the law as well as ensuring you will be able to achieve vacant possession should you need to. It is worth noting that peoples circumstances can always change which means they cant pay the rent, if they are unable to move out you do not want to be in a position where you cant get your property back.
There are several benefits of hiring a letting agent, but one of the most important is peace of mind. With a letting agent, you can keep all the stress and hassles away.
So how do you decide which letting agent to use? Do your research! Seek recommendations from friends and family who have let properties (remember selling a property is very different to letting one), visit the agents website and look for their credentials (make sure you instruct a agent that is a member of Propertymark to prove their knowledge). Make sure you visit Google and read their reviews too and talk to the team – who will you be dealing with and what do they know? Ask lots of questions.
Should you have any queries about our tenant find or management services please do not hesitate to contact the office. We are here and ready to help.