In this two-minute read, we look at the benefits of
using a letting agent to manage your rental property (part one of a two-part
series).

Almost
every landlord has weighed up the merits of self-managing their rental property
versus using a letting agent. After all, why pay someone to do something you do
yourself, eh?

It’s
a reasonable enough question to which we have an emphatic answer: there are
many reasons to get an expert to manage your investment property (we can think
of at least 12).

It
makes sense from a financial point of view (as we’ll explain in this article)
and from a time management perspective (stay tuned for part two next week,
where we’ll cover this). Let’s look at the first six reasons.

A
good letting agent will:

1)
Save you money. Let’s
cut to the chase: a letting agent will improve your profit margin. According to
research, a letting agent saves a landlord on average £1,910 a year (source:
Endsleigh Insurance).

2)
Share market insight. Letting agents know the local market
like the back of their hand and provide expert advice about setting rents. Go
too high, and your property will sit empty. Go too low, and you’ll miss out on
revenue.

3)
Help you access top tradespeople. Letting agents have a selection of
reliable professionals on speed dial, so when you need a plumber, sparky or
builder, you won’t get messed around by someone who cuts corners and charges
the earth.

4)
Chase rental payments. A
letting agent will address late payments in a professional and timely manner.
Landlords with hectic schedules often prefer to let an expert deal with the
hassle of chasing late rent.

5)
Handle the inventory.Get a
pro to do your inventory so you don’t lose money at the end of a tenancy. When
it comes to assessing damage and ensuring the property has been adequately
cleaned, a good inventory is crucial.

6)
Sort the end of tenancy inspection. Even smooth-running tenancies can
get complicated towards the end. A letting agent will handle the final
inspection and ensure you’re not left out of pocket for cleaning or repairs.

Watch out for six more tips in part two of this
article which will be released next week.

Get
in touch with us to learn more about our property management services.