Limestone Sales & Lettings Office Manager Paul Neale offers his advice on the advantages of outsourcing landlord services/lettings management for your rental property
Latest statistics released by Foundation Home Loans in August 2018, show that despite a climate of uncertainty, as many as 1 in 5 landlords have no intention of selling up. Even with factors such as a mass departure of emigrants or regulatory and tax fluctuations, 19% of Landlords owning at least 4 properties said they would remain within their field. This was the same intention for 18% of Landlords with less properties.
Our guide lists key advantages for outsourcing your rental property management and what you should look out for in choosing the right letting agent.
- Experience is on their side:
When considering using a letting management agent, the first thing to know is how much experience the agent has that you don’t – and it might be more than you think. They can help you find a suitable tenant for your property using an extensive screening and referencing process to help you find the right person for your property. Along with this, they can help you negotiate a fair rental price. This is based on their local knowledge of the rental marketplace (including location) as well as how they market the property and who they market it to. With these factors in mind, you are able to secure the best amount of rent from your tenants in line with industry standards.
- Preparation and Maintenance of property is under control:
Before a tenant moves in, an outsourced lettings management agent will be able to give you important pointers and top tips for improving your property, along with checking that relevant property regulations are in place. While the tenant is living in your property, the letting agent conducts regular property checks and can fix property issues quickly to save you from having to do the job yourself. This can include annual gas safety checks, electrical safety and fire safety compliance.
- Legal resources that keep you in the know:
Finding legal resources independently is a struggle, but is something lettings management agents excel in. They can supply you with information on the current legislation affecting landlords, along with advice on landlord insurance and tax advisory services. They also deal with secure deposit protection scheme administration, to ensure all of your tenant deposits are kept in a safe and legal TDS scheme.
- Time management and general work load:
A huge benefit of working with outsourcing your rental property is the overall amount of time and general work load they save you from doing. They handle all of the paperwork, moving in dates, along with collecting rent (or chasing it up if need be). They also know the correct legal process for evicting a tenant, further saving you time, effort and stress.
- Main point of contact – always:
Most importantly, letting management is a point of contact for you all of the time. If you are having problems communicating with your tenant, they can help resolve that. If there is a problem within the home, such as a leakage or broken machine, a lettings management agent has access to 24/7 service providers to resolve any issues quickly, rather than you getting a call in the middle of the night because your tenants washing machine has flooded!
Overall, a letting management agent will have detailed knowledge and industry experience to share with you, to help make renting your property easier. They help you save time, trouble and stress. Without them, you may face struggles such as maintaining rent, choosing the best tenant for your property or keeping up to date with landlord legislation requirements. Why not contact Limestone today, and find out if we are the right letting management for you by calling us on 01908 234 111 or email us at firstname.lastname@example.org