Why You Should Use a Letting Agent

Being a landlord can be a very lucrative type of investment, and it is considered a lower risk investment compared to alternatives such as investing in stocks and shares. However, there are many legal obligations and other responsibilities that landlords must adhere to. 

For some landlords, self-management of buy-to-let properties is an option, but it isn’t for everyone. It takes up a large amount of time and there are over 170 pieces of legislation to comply with. Recently, the private rented sector has been affected by significant reforms, with the Renter’s Rights Bill changes encompassing a huge raft of future changes for landlords.

We are seeing a large number of landlords selling their rented properties to avoid the complexities of being a landlord. However, another solution is to use an experienced letting agent to handle the majority of the compliance responsibilities and day-to-day tasks.

If you are considering your options due to recent legislation changes, using a letting agent could be the better route to choose. Rather than sacrificing a profitable supplementary income, a letting agent can manage the property on your behalf, while you have minimal involvement. 

Buy-to-let properties help to provide long-term financial security, through regular rent payments and the potential for significant capital growth as property values increase over time.You can still enjoy all the financial benefits of being a landlord without being weighed down by the challenges of managing a rented property – simply by using a letting agent.

Reasons to choose a letting agent to manage your property

Here are some of the benefits of using a letting agent:

Legal compliance

The list of legal obligations as a landlord is ever-changing and the Renter’s Rights Bill will introduce further requirements. Landlords are required to complete right to rent checks, protect tenancy deposits, comply with health and safety regulations and many more responsibilities. An experienced letting agent is fully equipped to manage these responsibilities, including arranging gas and electrical safety checks, EPCs and tenancy agreements.

Carrying out time-consuming tasks

Managing a rental property takes up a lot of time, not just at the start of a tenancy but also throughout it. From finding new tenants and conducting property viewings to regular property inspections, a letting agent can take on this work, so landlords don’t need to. Dealing with tenant enquiries and arranging repair work can also be time-consuming, so for landlords with a full-time job or who don’t want to spend their time on these tasks, a letting agent is the best option.

Maintenance and repairs

Even if your rental property is in good condition, it is inevitable that maintenance and repairs will be necessary. Letting agents have a network of reliable, cost-effective tradespeople to instruct for property maintenance tasks. They will also schedule gas safety checks and EICRs to meet the required deadlines. 

With Awaab’s Law and the Decent Homes Standard both being introduced to the private rented sector under the Renter’s Rights Bill, there will be even more work involved in ensuring property repairs are completed promptly.

If you don’t want to be dealing with emergency issues in the middle of the night or during the weekend, a letting agent can be the first point of contact for tenants. 

Rent collection

Chasing tenants for missed rent payments is one if the biggest headaches for landlords. Letting agents will deal with any rent payment issues and if necessary, initiate eviction proceedings if rent arrears accumulate. Thorough tenant screening by letting agents will also reduce the risk of tenants being unable to afford rent payments.

Local market knowledge

Using a local letting agent has many benefits, including marketing your property to the best type of tenant for the property and area. Compliance with changes to rent increases will be easier with a letting agent who has a strong knowledge of the local market to ensure fair rent increases. Many letting agents also have waiting lists of suitable tenants for properties, reducing void periods and identifying low-risk tenants who are less likely to fall into arrears or damage your property.

Find out more about our letting services

Reforms to the private rented sector are a significant concern for landlords and if you are worried about staying compliant with all the new legislation, Evans Estates can help. We have been managing lettings for landlords in Bridgwater and throughout the South West for over a decade and can help you to navigate the many challenges of being a landlord.

Contact us to find out more about our lettings management services.