There is most definitely more to being a landlord than getting on with life while your bank is plumped out with rent every month. You must be completely on top of the laws surrounding renting a property out (there are many!) ensuring you have a paper trail to prove compliance is imperative.
You also have to be on the end of the phone all the time for tenants needing help with anything going wrong. This also means you have to be ready to set up a response to any issues, like the boiler breaking or the property being broken into. Then there's landlord insurance to make sure everything is protected. Then of course, there's the business of getting tenants into your property in the first place, which is hugely important, otherwise your property sits empty and no money is being made.
Is It Worth It?
Doing it yourself might be worth it if you have the time, energy and effort to put into managing your property / properties full time.
However, if you don't, the best option for you is getting a lettings agent to help you, here's why:
A Package To Suit You
Lettings agents know the market and they know that landlords don't all need the same services. Every person has different requirements and the right lettings agent for you will tailor their services to ensure you get the best possible combination of services possible. A lettings agent will have a variety of services to offer you, including:
● Advising on rental prices
● Ensuring the property is ready for rental
● Advertising the property ensuring it is marketed correctly
● Ensuring the property is inspected regularly
● Showing tenants round the property
● Getting information on tenants and ensuring they are vetted properly
● Keeping finances managed
● Dealing with any issues as a first port of call - maintenance issues etc
A letting agency (if you choose the right one!) should be completely aware of any new legislation you need to be compliant with as a landlord. This is mutually beneficial as they won't usually work with a landlord when the legal side of things haven't been taken care of. So they will advise you of everything you need to be aware of - this is useful regardless of whether or not you are a new landlord or you have some experience as the laws are always changing.
A lettings agency will help you create a contract that is completely watertight, ensuring you are completely protected should anything go wrong.
Filtering Out Tenants You Don't Want
Letting agencies know how to vet potential tenants properly. References and checks are done to ensure those staying in your property will care for it, and pay the rent on time, every time.
Maintenance Is So Much Easier
One of the most time consuming parts of managing a property is having regular calls about maintenance that will inevitably need doing. Lettings agents will have contacts they can call upon to get the job done quickly and at the best rates. What kind of management you have is up to you, you could still deal with the maintenance if you wanted, you could have a call to let you know if there is an issue at the time, or the lettings agency could just deal with the problem for you and bill you accordingly.
Your Property Is Full
You won't make any money if your property is empty. It is so important your property remains full. A good letting agency will get your property out there quickly, effectively and more efficiently than if you tried to do it your own. They will also have great tips and tricks to get the best photos and present your property in the most positive light.
Help When Things Go Wrong
If there is a conflict between yourself and the tenant, the lettings agent can provide good conflict resolution, because they have experience in that area.
Still Not Convinced?
If you're still not convinced a lettings agency is right for you, get in touch with a company you're interested in and ask them about the specific benefits they can give you. You'll be surprised how flexible, experienced and detailed the service is, and how much it can transform your landlord experience.