How Can Letting Agents Help Landlords Rent Out Their Property?

  Nov 30, 2022       No Comments   

As a landlord, choosing whether to let and manage your property yourself or enlisting the help of a professional letting agent can be one of the biggest and most important decisions you make. Letting agents can help in a multitude of ways with managing properties when it comes to both letting and ongoing property management, with the ultimate aim of taking the hard work and hassle away for you.

Letting your property is a time consuming, ongoing process that doesn’t stop when you’ve found your tenants, it’s only just beginning! A professional letting agent for the property management side of things could be exactly what you need. Nearly all residential managing agents will offer property management services to landlords and property managers who let our their properties. Typical property management services can including arranging for property maintenance (although this can sometimes be the landlord’s responsibility, depending on the tenancy agreement), collecting monthly rent and more!

How Do Letting Agents Help Landlords With Property Management

Letting agents can help private landlords in a variety of ways when it comes to property management. The typical three areas include finding you tenants, dealing with rent collection, and full property management.

Setting up the tenancy for the let property covers the initial stages of letting your property including the advertising and marketing of your property, as well as the admin work around arranging viewings, tenancy agreements, deposit payments and inventory paperwork.

Using residential letting agents for this can be really useful for property owners as they often have great local knowledge on the area, as well as what prospective tenants are looking for and how to market your property to them in the right way.

Letting agents are also employed for rent collection, making sure your rent is paid on time, dealing with any rent queries, and chasing late payments if they occur. Taking on the admin of this on your behalf means that any legal obligations are met for both parties, taking this worry from you.

And finally letting agents can take on full property management on your behalf, where all aspects of the rental property including finding tenants, rent payments and the responsibility of anything that needs doing or responding to through the duration of the tenancy is taken care of for you. This could be any repairs and maintenance that needs doing, responding to any problems they have, and ultimately being the point of contact between tenants and landlords.

The Benefits For Landlords Using Letting Agents For Property Management

Although there are some pros of privately managing your own property, choosing to go down the full property management route by using a letting agent will make your life significantly easier. Taking on the responsibilities on your behalf will ultimately save you a lot of time, and is one of the biggest advantages and reasons why people get help with their property management.

Letting Agents Save You Time & Effort

For most landlords the biggest benefit is the time you save on everything across the board, including finding tenants, viewings, administration tasks, legalities for tenancy contracts, and then once the property is let any ongoing queries or support that is required from the tenants.

This can become incredibly costly if it all falls on your shoulders, and is a big responsibility to uphold. Doing this yourself can take a huge toll on your spare time, especially if you don’t live close by or have a lot of time on your hands. The convenience of allowing a letting agent to take on this role for you is one of the biggest draws for landlords enlisting the help.

Property management can be very time consuming, whereas if a letting agent is dealing with the day to day running of your property it will sit with them instead. If you are a landlord that owns multiple properties, this can be a further burden on your time, that would be freed up if someone was doing this for you.

Letting Agents Have Extensive Experience

There are many regulations and legal requirements when it comes to being a landlord, and if you are new to property letting this could be difficult for you to navigate. Letting agents have extensive experience and knowledge in all aspects of property management and rental properties, so are best placed to advise you and keep everything in line with current legislation.

Not only do they have the experience in this area, but they also have knowledge and experience of the property market in general, so will be able to help you work out rental fees, contracts, and find the best tenants that suit you.

Finding The Right Tenants

When it comes to renting out your property it is important to get the right tenants living in it, so you can rest assured that your property is protected and in good hands. Letting agents can do a lot of the hard work for you in this area, as they may have tenants in mind, or know the best way to market for the kind of people you’d like living in your property.

If problems do occur, they can also deal with the communication and response that is needed to solve issues quickly and hassle free. Another great benefit for landlords, especially if you don’t live close by, or aren’t able to easily respond to emergencies.

Letting Agents Will Take Care Of Property Inspections

Full property management letting agents have a responsibility to you as the landlord to have your best interests at heart when it comes to your property. This includes property inspections which you could stipulate must be carried out.

These give you peace of mind over the condition your properties are in, but can be a time consuming activity especially if you have a portfolio of properties to get through. Using a letting agent for this takes the job off your hands.

Are You Interested In Property Management Services?

Prem Lets work with a wide range of landlords including those with a big portfolio of properties, or just one or two. We offer both a let only service and a fully managed service including maintenance support, handling tenancy deposits, and property inspections. For more information on our Landlord property management services take a look online or contact us on 0191 2872888.