Why Landlords Should Consider Using a Lettings Agent
Many landlords successfully manage their own rental properties, but are often surprised by the amount of legislation, administration, compliance requirements, and ongoing property management involved. Without the right knowledge and processes in place, it can be easy to overlook important requirements and expose yourself to unnecessary risk.
Emma Treglown, Lettings Manager in our Launceston office, explains how support from an ARLA Propertymark regulated lettings agent can help reduce risk, save time, and provide peace of mind.
A professional lettings agent can assist with property marketing, tenant referencing, compliance requirements, rent collection, and ongoing property management, helping landlords save time and reduce risk.
If you are a landlord who has always managed your property yourself, here are some key points to consider:
1. Keep Up to Date with Landlord Legislation
There are more than 150 pieces of legislation affecting the private rented sector, and requirements change regularly. Missing a legal obligation, even unintentionally, can affect your ability as a landlord to regain possession, increase rent, or defend a claim from a tenant.
2. Small Compliance Errors Can be Costly
Something as simple as providing the wrong version of a document, failing to protect a deposit correctly, or not providing prescribed information, can result in financial penalties and future complications.
3. Tenant Referencing is More Than a Credit Check
Professional tenant referencing goes far beyond a simple credit search. An experienced agent will carry out detailed referencing, affordability checks, landlord references, and employment verification to provide a fuller picture of an applicant's situation.
Selecting the wrong tenant could lead to rent in arrears, property damage, and lengthy disputes during or at the end of a tenancy.
4. Managing Rent Arrears Effectively
If a tenant falls behind with rent, you must follow the correct procedures and maintain thorough records throughout the process. Delays in taking action or mistakes in handling the situation can make recovering both rent and possession more difficult.
5. Property Management and Maintenance Responsibilities
As a landlord, you have ongoing responsibilities to ensure your property remains safe, maintained, and compliant with current regulations. This is not only essential for tenants, but also in protecting your investment.
From arranging repairs and contractors, to obtaining safety certificates and responding to maintenance issues, managing these responsibilities can be time-consuming. Professional management can help ensure nothing is overlooked, providing reassurance for both landlords and tenants.
6. Managing Tenant Communication Professionally
Conversations regarding rent, repairs, inspections, or neighbour disputes can sometimes be challenging, particularly where a good landlord-tenant relationship has developed. Many landlords value having a professional intermediary who can manage these conversations objectively and efficiently.
7. Effective Property Marketing and Rental Pricing
Good quality photographs, comprehensive details, and local market knowledge all play an important role in presenting a property effectively and securing the right tenant.
An experienced agent can provide evidence-based advice on current market conditions, helping to attract a strong selection of applicants and minimise void periods.
8. Managing a Rental Property Takes Time
Successfully managing a tenancy involves more than collecting rent. From handling enquiries and organising viewings to overseeing repairs, managing compliance, and tenant communications, the demand on a landlord's time can be considerable.
Considering Professional Support?
If you have always managed your rental property yourself but are now considering the benefits of professional support, our experienced lettings agents in Devon, Cornwall, Somerset & Dorset would be pleased to help.
Whether you are looking for assistance with tenant selection, compliance, rent collection, or considering a full management service, our team can provide support tailored to your needs.
Contact your local Stags office to speak with a member of our lettings team and discuss the landlord services available to you.
Emma Treglown, Lettings Manager in our Launceston office, explains how support from an ARLA Propertymark regulated lettings agent can help reduce risk, save time, and provide peace of mind.
