Do I Need A Letting Agent?
When you are becoming a landlord for the first time, or even when your property is up for change of tenancy, the decision about whether to use an agent or not often comes to the forefront of your mind. Not only this, but agents offer varying levels of service and navigating this can feel like a huge task!
We've put together a list of reasons as to why using an agent can make the process of renting your property easier:
One of the main reasons a landlord might employ an agent is to ensure that their property is priced correctly in the current market. By looking on Rightmove and other rental property portals you might have a rough idea as to what rent you believe your property can achieve but we always recommend that you arrange for your property to be valued by a professional in the sector; if you accidentally undervalue your property then you may end up out of pocket and if it is overvalued then you may find that your property won’t let! At Taylor & Co we use a number of different methods to accurately value your property.
An agent is also able to advertise your property for you. At Taylor & Co, we are able to showcase your property on Rightmove as well as on our own website. In addition to this, many agents have a bank of applicants already registered with them so you may find that they have someone who is perfect for your property without it even having to be formally advertised!
Once you have found a tenant who you are happy with, you can then either draw up your own tenancy agreement, take a security deposit and complete a schedule of condition of the property… or, you can put this in the hands of a capable agent! It can be good to ask an agent to do this on your behalf as most agents ensure they have a tenancy agreement which is up to date with ever-changing legislation and if their clerk completes a schedule of condition then it will be completely independent, which can work in your favour if there are any deposit disputes.
Finally, once your new tenants have moved in it is worth considering if you would benefit from employing an agent to manage the tenancy or if you feel this is something you would like to do yourself. When deciding which direction to take, it is worth looking at whether you have connections to local tradesman who will be able to assist with any maintenance issues and if you would feel comfortable discussing things like arranging routine visits with your tenants or rent arrears. If you’d rather there was a third party to have these conversations on your behalf, then it could be best to employ an agent to do this for you.
If you would like to discuss any level of service with our friendly team at Taylor & Co please feel free to get in touch 01747 416 516.