In part 1 of a 2 part series we look at the benefits of using a letting agent to manage your rental property.
Almost every landlord will have weighed up the merits of self-managing their rental property versus using a letting agent and in this article we highlight some of the many reasons to get an expert involved in managing your investment.
From a financial perspective a good letting agent will:
- Save you money by improving your profit margin. According to research, a letting agent saves a landlord on average £1,910 a year (source: Endsleigh Insurance)
- Share market insight, particularly with rents, set them too high and your property will sit empty, too low and you’ll miss out on revenue
- Help you access top tradespeople by having a panel of reliable professionals to call upon
- Chase rental payments on your behalf by managing late payments in a professional and timely manner
- Organise the inventory at the outset of a tenancy so you don’t lose money at the end of a tenancy where a good inventory may prove crucial
- Manage the end of tenancy, even a smooth-running tenancy can get complicated towards the end, the agent will handle the final inspection and ensure you’re not left out of pocket for cleaning or repairs.
Six more tips from a time management perspective in part 2 which will be released next week.
Get in touch with us to learn more about our property management services.
Martin & Co