​Landlords: do you really need a letting agent?

Posted on: September 16th, 2024

The internet is awash with advice, blogs, videos, courses, webinars, tutorials and webinars on how to be a landlord, so you’d be forgiven for thinking that having a letting agent is a luxury and unnecessary expense. But is that the case?

Well, there’s nothing stopping landlords running the show on their own and for some, that will be the right choice. It all boils down to how much you want to get involved in all the legal, compliance, financial, marketing, management, administration, maintenance and communications that go hand-in-hand with letting a property.

A good agent can take care of all the day-to-day management of your property, leaving you stress-free and able to get on with the more important things in life.

Here are just some of the key responsibilities an agent can look after on your behalf:

• Tenant Finding: Letting agents help find suitable tenants for rental properties. They advertise the property, conduct viewings, and assess potential tenants.
• Referencing and Screening: They perform tenant referencing, which includes credit checks, employment verification, and previous landlord references. This ensures that the chosen tenant is reliable and financially stable.
• Tenancy Agreement: Letting agents prepare the tenancy agreement, outlining the terms and conditions of the rental. This legally binding document protects both the landlord and tenant.
• Rent Collection: They collect rent from tenants on behalf of the landlord. This ensures timely payments and minimizes any hassle for the property owner.
• Property Inspections: Throughout the tenancy, letting agents inspect the property periodically to ensure it is well-maintained and address any issues promptly.
• Safety Checks: With over 145 pieces of legislations governing landlords, a good agent will be fully aware and up to date with all the responsibilities that befall Landlords.
• Maintenance Coordination: They organize repairs and maintenance tasks. Whether it’s fixing a leaky tap or addressing electrical issues, letting agents liaise with contractors and oversee the work.
• Check-In and Check-Out: When a new tenant moves in, they handle the check-in process, including inventory checks. Similarly, during the tenant’s departure, they manage the check-out process and assess any damages.
• Deposit Disputes: If there are disputes related to the tenancy deposit, letting agents mediate between the landlord and tenant to find a fair resolution.

Remember that even with a letting agent, the ultimate responsibility and liability for the property always lie with the landlord. Letting agents provide valuable services, but landlords remain accountable for their investment property.