This is a question asked by many landlords, especially when money is tight! The common perception is that some agents do not offer value for money, and that the landlord would be potentially better off letting and managing the property themselves.
Any landlord will tell you that there is a lot to learn about letting property. On top of marketing the property, tenant queries, contractual obligations, maintenance and viewings and it can be a time consuming business to keep up to date with ensuring the property meets its legal and safety requirements.
Whilst many smaller landlords successfully manage their properties, it is advisable for inexperienced landlords to use a qualified agent until confident enough to manage for themselves.
Remember though, not all letting agents are equal – Avoid inexperienced or unregulated agents. Ensure your agent has good local knowledge and is a member of an industry professional body, such as ARLA, RICS or NALS. Members of these associations are governed by a professional code of conduct and strict rules on dealing with client money. They will also be properly insured and members of a redress scheme.
A good agent will offer: Market experience, accurate rental assessments, full tenant referencing, Deposit protection, up to date contracts, Inventories, legal and rent protection, full internet advertising (on sites like findaproperty, Zoopla, Rightmove etc) and effective local marketing. They will also ensure that your legal obligations are met, the property is inspected regularly, check in and check out procedures are provided, and your rent is collected on time. Many agents will have a list of vetted contractors on their books to undertake any work on a property at short notice (some on 24 hour call out), and will also be able to guarantee the standard of workmanship whilst obtaining preferential rates. You are also less likely to encounter problem tenants using a qualified agent. Essentially, these are some of the benefits of using a good agent and why many experienced landlords choose to use one.
For those landlords who still aren’t convinced: Don't rely on relatives and friends to manage your property - this is asking for trouble. It is a considerable responsibility which only a committed landlord or a qualified letting agent should take on. So ask yourself is the potential saving actually worth it?
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Your questions answered by Letting and Management agent Richard Pennack. Managing Director of iQ Property (Hull) ltd and a member of ARLA. Specialising in Residential and light commercial property Lettings, Management and Investments. Call 01482 240148 or email richard@iqpropertyhull.co.uk or visit www.iqpropertyhull.co.uk
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