From property management to monitoring finances, fixing paintwork, and finding tenants, as your property portfolio grows, your responsibilities increase. There are many considerations landlords need to make when letting out property, and most of them are so busy that they overlook many things. Increasing property portfolio is a wise approach to real estate investment, but you also need to devise the best plan to manage your property to enjoy a hassle-free investment. Letting agents are not only professional caretakers for your property, but there are so many benefits that come from working with them. Whether you own one property or several, here are the various benefits of working with letting agents.
Timely rent payment
Rent payment is often the most worry for many landlords. Landlords find tenants who are not able to pay rent on time hectic. If you don’t get your rental payments on time, your cash flow is interrupted; you cannot pay utility bills on time, not to mention the inconvenience it causes you if you have a loan to pay. One benefit of working with letting agents is that you get your rent on time and don’t have to deal with stressful tenants. Depending on your agreement, you are guaranteed full rent payment at a specific date of the month no matter what,
A letting agent takes care of your legal requirements.
When you delegate the management of your rental property to a letting agent, it means that the burden of meeting legal requirements regarding your property falls on them. They will always keep up with any changes in law and ensure that your property adheres to it.
Finding the most appropriate tenants
Apart from the fact that a letting agent can find tenants faster due to comprehensive marketing procedures, they can find the most suitable tenants for your property. Letting agents carry out extensive screening and referencing to find the most suitable tenants, giving you peace of mind since your property is in good hands. A letting agent has been in the industry for a long time, and through experience, they can spot a troublesome tenant as soon as they visit their office.
Regular property checks
One reason to hire a letting agent is if you’re too busy with work or a career that you have no enough time to inspect your property regularly. A letting agent takes that burden off your shoulders. They perform regular visits to inspect your property, eliminating any instances of mistreatment of your rental property. They can also spot problems such as pest infestations or garden overgrowth early and implement proper actions.
You never have to call a handyman.
From fixing boilers to electrical repairs, rental properties need proper care and maintenance for the sake of happy tenants. Having a letting agent means that you never have to call a handyman in the middle of the night because one of your tenants has a leaking tap. The letting agent is in charge of all the repairs and maintenance on your property, and they only have to report to you.
Peace of mind
Hiring a letting agent gives you peace of mind knowing that your property is well taken care of. They act as middlemen between you and your tenants, making you and your tenants happy.