Letting agents are the people who manage a property for a landlord, including collecting rent and managing the tenancy on the landlord’s behalf.
As a landlord, you can use a letting agent whether you’re just starting out or have been in the business for a while.
For landlords who have only recently started in the rental sector, a letting agent can act as a guide if you’re unsure on bits of paperwork or the best ways to advertise properties.
They’re also really useful for landlords with more experience, who have too many properties to look after by themselves.
If you’re finding it hard to juggle tenants and paperwork, a letting agent is the solution for you.
But do you really need one?
Letting agents are very popular, but are they as necessary as they’re made out to be?
Benefits of using a letting agent
Letting agents are a great resource for all landlords, no matter how experienced they are.
For first-time landlords, having a letting agent can be quite comforting.
They’re with you for the full process, from assisting with viewings to helping with any legalities.
Without their guidance, you might question whether what you’re doing is right, and most importantly, legal.
Outsourcing responsibilities to a letting agent means that you can focus on building your portfolio, rather than worrying about all the paperwork.
Even if you’ve been a landlord for many years, using a letting agent can be beneficial.
If you have many properties to look after, or you’re only a landlord part-time, you may be too busy to regularly check the building or chase after payments.
Letting agents are there when you can’t be to make sure everything is running smoothly, which includes dealing with problems like leaks and electrical issues.
As a landlord, knowing that your property is being looked after efficiently gives you peace of mind, and time to focus on the important things like building up your reputation and your relationship with tenants.
Drawbacks of using a letting agent
Letting agents can be expensive, especially if you’re just starting out as a landlord and trying to build up your portfolio.
Although they advertise themselves as being affordable, some companies have hidden fees, like tenancy renewal services.
If it’s early days and you don’t have the money for monthly payments yet, this is something to keep in mind.
Not all agents do this, but it’s definitely something you need to be aware of.
While letting agents are helpful, having someone in the middle can sometimes slow down the process.
If things take too long, tenants are likely to go elsewhere, meaning you could lose out on potential business.
Are letting agents worth it?
The short answer is: yes.
Letting agents are useful for landlords at all levels of experience.
Not only do they help you as the landlord, but they also protect the tenant and their deposits by registering with a deposit protection scheme.
Here at EasyLet, we’re dedicated to providing the best and most cost-effective letting agent services on the market.
If you have any further questions about how we can assist you, don’t hesitate to get in touch, or nip into our branch in Warrington and speak to one of our experts.
