If you have a property to rent in Bromley, it can be tempting to try and do it yourself. You may think you can take control and manage it yourself, saving a few pounds in the process, but it's sometimes best left to experts.
A letting agent can be a valuable resource for both landlords and tenants. Engaging a letting agent, such as David James, can often result in saving you a lot of struggle and heartache if there are any issues with tenants, not to mention allowing you to keep on top of the paperwork and all relevant laws.
If you are still unsure whether going down the letting agent route is for you and your property, here are 16 reasons to use a letting agent:
1. Expertise
Letting agents have the expertise and knowledge from years in the industry. They know all the legal requirements and how to advertise your property effectively and attract suitable tenants quickly. By relying on a letting agent's expertise, you can be confident that your property is being managed professionally. This is something that, even if you have experience managing the property yourself, can be enhanced by a team of more than one expert.
2. Hassle-free management
A letting agent has the experience and expertise to manage your property professionally, making it easier for you with little hassle. You may have to pay fees and service charges, but this money is spent for peace of mind.
You want to avoid getting calls in the middle of the night, dealing with emergency repairs or a tenant who isn't paying rent. A letting agent can handle all this for you and ensure you remain protected.
3. Tenant screening services
Letting agents can do the hard work of finding suitable tenants by conducting background checks, credit checks and reference checks on potential tenants. This can be done yourself, but that requires time, resources and money. A letting agent will ensure that you only get high-quality tenants in your property to help to protect you against any bad debt or damage to the property.
4. Maximise occupancy
A letting agent can attract more tenants, helping you maximise your rental income. It's in their best interests to ensure maximum occupancy, and they can dedicate their working hours to doing just that. It's a lot harder to do this yourself, juggling other commitments and working out how best to attract tenants.
5. Transparency
With the help of a letting agent, landlords can ensure transparency in dealings with tenants and other stakeholders. They must maintain a professional code of conduct that individual landlords cannot easily match. The letting agent can act as a buffer and translator between the two parties, ensuring that facts are relayed rather than emotions and allowing some breathing space for both parties.
6. Quality tenants
Letting agents have the resources and knowledge to source and identify high-quality tenants. High-quality tenants are more likely to stay for extended periods and pay rent fully and on time. Having spent a lot of time dealing with tenants, a letting agent will know what to look for in a "good" tenant and may be able to sniff out any issues before they arise. A letting agent will also be able to provide you with an inventory of the property and photos so that you can keep track of any changes or damage caused by the tenant.
7. Local market expertise
A thorough understanding of the local rental market is vital when letting out a property. Letting agents have the local knowledge and experience to manage your property effectively. Your property will be filled quickly but without compromising your bottom line. The letting agent will also know what's happening with the markets, when rent increases are feasible, and how to implement them.
8. Negotiations
There's no awkward going and froing, dealing with discounts and cheeky requests. Letting agents handle all negotiations with tenants, helping landlords save time and energy while still getting the best deal. They can ensure that the terms are agreed upon and adhered to. They will also take care of any disputes with or between tenants without causing significant disruption to your life.
9. Flexible contracts
Letting agents know how to structure contracts that benefit both landlord and tenant. They also back up many watertight legal documents and clauses that can be used if needed. While you could write up your tenancy agreements or look at deposit protection schemes, letting agents have much of this documentation ready. All documentation can be prepared to be adapted to you and your property, which is already legally sound.
10. Compliance
Letting agents stay up to date with all changes in legislation, helping you comply with the law and avoid facing any legal issues. It can be easy to overlook any changes, so having a professional help manage this can be invaluable and save you time.
11. Maximise your rental value
A letting agent will be able to advise on how to optimise returns on your property through adjustments in rent levels. As well as having a deep knowledge of what properties in and around the area go for, it's also in their best interest to maintain full occupancy.
12. Marketing to the local area
Agents have the resources available to effectively target and advertise your property, increasing the chances of finding suitable tenants quickly. You don't need to worry about setting up different adverts online, sticking posts in shop windows etc. All that local marketing is handled for you as part of the service.
13. Professional advice
Letting agents can provide professional advice on all aspects of rental properties, from setting rent levels to dealing with difficult tenants. This could save you a lot of time and money in the long run, and they will be able to provide valuable insights into tenancy law and regulations.
14. Maintenance services
Agents can handle all maintenance issues, from verifying contractors' quotes to regular property inspections. They are also a tenant's first port of call, so you don't need to be fielding calls during inconvenient times either.
15. Legal protection
Agents can advise you on tenant safety and security, helping you protect yourself against any legal action that may arise. They can also quickly resolve any issues with existing tenants without disruption, which may be challenging to do on your own.
16. After-sales service
Letting agents also provide services after a tenancy has ended, such as collecting unpaid rent, dealing with tenant issues, and negotiating end-of-tenancy agreements. This can be an excellent help for landlords who want to ensure their rental property is well cared for and that everything runs as smoothly as possible. They can also provide after-tenancy checks to ensure properties have been appropriately left. They can advise on ensuring the property isn't left vacant for long.
With all these benefits, it's no wonder using a letting agent can benefit landlords. They provide an invaluable service that can help you maximise your returns while minimising the hassle of managing rental property. By working with an experienced and reputable letting agent, you can ensure that your investment is secure and that you get the most out of it.
Contact us today if you're looking for a reliable and experienced letting agent to manage your rental property. Our dedicated professionals are ready to help you make the most of your property investments. With our expertise and knowledge of the local rental market, we guarantee to find the perfect tenant and maximise your returns.