Member Article

Lettings agents and landlords – a perfect pairing?

Adore Properties MD, Jeremy O’Connor, takes a closer look at the idea of landlords with multiple properties using a lettings agency rather than managing themselves.

Managing multiple properties can be a lot of work. It takes up time, stress and, more often than not, additional finance. It’s little wonder that many find it difficult to keep up! Faced with such a dilemma, many are turning to using a lettings service. Whilst the idea of bringing in another person to an already crowded situation can give some cause for panic, and the old adage of ‘too many cooks spoiling the broth’ comes to mind, here are some of the reasons that a lettings agent could just be the best option…

A helping hand

Far from marching in and taking control, to the point where your business no longer resembles your own, many lettings agencies offer a ‘Let Only Service’, a great option for landlords who still wish to maintain but need the extra help. ‘Let Only’ essentially provides the ground work – the agency will market your property to possible tenants, carry out viewings, take background checks, do paperwork, collect rent, produce photographic invoices and move the suitable tenant in. Simple, effective, and hassle-free!

Legally sound

As I’ve mentioned many times in my previous articles, the legislation around owning multiple properties, tenancies and fees are constantly coming under scrutiny and being changed. Not only is it a huge time constraint to keep up but, without dedicated help, there is the danger that even the most well-meaning of landlords can fall foul of laws, such as GDPR, without realising.

Pressure valve

Stepping up from the ‘Let Only’ service, a ‘Full Management Service’ is a similar Service, but with some added bells and whistles. Essentially it does exactly what it says on the tin - Its purpose is to relieve the pressures of being a landlord. The greatest benefit of such a service is that it includes taking on all enquiries, essentially becoming your customer service department, offering tenants advice on everything from advice on safety regulations for Gas, Electrical and Energy certification, arrangement of any maintenance work, monitoring the condition of the property, and pursuing rent arrears.

Valuing the cost

Of course, one of the biggest stumbling blocks for taking on an agent is that it can eat into the profit margins. Whilst such services are cost-effective, the real value can often come in how efficient management can prevent fines and lost rent that far exceeds their cost. So, there we have it – whether offering some sage advice or completely taking the hassle away, sometimes too many cooks don’t spoil the broth, and a pair of helping hands can truly help to lighten the load.

This was posted in Bdaily's Members' News section by Adore Properties - Stockton .