Ever-changing and complex laws, rules and regulations are being introduced to ensure that rental properties in the UK are of a very good standard. For example, PAT (portable appliance testing) is to become obligatory, as will a thorough 5 yearly test of the electrics in the property. Finding a tenant is now only a small part of the story, with a number of legal obligations that must be carried out before the marketing stage is even reached such as filing the correct paperwork. A good Letting Agency will generate more income for you and ensure unnecessary costs are not incurred through the unintentional breaking of regulation. If you’re a Lincolnshire landlord, hear from our Managing Director, Rhys Booth about why you can no longer afford to not use a letting agency.
Why Use a Letting Agency?
Rents have increased quite considerably over the last decade and often when we value a property either the existing rent is far too low, or the expectations of the landlord are far too high. We will accurately determine the rent you can expect from the property in order to keep the property profitable without deterring potential tenants.
Properties are rented far quicker via an agent than in the private rental sector. With Letting agencies not charging any fees to tenants from 1st June 2019, there will be no added incentive for a tenant to rent within the private sector. The benefits of being serviced by a business, on the other hand, are very tangible.
A good agency should have various ways of finding tenants. For example, using Rightmove and other online portals, having a prominent shop front, using their own website and other marketing platforms such as email, social media and road sideboards.
If there is a dispute regarding condition at the end of the tenancy, a letting agent will ensure you receive the best possible result and funds once the adjudication is over. We are experts in dispute resolution.
Whilst we do not provide ancillary products such as building insurance, we can recommend providers who invariably save our clients funds based on our vast experience.
“The service delivered by Let-Co was as hands-off and easy as possible. They made the whole process of transferring over my portfolio as hassle-free as possible and now I don't have to deal with making daily decisions and management issues. I highly recommend Let-Co, speak to Rhys at the office – Landlord with Let-Co
Risks of Managing Rental Property Without Professional Help
Whilst it’s certainly possible to manage a rental property without professional help, the risk is increased, free time becomes scarce and proper management can become overwhelming particularly when more than one property needs to be managed. In addition to the benefits listed above, a property management company can help you fulfil the following obligations and avoid fines.
Without a letting agency, there is no guarantee that deposit funds are protected correctly, which avoid an immediate fine of the deposit x 3, plus the full deposit must be returned. Additionally, you are not allowed to issue a section 21, i.e. you cannot ask your tenant to leave.
Compliance is now incredibly complex with 400+ rules and regulations to let a property and all the fines for breaches or non-compliance that go with it. Failure to meet your legal obligations can now lead to large fines or even imprisonment.
Ensuring a thorough inventory is carried out at the outset and signed in the correct manner, this is invaluable when a tenant leaves a property, ensuring it is left as it was found. Failure to do so can result in disputes and leave you out of pocket.
Regular inspections direct the tenant in how to best maintain your property, plus ensuring property maintenance jobs get dealt with on an ongoing basis will keep tenancy satisfaction up leading to longer more profitable tenancies with no disputes.
As a landlord, you are responsible for hiring competent contractors to carry out work within the law. We have developed relationships with tradesman over many years to offer the best service at a good price.
Landlord Property Management Lincolnshire/ East Midlands
If you own a rental property and need a trusted property management company to help you arrange viewings, collect rent or take over full management of your property, we can help. We are ARLA Approved Agents and offer tailored levels of service based on the needs of our landlords.
For more information, call one of the team today on 01522 243173 or fill out a contact form and we’ll get back to you.