The experts at Belvoir explore the benefits of using a property management agent...Anyone who’s been a landlord knows that letting out your property can be a maze of legal pitfalls and time-consuming challenges - but a good property management agent can help steer you in the right direction!
Even though the level of service offered by each property management agency can differ, if you opt for an agent to take on your property on a full-management basis they are likely to be able to save you time and money, as well as help protect your asset and overcome problematic tenancies too.
Craig Walker, Proprietor of Belvoir Camberley, explains the financial benefits of using a property management agent. “Placing your property with a good letting agent will mean that higher rental rates may be achieved, rent arrears will be dealt with quickly and efficiently and there is likely to be fewer void periods between tenancies,” he says. “Plus, a property management agent will usually have access to specialist insurances.”
During the tenancy, some agents may even be able to help you make further savings by negotiating favourable maintenance contracts or lower call outs charges on any maintenance work or emergency repairs that are needed...
Wayne Mearns, Proprietor of Belvoir Southend-on-Sea says, “When it comes to repairs it takes time and money for a landlord to find a contractor they can trust and there’s also a cost associated with the work done. Good agents should have tried and tested contractors that charge reasonable fees for good work.”
And, if the tenant has any questions or problems during the tenancy, a property management agent will try and solve them on your behalf. Some agents offer a 24/7 service for tenants while others have their own arrangements… but, the vital point is that you, as a landlord, won’t be getting the call.
“Landlords should also consider the costs of their time,” explains Wayne Mearns. “There are work costs, social costs and also telephone costs to contractors and tenants to consider. In fact, the demand from tenants can be huge with some calls from tenants asking for things such as light bulbs to be replaced - the agent can soak up calls like this allowing the landlord to relax and not worry about anything.”
Craig Walker agrees that an agent can deal with many of the issues a private landlord would have to do themselves and adds, “Agents will deal with problems such as rent arrears, maintenance issues, contract issues and emergency plumbing issues on your behalf.”
As well as helping you save money and time, a good property management agent will also be a valuable source of information throughout the tenancy. A good agent will keep up-to-date with changing legislation and should be able to advise you about which properties to invest in, organise your lease agreement and deal with tenants’ deposits on your behalf.
And, if the worst happens and a good tenancy turns bad it’s invaluable to have an expert on hand...
“The number of late and unpaid rents is on the rise leading to defaults and increased evictions,” warns Rick Flay, Proprietor of Belvoir Sheffield and Chesterfield. “Landlords should use an agent to credit and reference check all tenants before signing as it can reduce the risk of a getting a bad tenant and save them thousands in lost rent and eviction costs.”
Wayne Mearns, adds, “The know-how from a specialist is key to dispatch problem tenants from a property as the agent knows the procedure and what it takes to recover the property or solve the problem. The stress on the landlord is immense so why risk doing things the cheap way when it may cost more in the long run.”
Saving you money... saving you time...
A good property management agent, who has taken on your property on a full-management basis, is likely to do many of the following on your behalf…
√ Finding tenants
√ Marketing the property
√ Arranging viewings
√ Organising specialist insurances
√ Advising on which properties to invest in
√ Taking inventories
√ Negotiating the best rental rates
√ Organising repairs
√ Chasing rent arrears
√ Helping to evict ‘bad’ tenants, if necessary
√ Taking promotional photographs
√ Organising a lease agreement
√ Dealing with tenants’ deposits and the administration needed if retention is required due to damages
√ Dealing with legalities and regulations
√ Keeping you up-to-date with changes in legislation
√ Performing credit checks and handling references
• Belvoir Lettings now have more than 140 offices nationwide. To find your nearest Belvoir office, visit their website at http://www.belvoirlettings.com/
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