Properly Managing Property

12 February 2020

Some people worry about owning a property and renting it out. Will the tenants look after it? What happens if they don't pay the rent? Who deals with any maintenance required? Ultimately, the quality of the appointed letting agent will often determine the extent of any problems experienced.

Generally, landlords can enjoy favourable returns and next to no stress, providing they appoint a reputable agent who is adequately qualified and equipped to handle matters effectively on their behalf. However, making the wrong choice can often prove costly and problematic.

Whether you be an experienced landlord or someone thinking about venturing into the buy to let market for the very first time, here are a few things to take into consideration before making your choice of agent.

Is the agent established with a comprehensive knowledge of the local area where your property is located? This will be particularly important when it comes to assessing the rental value of your property. Also, with so much legislation now in place within the rental market, the agent should be fully regulated. Many letting agents remain unregulated and as a result, do not meet their own legal obligations nor those of the landlords they act for. As a result, both could be exposed to potential fines and prosecution.

Be sure your agent can offer comprehensive coverage when marketing the property for rent. For example, how many local and regional branches do they retain? Review the quality of their website and look at how they promote properties elsewhere online.

The more professional tenants an agent retains then the more chance the landlord has of securing the best level of rent. Generally, the volumes of tenants an agent retains will be determined by their financial commitment towards marketing their client's properties in the right places. Therefore, when talking to potential agents it's worth asking them how and where they would market your property if instructed to act on your behalf.

Once potential tenants have been identified, a good agent will initiate comprehensive referencing and credit checks. Unfortunately, some agents prefer to conduct very basic referencing in house to keep their own costs down. However, this is certainly not in the best interests of their landlords.

A professional agent should inspect the rental property on a regular basis throughout a tenancy to ensure the tenants are looking after the property and maintaining it to an acceptable standard. Before choosing an agent ask to see an example of their Inspection Report. Where general maintenance issues arise, landlords should not have to get involved. Instead, experienced Property Managers will be on hand to step in and deal with such matters.

By using a professional regulated letting agent, the rent paid to and related deposit monies retrieved by the agent are automatically protected via recognised schemes. Unfortunately, unregulated agents provide no such guarantees! Agents that are members of Propertymark (formally ARLA), the professional body which regulates the lettings industry must also be suitably qualified to offer the correct advice to customers.

Why not contact us at buytolet@beresfordsgroup.co.uk and we can assist with your queries. You can also find out more about our comprehensive range of lettings services.