The benefits of having an estate agent let your property
No matter how many years you may have been in the property industry, letting a property to tenants can come with a large amount of responsibilities and stress. More and more people are now choosing to use estate agents to manage the letting of their properties to ease the stresses and manage the often difficult responsibilities that comes with renting a property. For a reasonable fee, an estate agent can manage every aspect of your property for you. So exactly what benefits can an estate agent offer you and is it worth the expense.
Standards and legalities - There are various standards that a property must meet in order for it to be legally let. Electrical items must be checked and certified, boilers must be checked on a regular basis as well as fire safety and many other responsibilities. An estate agent will arrange everything for you and ensure that you home is legal and up to standard for letting.
Tenants - Estate agents have years of experience in dealing with tenants. They will have various screening processes that they go through to ensure that they find the most suitable tenants often including credit checks and things that you are unable to do yourself. They will also deal with all the day to day dealings with the tenants acting as a bumper between you and the tenants keeping you stress free.
Damages - When you've spent a considerable amount of money preparing a property for letting the biggest concern is having a tenant that damages your property. An estate agent will take a deposit from a tenant upfront before letting them a property. This deposit is only refundable if there have been no damages made to the property but if there are any this deposit goes to you to enable repairs. The deposit is normally at least the same amount as one month's rent. To limit the chances of damages an estate agent can also make regular checks on your property.
Repairs - No matter how new or well maintained your property is things can go wrong. Radiator pipes can burst, heating systems can fail and tenants can be on the phone complaining and demanding a resolution. An estate agent will protect you from those calls and manage the repairs for you leaving you free from dealing with the situation.
Time - Being a private landlord takes up an incredible amount of time. Tenants will automatically think that they can contact you at any time of the day or night for the smallest of issues. Having an estate agent manage your tenants gives you more time to work on your property portfolio.
Rent - Having an estate agent manage your tenants means that you should never have to worry about the rent. The tenant will pay the estate agent direct every month and this will then be paid directly to you less the estate agents fee. You have the peace of mind of knowing your rental income will be there each and every month and if ever there is a problem the estate agents will deal with it immediately so that you're never left out of pocket.
When you consider the amount of time it takes to manage tenants in a property, you can see the clear benefits of using an estate agent to manage everything for you. Estate agents make life for a property investor far easier and less stressful.