If you’ve recently invested in a buy-to-let property, your goal is to find tenants as quickly as possible. The task of finding and vetting tenants is not always easy, especially if you’re a first-time landlord.
While there are many people who believe letting agents are no longer necessary, thanks to online property portals, there are still some major advantages to letting your property through an experienced and reputable agent. An agent will:
Save You Time
One of the biggest benefits to letting your property through an agent is that it saves you time. Finding and vetting tenants can be a time consuming process. If this is your first time letting a property, you may find yourself overwhelmed and unsure of where to even find tenants and how to screen them.
A letting agent will save you the time and frustration of having to find tenants yourself, so you can focus on more important things. An agent will also take care of viewings and negotiations.
Market Your Property
An established agent will have the local network and capability to market your property effectively. Local agents are often the best choice as they will understand where and how to promote your property. An agent that specializes in Brighton lettings, for example, will know where to find the kind of tenants you’re looking for.
In addition to traditional advertising methods, such as newspaper and magazine advertisements, letting agents will also use ‘To Let’ boards, online advertisements and web portals like Primelocation.com. Some agents also have their own creative ways to market properties that you may not have thought of.
Find Appropriate Tenants
The primary concern of a letting agent is finding suitable tenants to occupy your property. An agent will not just look for any tenant, however. Instead, they will look for tenants that you want to let to. This increases the chances of your tenants becoming long-term, and minimizing those “void” periods when your property is empty.
How effective your agent is at finding a suitable tenant largely depends on you. The more information you provide him or her with, the better they will be able to find a tenant that matches your needs. If you prefer to rent to a single person, let the agent know so that they do not show your property to families and others that do not fit your ideal tenant profile.
Have Experience and Knowledge of the Market
Another major advantage to using a letting agent is that they have experience and knowledge of the local market.
They know what type of properties are available for rent in the area, and which types of properties are in high demand. This knowledge allows them to help you find a suitable rent price that will attract the type of tenants you are looking for.
Without the help of an agent, the job of researching the local market and establishing a rent price will fall on you. Many landlords who go about this on their own wind up setting their rent prices too high or too low. If the price is too high, you will have a hard time finding tenants. On the other hand, if the price is too low, you will be leaving money on the table.
Offer Property Management Services
The vast majority of Brighton letting agents also offer property management services. No matter whether you’re a new landlord or have several years of experience, the task of managing a property on your own can be a daunting one.
Letting agents that also offer management services allow you to take advantage of a complete range of services directly from one agency.
A managing agent will vet your potential tenants, organise tenant agreements, collect rent on your behalf, manage maintenance tasks and offer you professional guidance along the way.
Whether or not you let your property through a Brighton lettings agent ultimately comes down to personal preference and your budget. In most cases, it’s well worth the cost of using an agent. Not only will they save you time, but his or her experience will help ensure that you find tenants that match your needs. If you choose to also take advantage of their managing services, you can enjoy being an almost completely hands-off landlord.