Finding a Lettings Agent Near Me: Things to Consider When Becoming a Landlord
Becoming a landlord is a dream for many people, but it’s far more complicated than simply purchasing a property and renting it out. You’ll find that a lettings agent can be quite helpful in ensuring your journey into the world of being a landlord goes smoothly. There are many things to consider, and you should be aware that there is plenty of outside help available, should you need it.
What Is a Lettings Agent?
A lettings agent is someone who takes on all the roles you don’t want. They handle many of the tasks that a landlord would handle, so you’re free to worry about other things. However, not all letting agents are the same, so it’s important to clarify exactly what they do.
The lettings agent essentially gives you more time to focus on other areas of your business. You can let them handle the details while you focus on what building you’ll buy next. It’s invaluable to have an expert on your side and they’re often better at sorting the finer details than if you do it all on your o
What Does a Lettings Agent Do?
A letting agent will offer different types of services. There are three main types of service. They may just arrange the let and find a tenant for you for a fee. This is a simple option and the letting agent is responsible for credit checks and creating the tenancy agreement.
Another option is to have the letting agent manage all the rent concerns. They will collect payment and continue to visit anyone who pays late in order to collect the payment. Depending on the agent, they may also handle evictions.
Finally, you can find letting agents who will take on the role of property manager. In this role, they will handle everything from repairs and maintenance to rent collection and finding the right tenants for your rental space.
In any of these roles, the letting agent will be available for advice and tips on how to manage your properties. They usually have far more experience and can help you determine the type of insurance you need to protect yourself and your properties, find local prices and aid you with writing up a good tenancy contract that they will be responsible for reinforcing in many cases.
Should You Hire a Property Manager?
If you’ve decided to become a landlord, you may find yourself regretting it shortly after letting out your space. In most cases, managing one or two properties is simple enough, but if you have invested in an apartment building or multiple properties, you may not want to spend all your time handling people and their complaints and requests.
A property manager will take over the jobs you don’t want and will give you more freedom. Here are a few more reasons to consider hiring a property manager.
Over time, you’ll make more money. This is a huge reason to consider bringing in a property manager. How do you make money when you’re paying someone else to manage your properties? It’s simple, the property manager or letting agent will rapidly find people to move into any empty flats and reduce the chances of a flat sitting empty. They also know how to price a space and can ensure you’re getting the most from your properties.
You’ll stay compliant. There are a number of laws regarding tenants and landlords. While you should familiarise yourself with these laws, it can be difficult to stay on top of it all. The lettings agent will do all of that for you and keep things compliant throughout your properties. If there is an eviction needed, then the property manager can handle it all within the necessary laws.
There will be fewer complaints. One of the most difficult parts of renting out a flat or a house is finding someone who will respect the building and you. This requires careful screening of tenants, which takes time away from your other ventures. Most landlords leave this process up to someone else and that makes it easier to get great tenants from the start.
Invest in properties that are further from you. If you’re managing your own properties, you need to be close to them. However, if you are going to hire someone to handle the properties for you, it’s possible to purchase them anywhere. All you need to do is appoint someone to keep an eye on the property and ensure that you get the money. They’ll do everything else so you can stick to visiting the area once or twice a year.
You don’t need to worry about repairs. All the little things that go wrong in a rental are part of a landlord’s agreement. You’ll need to fix things like leaky windows, running toilets, and non-functional boilers. Often, these calls come in late at night and the tenant will be frantic. If this occurs, have the building manager take over so you don’t have to scramble to repair things in the middle of the night. This can all be handled by the manager.
Keep a buffer between yourself and the tenants. As a landlord, you can’t get very personal with dozens of people, so leave that up to the property manager and let yourself focus on the money side of things. This can ensure that everything is more functional between yourself and the tenants and you don’t need to handle the everyday issues that crop up.
Overall, it can be quite beneficial to hire a property manager. There are many property management companies available to you, so finding property service management should be relatively easy. Just be sure you choose someone you trust and get along with.