If you are a Landlord with just one or even a portfolio of properties for rent then at some point you need to make the decision whether to let and manage them yourself or instruct the services of a professional letting agent.
BDRC Continental have just carried out a survey as to what the trend is and the results make for interesting reading, you can see these just by clicking the link below for the results published on Property Reporter. However before you do that let me throw my thoughts into the mix.
As a letting agent and in particular a property management specialist I know the level of experience and expertise required to look after properties successfully. Its not an easy job and the rewards are not what they used to be. Over the past few years we have seen a lot of changes in the lettings market and there are going to be many more in the near future. The rise in the number of people looking to rent long term rather than buy means we as an industry are becoming more and more under the spotlight with organisations such as Shelter pressuring the government to legislate further and these changes will apply to you whether your a landlord letting and managing yourself or using an agent.
In short it may seem more cost effective to let and manage the properties yourself but will this prove detrimental if you are not up with the latest legislation and rule changes as they happen, could you get caught out if you do or don't do something that is required by law because you are busy with other aspects of your life? A good agent has to be up to the challenge of staying abreast of legislation changes even if they are only small ones and is constantly evolving their business to stay ahead of the game.
Yes there are some "rogue" agents out there and these have been highlighted in the press on regular intervals but providing you choose wisely I truly believe that using an agent to market your property is the best for all concerned in the industry even if it is only to find you a tenant, set up the legal contracts and then leave you to do the rest. Use a good agent and you should be assured of getting the help and advice you need when you need it as the agent should feel confident that, as long as they have done the job right in the first place, you will use them again and again.
Let me leave you with my five top tips for choosing a letting agent and then have a look at the report.
1. Choose a Lettings agent with experience - "Start ups" may be keen but there is no substitute for experience and nothing worse than the lack of it.
2. Choose a Lettings agent that will be flexible on the services they provide - Some agents may only want to manage your property or offer a tenant find only service but go with the one that will do what you want them to.
3. Choose a Lettings agent that can demonstrate local knowledge and expertise in the area your properties are located - National "online" agents may seem cheap but will they know about St Albans if they are in Stoke.
4. Choose a Lettings agent that's on the High Street - Your tenants may start their search "online" but they will feel more secure renting via an agent they can visit, talk with and have confidence they will still be there tomorrow.
5. Choose a Lettings agent that uses up to the minute technology to both market and manage the properties - A High St office is great, but if they are still using outdated systems like cardex and files then probably not so good.
Take a look at the survey and thanks for reading.
"Your local lettings expert, our advice is free but our knowledge is priceless"
I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”
Adrian Fallart - Director - Property File
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