The benefits of property management for landlords
Letting property is a popular way to invest, but it can at times be stressful and complicated if you are unfamiliar with legislation. That is why lots of landlords use letting agents to help them manage their property. But what exactly are the benefits of having a letting agent help you out?
Problem solvers
When you have a letting agent manage your property, they will be the main point of contact for your tenant. This means that if they need anything or if there is maintenance issue they will turn to the agent for help. Most agents have a list of trusted qualified tradespeople who they can call to fix issues, and quite often they can do so with minimal involvement from landlords.
Keeping on top of the legal stuff
It seems that the hundreds of rules and regulations are forever changing, and sometimes it can feel hard to keep up as a landlord. The letting agent you choose should be well versed in the legislation and should be aware of any changes that are coming up and likely to affect you. In Wales agents will have their own license to let property on your behalf.
Finding tenants
Having someone that is coordinating your property means that you have to do little to no legwork finding trustworthy tenants. Agents often have their own list of trustworthy people looking for somewhere to live. This not only means there is less chance of problems with the tenants but also less time your property may be sat empty in between tenancies.
The letting agents will also be in charge of making sure the money is paid on time. That means you won’t be left chasing late payments and nearly always means you’ll get your funds on time.
Peace of mind
Having peace of mind that your property will be looked after while you can’t be there 24/7 is another reason landlords choose to have a letting agent manage the property. Regular property checks are usually carried out by the lettings agent to make sure there is no damage or problems with the property, and can catch anything that needs to be fixed early.
Inventory
When a new tenant moves in, it’s standard practice to make sure there is a list of everything in the property and also the state or age of it. This is so upon a tenant moving out, you are able to make sure nothing has been damaged due to negligence and that everything is still in working order.
Deposit protection scheme
A letting agent will have a deposit protection scheme so that you can be sure that your tenant’s money is safe. It also stays safe for you too, should there be any damage done to the property when they leave.
Less Stress
Unless you wish to manage your own property, having a reputable letting agent to manage your property will ultimately mean less stress for you. Whether that’s because you don’t have to find or check on tenants or because you don’t have to keep up to date with changing legislation, less stress is always going to be a good thing.
So there we have it, six reasons you should get a letting agent to manage your property. If you’re in the Swansea area and think that having your property managed is something you’d like to explore, you can learn more about our services, here.