James Farrance - Lettings Director
We were recently asked by a prospective landlord why they might need a letting agent to manage their property and it is a question that I think others may also like answered.
Many landlords very successfully set up and manage their own tenancies. For some, however, using a reputable letting agent such as Braxton is very reassuring, knowing that all the legal aspects are attended to and that their property is being regularly monitored. We offer three services with an even split between landlords who require a letting only service to a rent collection service and those who prefer the full management.
There are three basic reasons why landlords may wish to use a letting agent to manage the property. The first is distance. Some feel they live too far away to manage the tenancy regularly. Others actually live too close and we are often asked to manage properties to give some distance between the landlord and tenant. The next reason is time. Nowadays many landlords are extremely busy and whilst, when a tenancy is running smoothly the workload can be minimal, when issues need attending to, some landlords are too busy to deal with them efficiency or quickly. The final reason is nerves with many landlords, especially if renting out their property for the first time, anxious about complying with all the changing legal requirements and the aspect of finding a good tenant.
There are three general areas of management: rent collection, dealing with repairs and issues as they arise and finally inspections. Each are equally important. By using an agent such as Braxton, you know that each of these are being dealt with professionally and regularly. Rents are usually paid by standing order. Collecting rents is on the most part elementary unless there is an issue and the rent payment comes in late. It can then become quite time consuming chasing the tenant. Again, arranging qualified and approved contractors is not difficult but ensuring that repairs are carried out quickly and to an acceptable standard or organising several contractors to provide quotes for work can take numerous calls between the engineers and tenants agreeing convenient times to access the property. Lastly, many landlords find carrying out inspections difficult and telling a tenant that they are not keeping the property to an acceptable level can be quite awkward. We are shocked how many times we speak to landlords who manage their own properties, and do not carry out regular inspections; some have not been around their rental house for years.
With the legislation and laws altering so frequently, it can be hard for a landlord to keep abreast of the changing regulations they have to comply with. Whether it is safety issues or marketing laws like EPCs, the benefit of using an agent is that they will always keep a landlord informed and ensure that they are always complying with their legal duty of care.
The time that using an agency really comes into its own, however is when a situation occurs out of the ordinary during a let or if the tenancy starts to go wrong. We have been contacted on numerous occasions and asked to assist landlords when they get into difficulty. Moreover we find that when tenancies have gone wrong it is usually through a lack of regular management or regular communication with their tenant. Keeping a good working relationship between the landlord/agent and the tenant is paramount and by using an agent landlords are able to keep a professional distance and can take comfort in knowing that all the hard work is being undertaken for them.
For further advice and assistance with letting your property please contact James Farrance on 01628 674234 or jfarrance@braxtons.co.uk