As a landlord in the UK, you can either rent out your property yourself, or use a letting agent. If you decide to rent out the property yourself, you may face some difficulties. First, you will need to advertise the property for rent in the newspapers. Then you will have to stay by the phone and tell potential clients about the property. Later, you will need to be available at the site to show your property to the clients. Once you reach an agreement, you will need to get a tenancy agreement drawn up. In the case of any repair work required, you will have to arrange to get it done.
You may save some money by not going through a letting agent. However, you are going to spend a lot of time looking for a suitable tenant. On the other hand, prospective tenants prefer going through a letting agent. They feel more secure with a letting agent rather than dealing directly with landlords.
Letting agencies inspect the property, and estimate the expected rent. If they are satisfied with the condition of the property and its rental value, they enter your property as ‘to be rented out’ in their records. After that, they advertise the property, handle all enquiries by the property seekers and show it to the prospective tenants. Once suitable tenants are called, the letting agency inform you about it. They draw up the tenancy agreement and do all the paperwork.
Some letting service companies have their own maintenance crew. After a tenancy starts, they provide maintenance services too. Before a tenancy expires, they may get the tenancy extended, or find new tenants. Busy people, or landlords who have multiple properties, prefer to use letting services to avoid the hassle it takes otherwise.
Prospective tenants nowadays visit the websites of letting agencies. They search the properties for rent through search features available on the websites. Once they find a suitable place, they call the letting agency. This is a media that private landlords cannot use. Secondly, letting agents know how to deal with the landlords and the tenants. In the case of any dispute, they try to have it resolved amicably. So, there are several plus points for using a letting agency.
Landlords, this way, are free from the hassle of searching for tenants. A landlord is also not burdened with managing tenants during their tenancy and providing maintenance services. Also, when a tenancy is about to end, they find new tenants. Hence, a landlord may not have any period when his property lies vacant.
Letting services may be hired from big companies, or small agencies looking after property in one district. Letting services have to be reputable, or else they can lose their license and their clients. They know all the tenancy laws and also know about the ones that need to be applied. So, instead of hiring a solicitor, the letting agents provide these services.
As a landlord, it would be advisable to use a letting service. They know their job; they know how to get clients. Therefore, it’s best to go for them. After all, a landlord looks for good tenants who will not damage his property and will pay the rent on time. So, allow the letting agency do all this for you; what you pay them, covers the costs and saves you from a lot of hassle you would go through otherwise.