Are Letting Agents Worth it?
“Are letting agents really worth it?”… You may find yourself asking this question when deciding to rent out your property. It is a valid question, too. We understand that your property is something very personal to you and that you want to ensure the process of renting is both smooth and financially viable. Could you save on this expense and rent out your property yourself? Well, of course, you can. However, you may not have thought of some important aspects of a letting agent’s job which along with their experience and knowledge, contribute to an overall successful and stress-free experience.
Regulatory Knowledge
One strong advantage of hiring a letting agent is that you can rest assured knowing that they are up to date with regulations and RTB procedures. From our experience, we have seen that they change frequently, whether that be changes to notice periods or updates to minimum standards for tenants. Letting agents pride themselves on not only their knowledge of these changes but also their diligence and attention to detail in adhering to them. We have heard stories time and time again of property owners taking on the arduous task of renting out their property themselves. As a result of this they have ended up taking financial hits, ended up the RTB or both due to lack of knowledge of vital information.
Tenant Selection
Choosing the right tenant for your property can be difficult. It is hard to know who the right fit is. Whether that be working professionals to large families. It can be daunting to make this decision based on one or two interactions with that person(s). Through experience, letting agents develop skills in tenant profiling. They can get a very good understanding of the viewers of the property and whether they would be a suitable fit. It is also something that you may not have previously considered as many attributing factors affect the decision-making process when selecting an ideal tenant for you.
Established Connections
Have you ever felt that a contractor or handyman has done a shoddy job or perhaps overcharged you? Sure, this can happen in any industry. However, when it happens in a rented property, the outcome can be very challenging. Working with an agent before letting can ensure that whatever works need to be carried out before tenants move in is done in the utmost professional manner. Agents will have a team of contractors, decorators, plumbers, gardeners, you name it. They will have a very solid and transparent relationship with this team of workers so that there are no surprises. Furthermore, you will know that you are getting a very fair and reasonable quote each time.
Valuations
It can be difficult to know what your property is worth and whether that is likely to change in the near or distant future. Letting agents study these trends and changes to provide a rental value that is in line with the current climate. How agents make this decision is based on several factors including but not limited to similar properties in the area, local amenities, the area your property is located, its size, finish etc all are analysed before they give you direction. It is also notable that in most cases you can offset the cost of using a letting agent against your tax liability. However, we are not tax agents and advise for you to talk to your accountant on this.
Conclusion
So, here’s why using a letting agent is worth it:
- You’ll work with a source that is up to date with RTB regulations.
- You’ll have guidance on who to choose from an expert tenant profiler.
- You’ll have the assurance that any works are carried out by professional and trusted tradesmen .
- You’ll know that you’ve achieved the best rent possible.
Having a reliable and knowledgeable agent who is concerned with all of the above aspects will, in turn, help you have a letting experience that isn’t stressful or drawn-out. This is something that can easily happen if the current processes are not followed and the landlord isn’t up to speed on all aspects of renting out a property. Landlords can still be involved in the process, without the added headaches.
If your considering renting out your property and feel that an experienced letting agent could be of assistance, we would be happy to hear from you. Get in touch here.