Our popular Q&A series continues with our MD, Oliver Williams, on the topic of lettings. If you have a question, join the Q&A and ask! You can call us, email or send us a message via our social media platforms. Now for the answer:
A: No, it’s not absolutely necessary to hire a lettings agency, but we do come with some distinct advantages…
First and foremost, property professionals bring invaluable expertise and market knowledge to the table. With their finger on the pulse of the local rental trends, market values and tenant preferences, they can guide you in setting the right rental price and attracting quality tenants - their expertise optimises your return on your investment.
Secondly, legal compliance is crucial in the rental process. Property professionals stay up to date with ever-changing laws and regulations, ensuring compliance in everything from tenancy agreements to conducting the necessary checks, therefore safeguarding your interest and minimising the risk of legal disputes.
Effective marketing and tenant screening are essential for finding suitable tenants. Letting agents have a network of potential tenants and use various channels to promote properties to the right audience. They use a thorough screening process to ensure tenants meet requirements.
Ongoing property management can be daunting and time consuming. Letting agents have systems in place to handle this seamlessly, from addressing tenant enquiries professionally and coordinating any maintenance to conducting regular inspections and consistent record-keeping. They ensure your property is looked after and your tenants are satisfied.
Now let’s talk cost – lettings agencies offer invaluable services, but it is important to consider the associated fees. Property management fees typically range from 10 to 15% of the monthly rental income. If you have the time and knowledge to manage the property yourself, you can save on these fees, however it’s worth your while weighing up the benefits and convenience against the cost, to find the right balance. Most agencies offer various levels of service, so this might be worth looking at for your convenience and peace of mind.
So, do you need a property professional to let your property? Well ultimately, that depends on your time, availability, expertise and personal preferences. Consider your circumstances, evaluate the benefits and cost and choose the option that aligns with your needs and priorities. Rest assured that if you do require the services of an agency at any point, we would be happy to help.