Being a private landlord can be a brilliant source of additional income.
For a portfolio landlord it can replace the 9-5 salary and provide enough income to become a full-time job.
But there’s a lot of admin and work that goes into being a landlord. Especially if you’re trying to manage multiple properties.
A letting agency can be an effective way of managing your properties for you, but many new landlords aren’t sure about bringing in an agency or if it’s worth it.
If you’ve become a landlord, these are some of the early signs you might need a letting agency to help you.
You’re struggling to let your property
You might be finding it difficult to market your property, or you might not have enough time to arrange and attend viewings with potential tenants.
It’s a lot to keep up with and can become hard to manage on your own; that’s where letting agents come in.
A good letting agent will market your property in their shop windows as well as on their website, screening and referencing prospective tenants to look for tell-tale signs of trouble and avoid problematic occupants.
If you’re too busy to make it to viewings and don’t feel comfortable just handing your keys over to a complete stranger, a lettings company can handle viewings for you – showing prospects around and being there to answer any questions or queries that come up.
You’ll always be kept in the loop.
You’re spending too much time arranging repairs
One of your biggest responsibilities as a landlord is the upkeep of your properties.
Things break all the time – it’s guaranteed to happen at some point, sometimes conveniently when you’re already booked up or taking much needed time to yourself after a long day.
With the help of a lettings agency, your property will be checked regularly, to make sure everything is in order and that occupants are taking good care of everything.
Should something go wrong, like a boiler going bust or a power cut in the middle of the night, most agents will provide a 24 hour call out service in their management deals.
You won’t be woken up in the middle of the night if something goes wrong and your tenants can relax knowing their issues will be seen to as soon as possible.
Finding a reputable handyman can often be difficult as well and becomes no easier when searching if you’re faced with mixed reviews.
It can take time to find the perfect plumber, joiner, electrician, etc – but you’ll never have to do it alone if you work with a lettings agency as most have a pool of tradesmen that they use regularly for scheduled and emergency work.
You’re struggling to collect rent on time
With everything else on your plate as a landlord, keeping up with payment dates and chasing late payments can be stressful.
You’ll be no stranger to the worry of tenants not paying their rent or bills on time and how it impacts your cash flow and other aspects of your everyday life.
If you choose to work with a letting agency, they’ll draw up a tenancy agreement as well as collect a deposit and first month’s rent on your behalf.
Managing your properties is taking up all your time
Although there are some positives to managing your properties by yourself, like being in full control of your investments, not having to pay agency fees and gaining industry experience – there’s also some cons to keep in mind.
Being a andlord is a very demanding job and your tenants need to be able to contact you 24/7 for support – without proper experience, knowledge and resources it can be hard to even find tenants and any mistakes you make can be costly.
With the help of a lettings agency, they can help you with pretty much everything – from marketing your property to managing day-to-day maintenance for you.
If you don’t have much time on your hands as it is, it’s a good idea to ask for help from a reputable, experienced lettings agency.
You can’t keep up with landlord regulations
With the law constantly changing and regulations differing from council to council – it can be hard to keep yourself up to date and make sure your certifications are valid while managing all your other responsibilities.
A lettings agency can take care of the legalities for you; keeping you informed of any legislation updates and making sure your certificates are all in date to ensure your rental property is fully compliant with your local regulations.
Being a landlord is stressful, especially if you’re new to managing properties and having an experienced industry professional there to help when you need it will benefit greatly. If you find yourself struggling, get in touch with a local letting agent in Warrington to find out more about how they can help.