The chances are, as a landlord you’re looking for maximum returns on your property investments and you want to increase the value of your properties overtime which you know means finding great tenants and keeping your property in a good state of repair at the very least. This article explores the many reasons why you need to use a managing agent and which agent to use if you have properties in Leicester that are available to rent or are already tenanted.
Many landlords don’t realise this but you’re actually running a business and providing a service to your tenants, that’s how the HMRC and your tenants see it and with that comes a huge amount of responsibility, including maintaining a level of compliance with the consumer rights of your tenants and potential tenants and understanding data protection and GDPR, on top of all of the different pieces of legislation concerning residential property lettings, in fact, there are over 125 (and counting) pieces of legislation to be aware of. Things can go very wrong for landlords who don’t toe the line carefully and this is why it’s important to use a managing agent. If you do fall foul of the law, you might find yourself on the receiving end of hefty fines, banning orders preventing you from managing your properties or even lengthy custodial prison sentences.
When should landlords and property investors to use a managing agent to manage a property?
The purpose of a letting agent is to alleviate stress for the landlord and to ensure that their property remains a savvy and profitable investment. If the landlord has a substantial portfolio or even just one property but also works, time can be a constraint. Letting agents can be a valuable resource for property investors to have in their arsenal. They can deal with checking rental payments, renewing tenancies, visiting the property and dealing with any maintenance problems or issues that may arise directly with the tenant. This is particularly useful if the landlord is living out of the area or even abroad, as a local contact is imperative. It’s also, obviously, very useful to those who want a more hands-off investment.
As a landlord, you know that you need to fulfill your legal obligations to your tenants, including ensuring the property is in a good state of repair, the gas safety certificate is regularly carried out, that you respect their right to peaceful enjoyment of the property and that their deposit is protected in accordance with the law. A lot of landlords don’t live locally to their properties but need to act swiftly if things go wrong, such as stopping leaks and carrying out other emergency repairs. Even for landlords who do live locally, it can still be difficult to respond rapidly and efficiently, for example, it can be really difficult to find a contractor in the middle of the night. For good agents like Harry Albert Lettings & Estates, this is all part of the property management service they provide.
How can agents help landlords comply with the ever-increasing amount of legislation for the sector?
Harry Albert Lettings & Estates, shortlisted for New Agency of the Year 2018 for their excellent level of service, have noticed that the rapid rate of regulatory change is leading increasing numbers of landlords who want to use an agent. Being a landlord isn’t as easy as it once was. There are major changes in the residential lettings sector and the penalties for non-compliance are extensive. By using an agent, it can become the responsibility of the agency to register the deposit, for example, and a letting agent or property manager may assume some liability for anything that goes wrong. Using Harry Albert Lettings & Estates can help reduce the exposure of landlords to non-compliance and affords them some protection.
Landlords tend to seek reassurance from agents, particularly if they are inexperienced and require advice on the legal pitfalls and latest legislation. Agents can ensure all paperwork is provided for notices, and for court action for possession if necessary. In these circumstances, to ensure the landlord is fully compliant and to ease any potential worries, it would be beneficial to use a letting agent.
What kinds of services and arrangements can Harry Albert Lettings & Estates offer landlords?
There are many different services available to landlords. Harry Albert Lettings & Estates charge management fees from just 7% of the rent due for their full management service with a one-off set up fee of £100 and charge £99 each time you need them to find a tenant.
When you don’t instruct them to manage the property and instead, simply want them to find a tenant, they can do this for just £249!
Harry Albert Lettings & Estates specialise in maximising property revenues and they’re here to make you money and they do this even when the property is untenanted through their short-term lettings scheme where guests will book rooms in the property from anywhere from a couple of nights to a couple of months! This service is inclusive of the full management service though the charge for this is 20% of the overall booking fee. For those who simply want the short-term lettings service, maybe to earn an income from home by letting a single room your property and maintaining the utmost level of control over how how frequently the room is occupied, the charge for this is 20% of each booking fee with a setup fee of £249.
What should landlords expect from a good letting agent?
Agents should have a keen understanding of deposit legislation and understand what is required to ensure your interests are protected as a landlord. Property investors do well to stay clear of agents who introduce the tenant and leave it up to you to register the tenant’s deposit and supply the prescribed information and carry out the tenant check-in process.
First and foremost, landlords should expect an agent that offers excellent customer service and provides exceptional communication to ensure a seamless experience. A good managing agent will ensure your life as a landlord is mostly easy; including periodic management visits and reporting the findings to the landlord, communicating with the property owner regarding general matters surrounding their residential letting and updates to legislation, advising the landlord on any legal requirements which they as a landlord are responsible for, such as a non-resident landlord rules, licensing schemes and complying with tenancy deposit protection as well as advising and assisting the landlord in evicting their tenants. Letting agents and property managers should be flexible and able to tailor services to your needs and the needs of the tenants, to ensure that everybody is getting the best possible service and resources. The agent is the eyes and ears of the landlord and allows the landlord to relax a little bit as the day to day aspects of being a landlord are taken over by the agent who should be looking after the investment as it were their own, that’s why you should consider Harry Albert Lettings & Estates who take a hands on approach to managing your property. Their fees are affordable and they specialise in maximising property revenues whilst also taking care of the most vulnerable tenants in Leicester’s private rented sector.
An important point for landlords to check is whether the agent belongs to a property redress scheme so that the landlord has resources in place in the event of a dispute.
- Affordable Property Management in Leicester: https://www.leicesterlettingagent.co.uk
- Find out more about selling your home at auction, you’ll be surprised: https://www.harryalbertgroup.co.uk/auctions
- Get Exclusive Deals on Landlord Insurance: https://www.leicesterpropertyinsight.co.uk/landlord-insurance
- Free, Instant, Online Property Valuation (Rent/Sale): https://www.harryalbertgroup.co.uk/valuation
- 125+ Landlord Laws: https://harryalbertgroup.co.uk/blog/all-the-laws-landlords-have-to-abide-by