If you own a residential property and wish to rent it out to tenants you might be wondering where exactly to start. If you don’t have any friends or family looking for somewhere to live at the moment how do you find a suitable tenant for your property? Employing the service of a letting agent to find you new tenants is a good place to start, as they have the experience, industry knowledge and local market knowledge to market your property in the correct way and help you find the type of tenant you are searching for, at a rental level that suits all parties.
Let’s take a look at a few of the reasons why you should use a letting agency to find new tenants for your buy-to-let residential property.
Minimise Vacancy and Increase Rent – With a letting agency behind your property you will ensure that a professional listing is created and placed on all the top listing sites (on a national and local reputational level), as well as in local newspapers. They will have a good knowledge of the current market and local area and will be able to help you charge higher rental levels without losing interested parties, and provide faster occupancy rates. This will mean that you suffer minimal disruption and vacancy downtime.
Carry Out Necessary Tenant Checks – Finding the right tenant for your property takes time and money. A letting agency has all the knowledge, experience and day-to-day framework and processes in place to undertake all the checks that you need to go through before confirming a tenant. Checks include credit checks, employment history and references from current (and sometimes historical) landlords.
Flexibility of Service – Some landlords will only need assistance in placing a property listing in the right areas to attract potential tenants. Others might need something more in terms of managing the property and the tenant moving forward. Search for a letting agency that can help you in a range of ways, and you’ll find a flexible service that can really help you out.
Keep You Up to Date with Legislation – A good letting agency will inform you of everything that you need to understand prior to signing terms with a new tenant. They understand the industry inside out and will keep you up-to-date on all landlord legislation and obligations that you have towards your tenant. Without this specific industry knowledge you could be left to hang out to dry should an awkward and unforeseen situation arise with a tenant in the future.
There are several ways in which a letting agency can help a landlord find new tenants and manage a rental property effectively. Without professional assistance it could cost you time and money, leaving a vacant property for longer than is necessary. Always make sure that you conduct thorough research in order to find a letting agency that is right for your circumstances and location. Finding the correct tenants for your needs, that cause as little hassle as possible and always pay rent on time, is the perfect scenario, and much more likely with professional help from a letting agency.