Why landlords need letting agents more than ever
New regulations that are believed to come into force next year could see a ban on letting agents charging fees to tenants. Many landlords are fearful that if the ban is enforced these fees could be passed on to them, which in turn could increase rents.
In light of this, it is understandable why landlords could be hesitant to use letting agents in the future, but Fenn Wright partner, Joseph Hall highlights the valuable role letting agencies still have to play.
Professional marketing and fewer void periods
Fenn Wright’s letting agents are trained to write inviting, detailed brochures and online listings that feature professional photography and help to market the property to suitable tenants. Our expert knowledge of the private rental sector is key to securing good tenants quickly, which can also result in fewer void periods.
You may find that tenants are more likely to choose a property that is marketed by a letting agent. Choosing to go it alone could result in longer void periods as tenants may feel more confident going through an agent that has web and high street presence, leading them to believe that the process will be dealt with more efficiently.
Getting the best price
Our letting agents know the market, current trends and what may occur in the short and long-term future. It is always in the best interest of the landlord to command the highest rent possible, but without the detailed knowledge of the market and how it is performing you may find yourself marketing your property at an unrealistic price; or worse below market value.
A letting agent will ensure that your property is valued competitively, which should help you get tenants that are willing to pay an appropriate price.
Complying with legislation
There is a constant stream of new legislation and regulations governing the private rental sector, and these laws are ever changing, making it vital that you have someone constantly monitoring the changes and making sure you are compliant at all times in order to prevent a fine or even a ban.
Fenn Wright’s letting agents will tick off these laws when you let your property through them to make sure that you stick to your duties, including issuing tenants with a How to Rent guide and protecting the deposit. Although, you must be aware that it is still your responsibility to make sure you are compliant.
These are just a few of the main benefits in using a letting agency. If you would like any more information about what a letting agent can do for you or further advice concerning the letting agency fee ban please get in touch with your local branch.