Why Appoint a Lettings Agency to Manage Your Buy-to-Let Property?

You have bought a flat or a house and plan to use it as a buy-to-let, so one of your first decisions will be, do I manage it myself or do I employ a lettings agency?

A recent survey by the NRLA (the National Residential Landlords Association) cited generating extra income as the main reason people become landlords – and it’s a good time to invest.

Meera Chindooroy, the NRLA’s Deputy Director of Campaigns and Policy, says: ‘An average of 15 applicants for each rental property advertised means demand is double pre-pandemic levels. Responsible and well-informed landlords who provide decent homes to rent will find a market eager to embrace them.’

It’s understandable that you will want to maximise your income by reducing costs as much as possible. The DIY model is cheaper, but is it worth the angst and extra workload when a letting agent can do all the heavy lifting for you:

• Peace of Mind: you can be confident your tenants have been thoroughly vetted through references, credit assessments, background searches, employers’ references and fraud checks, such as fake paycheques.
• Marketing: a lettings agency will manage a seamless transition from one occupant to another, minimising gaps between lettings. Local knowledge is key here: lettings agents can advise you which properties are a good investment (Tip: in Cheltenham, flats typically let more quickly near the town centre). They also provide great exposure of your property on major platforms and conduct viewings. Plus, your agent will be able to advise the best rental price to charge, to help you to attract tenants.
• Repairs: a letting agent not only conducts property inspections, they also mange repairs and maintenance at competitive prices through their trusted pool of contractors.
• Rent: all the rent is collected for you, plus your agent will handle the paperwork and act as an intermediary/trusted advisor in any rental disputes or arrears.
• The Legal Bit: finally, you will remain compliant with property law, which frequently changes (while penalties are increasing). The Renters’ Rights Bill is coming over the horizon and your letting agent will be across all the new rules when they become law.

The choice is yours; do all this yourself or allow a letting agent to take it all off your hands.