Why use a Letting Agent?
Fri 09 Jun 2017
Landlords are you confident enough to manage your property yourself? Unless you have a lot of experience, spare time and the right access to legal and practical information you can actually save money by using a reputable Managing Agent.
Managing a property may look easy and many opt to do it themselves, however the letting industry has changed dramatically over the last 10 years. Unless you keep up with the ever changing legislation and legal obligations, you will end up making mistakes which could end up costing you dearly.
Any landlord will need to be aware of his statutory obligations. A non- compliant landlord could receive a large fine or possible imprisonment. Landlords also need to know the rights of a tenant living in his property.
The Landlord and Tenant Act 1985 states that landlords have a statutory obligation to ensure repairs are carried out when necessary. These include the structure of the property, including drains and gutters, the supply of heating and hot water and the installation and supply of gas, water, electric and sanitation. The Environmental Protection Act 1990 can force a landlord to carry out repairs.
A Managing Agent will have supporting contractors covering all skills to use when a repair is required. To have contractors on hand is hugely time saving, particularly if action is required sooner rather later.
Because of the importance of maintenance and repairs in a rented property it is vital to carry out periodic inspections, normally every 3- 6 months.
Besides maintenance, repairs and inspections there are many other aspects to letting a property that the landlord would need to consider, some of which include:-
Providing an Inventory and Schedule of Condition at the start of the tenancy together with a Check-out Report at the end of the tenancy. Without these any dilapidations would be very hard to prove if the landlord felt a deduction from the deposit was required.
Providing a detailed Assured Shorthold Tenancy Agreement , which clearly sets out the obligations of the landlord and the tenant.
Ensuring the property has an up-to-date Landlords Gas Safety Certificate and an Energy Performance Certificate.
Collecting rent and monitoring any rent arrears.
Deposit registration and return at the end of the tenancy.
A landlord would need to be fully aware of the correct procedure to adhere to in order to gain possession of his property.
Lettings and Property Management is a specialist industry and most landlords want peace of mind that all matters are being dealt with correctly, in a professional manner that is within the law. A good Managing Agent will be aware of legislative changes within the industry and will know the correct procedures to follow in all issues that may arise when a property is being let. They will have the knowledge and expertise to ensure a tenancy runs as smoothly as possible for both the landlord and the tenant.
Contact Harcourts and see how we could help you with your own property requirements.