Regardless of the reasons you became a landlord – and we know these reasons can be very wide ranging – any property that is let out needs to be managed. Managing this yourself in the first instance can be appealing. Perhaps it’s your first property investment for the rental market, and you have a desire to see it all through yourself. Or perhaps you have previous experience in property management & maintenance and are treating your new rental property as a way to continue doing something you love.
Whatever the reasons behind managing your property yourself, there are also reasons to outsource this to a letting agent.
1. Regulations & Legislation
One of the key reasons to employ a letting agent to manage your property is to use their expertise. A reputable agency should have staff on hand who are up to date with the latest regulations and legislation around renting – meaning you don’t have to spend hours digesting updates.
2. You’re taking on additional properties
Taking on additional properties might be a natural next step for you, and you may even see this capability as a sign that your letting and management plan is working. However, it’s important to consider the additional time-pressures this can have. An expanding property portfolio comes with its own challenges; it may be better to hand over the day to day management to an agent.
If you currently live in nearby to your rental property, you may have taken on full management on the basis that you’re close enough. But if you’ve been thinking about moving – or if the pandemic has boosted your desire to move to a more spacious property elsewhere – it might also be time to think about finding a letting agent to manage your property for you.
4. More Freedom
On a similar note, you might find that going fully managed can mean some newfound freedoms. Taking a holiday can become a more spontaneous pursuit, for example – without the worry of getting calls to deal with locksmiths, plumbers, or any other property issues that can arise without warning.
5. Relationship Building
Another consideration is the way that using a letting agent can help you to nurture great relationships in the property industry. Using a letting agent with an area focus can mean they have a better sense of the local area – often resulting in great insights into the property market. This can help you develop your portfolio, safe in the knowledge that you have a reliable and engaged letting agent to help you manage your properties well.
At The Letting Game, we offer both let-only and fully managed services, so why not give us a call and see how we can help? Alternatively, send us a message through our contact form and one of the team will be in touch. We’re one of the leading letting agents and property management providers in Bristol, so talk to us before you go elsewhere.