Why You Need a Letting Agent
There was a time when you could rent your property with no hassle. Times have changed, and legislation means that private landlords are now seeking letting agents to rent and manage their properties.
Changing Times
There has been new legislation for private landlords stating they must be licensed to rent their properties to tenants. In 2014 Wales introduced The Housing Act, which required landlords to have licences and register with Rent Smart Wales.
Landlords need to train with approved bodies such as https://www.dashservices.org.uk/Accreditation. Training ensures they remain up to date with information and have the skills to manage tenancies.
In Northern Ireland and Scotland, landlords need to register to rent their properties. England and Wales require landlords to have a licence for HMOs (houses with five or more people). They also need a licence if houses are three storeys high and tenants share a bathroom.
What Do the Changes Mean?
In the past landlords have been able to manage a property on their own terms, but today they must take full responsibility for over 400 rules. A failure to do this can result in a fine of up to £30,000. A lot of landlords are deciding to use the services of a qualified letting agent to avoid the potential fines for not managing their property. Nationwide and local agencies are seeing a growth in landlords outsourcing their properties to them. Companies such as https://www.pritchards-bath.co.uk/lettings/ are specialized Letting Agents Bath.
If landlords are unsure about the many health and safety requirements and do not want to deal with maintenance issues, then allowing a letting agency to manage the property is a good idea. Tenants are customers, and if you can’t provide them with a dedicated service, then you’re likely to lose them.
Some landlords enjoy the responsibilities of managing their properties and see it as a business. They build strong relationships with their tenants and save money on letting agents.
Finding a Good Agent
You should check your letting agent is a member of the National Approved Letting Scheme or the Association of Residential Letting Agents.
Provide clear rules on the responsibilities of both the landlord and tenants and have a protection scheme in place.
Carry out property inspections regularly to ensure tenants are looking after the property.
