It’s the question on many landlords’ minds – especially new landlords looking to rent out their first property.
Should you use a letting agency to find your next tenants?
The answer is…
It depends entirely on your circumstances and how involved you want to be in the work.
To help you decide, let’s look at the benefits of using a letting agency to assist with your property portfolio.
Benefits of using a letting agency to find tenants
When it comes to finding tenants for your rental property, you can choose to either:
- Find your own tenants
- Employ a letting agent to do it for you
If cost is the determining factor, finding your own tenants could be the best option because you don’t need to pay an agency.
The caveat is you’ll need to commit the time and effort to finding tenants. And this can be a lot of work.
You’ll need to:
- Market your property
- Prepare your property for viewings
- Host viewings (often in the evenings and at weekends)
- Carry out checks on potential tenants
- Get references
- Then deal with the ongoing relationships with the tenant and property management
Using a letting agency can be worth the cost purely for the convenience.
Working with a letting agency takes the pressure away from you.
They know where to find the perfect tenant (many have a waiting list of tenants actively looking for a property).
Letting agents will market your property in the relevant spaces and often have access to a wider pool of prospective tenants. This means the process will usually be quicker than if you were finding your own tenants.
Once they’ve narrowed the tenant pool down for you, they will present you with a list of recommendations. You will then have the final say over your next tenants.
Not only does an agency find your potential tenants for you, but they also handle property viewings, allowing you to focus on your everyday life.
Plus, for added peace of mind, letting agencies run tenant checks for you (including financial checks), so you can be sure your tenants are up to scratch and shouldn’t miss any payments.
They’ll also act as a go between, so you don’t need to deal with the day to day management.
If you’re a portfolio landlord, a letting agency can free your time to source new properties, rather than finding tenants for properties you already own.
Should you self-manage your property portfolio or use a letting agency?
Managing a property portfolio can be a full time job, and it’s not always practical if you’re also working.
You won’t have time in the day to take a call from a tenant and then arrange emergency repairs – for example.
Even landlords who don’t work full time can struggle to keep on top of managing their property portfolio.
So, if you work full time, or want to focus your time and energy elsewhere, you may benefit from a full rental property management service.
Not only do these services include finding and vetting your tenants, but they also take on your everyday rental management burdens.
As well as allowing you to be hands-off when it comes to managing your property portfolio, a letting agency can also manage your contract logistics, legal support and tenancy agreements, so you can feel secure knowing the legal side is completely taken care of.
On the other hand, some landlords prefer to be more hands-on, managing their property portfolio themselves. And this is absolutely fine. Especially if you’ve got the time to spend dealing with tenants, collecting rent payments and finding new tenants when required.
Looking for a letting agency in St Helens?
Look no further than Stapleton Derby.
If you’re looking for some assistance finding your next tenants, we’re here to help. Our friendly team will take care of everything, from marketing your property and organising viewings, to tenant checks and tenancy agreements.
Or, if you want to take a step back from managing your property portfolio whilst still reaping the benefits, our full rental property management service could be the answer. We offer two fantastic options – full management and full management premium – so you can be as hands-on or hands-off as you prefer.
So, no matter how involved you wish to be in the process, you can be sure to receive a high quality service from day one.
To discuss your requirements with one of our dedicated property consultants, get in touch today.
Simply call us on 01744 883 322 or email us at info@stapletonderby.co.uk.
