Do I need to let my property through an estate agent?
This is a question that many new landlords ask themselves. Certainly, there is no legal requirement to let your property through an estate agent. Knowing that there will be fees to pay for the estate agent’s services, some landlords choose to go it alone. But in reality, this is usually false economy. Letting a property is not necessarily difficult but it can be very time consuming. I would always recommend letting through an agent – it may well be cheaper in the long run, and you can’t put a price on peace of mind.
Here’s why letting through an estate agent can be cheaper than doing it yourself.
- Time is money
For most landlords, letting property is just one revenue stream. You may well have a day job, or other commitments that demand your attention. When you’re debating whether to use an estate agent or manage the whole process yourself, consider how much time you have to devote to your rental property and tenants. Have you got time to follow up all the property management queries your tenants have? Can you drop everything and go to the flat to let the plumber in while the tenants are at work? Crossing your fingers and hoping that nothing will ever need repairing is unlikely to work – instead, consider how much spare time you have and whether you can afford to plough that time into managing your rental property.
- The right expertise
When you’re letting a property, it’s important to follow the right processes for tenant referencing, and have all the right safety documents relating to the apartment. There’s also the tenancy agreement to draw up and regular property checks to carry out. There is no margin for error – if you do not have your paperwork in order, you are a hostage to fortune, and you could end up with some stressful and costly problems on your hands. Most landlords find it easier to leave it to the experts – they find it’s well worth the financial outlay.
- Good contacts
Dockleys, like most lettings agents in Shoreditch, has a great network of tradespeople that we can call on to do repairs in our properties. Sometimes we can book several jobs at once and get a better rate. What this means is that the moment the tenant notifies us of a problem, we can act. In turn, this means we can take better care of your tenants – they’ll be more likely to renew their contracts and stay on at the property if problems have been attended to promptly.
Let property in Shoreditch
Whenever people ask me if they could manage their own rental property, I always advise them to ask an estate agent to do it for them. It’s not just because estate agency is my business – it’s because I genuinely believe it’s a smoother, more efficient, less stressful service for landlords and tenants alike.
To let your property in Shoreditch or anywhere else in East London, contact me, Adam Dockley, on 020 3633 4440.
Other useful blogs for landlords
Tenant referencing – a quick guide for landlords
Letting property in East London – what documents do landlords need?