Debunking Letting Agency Myths
The internet is powered with information to enable people to become successful and informed landlords. However, alongside this abundance of knowledge, there also tends to be many common misconceptions within and externally to letting agencies and how they operate. Below, we have listed and debunked series of common myths.
Online Estate Agents Are Better & Cheaper
Online estate agents have become increasingly popular in the last three years, especially due to the Coronavirus pandemic. As a result, you will see many misconceptions regarding online vs high street letting agents that online estate agent fees are cheaper overall. This is often a big selling point for some landlords tenants; however, most online estate agents have upfront fees that can range in cost depending on their services and property. When selecting which letting agent to use, you need to consider how they will match the experience and expectations you want from them, rather than finding the first cheapest option. Read more about our advice on how to choose a good letting agent here.
Finding Suitable Tenants For My Property Is Easy
An unrealistic expectation in the property world is that finding tenants is easy. Although you may find people willing to live in your property easy, that doesn't mean they will be both suitable and ideal tenants for your property. A perfect will be ideal for both the property and the landlord's approach; for example, a tenant with a stable income that communicates well is more likely to be given the right to rent over one whose income is unpredictable and unreachable.
Being a Private Landlord doesn't come with that many responsibilities
Being a private landlord comes with a passive income; however, you need to be aware that this job is not easy. The legal roles and responsibilities with the government's health and safety guidelines require the landlord to be educated on current ever-changing policies and inevitable new policies. Other requirements of a landlord are to provide an accessible source of support for your tenants regarding concerns and advice with the property. For example, general maintenance around the property, such as a broken doorframe, plumbing and electrical faults, is expected to be addressed when the tenant informs the landlord.
Letting Agency Fees Are Expensive
Letting agency fees vary depending on what services you are looking to utilise. Before deciding what agency you want to use, it is best to consider what services you will most likely need and what services you can cover yourself to help manage any concerns on budget. However, agency fees can become more expensive depending on your availability and any specialist roles you may be required to employ for tenants to be eligible.
It Takes Less Time To Manage My Properties On My Own
Once a landlord has multiple properties, it's common for the landlord to only trust their processes and management for their properties and neglect seeking further help. Landlords who have various sites available to tenants it is advised they seek help from a letting agency. As previously mentioned letting agents provide services ranging from a tenant finding only service and full management service.
With some of the most common miss understandings addressed, it's essential to be vigilant and have realistic goals when selecting a letting agent. to find out how we can help you and your property.