If you’re a landlord looking to save time and money (and let’s face it, who isn’t?), a good letting agent can be a game-changer.
They’ll manage your rental property day to day (so you’re free to focus on your other responsibilities), regularly check in with your tenants (to ensure there are no issues) and remind you of your legal obligations.
A top letting agent can also look ahead and, drawing on their industry experience, advise you on your long-term investment strategy.
But, as with all business relationships, communication is key. When there is clarity and mutual understanding, things run more smoothly, and you make better decisions.
So, how can landlords build a strong and successful business relationship with their letting agent?
Here are some tips.
- Before you sign up for services, read your agency agreement and be clear about what you’re getting. If there’s anything you’re unsure of, speak up so you start out on the right footing.
- Discuss the level of contact you would like with your agent and how involved you want to be with decision-making. For example, some landlords are happy for agents to instruct work on their behalf, while others want to be more involved.
- If you’re given advice that you don’t understand, ask questions. A letting agent will always try to act in the best interests of the landlord and the tenant (remember, happy tenants stay longer). They also understand the law and will make recommendations based on your legal obligations.
- Outline your long-term strategy so that your agent can best advise you about issues such as redecoration and refurbishments.
- If there have been any past maintenance issues or problems with neighbours, be clear so the agent can be on the lookout for potential problems.
- Remember, letting agents are professionals. Don’t expect them to act unreasonably on your behalf.
- Discuss the history of the property. For example, if it’s the home you grew up in and you have a strong personal attachment to it, let the agent know.
For more information about our property management services, contact us here at Newton Fallowell Stamford today.
