Landlord News by: Madalena Penny
In a recent survey carried out by Hilary’s, research suggests that it’s not all doom and gloom for landlords in the private rented sector. In a study conducted with 2302 landlords, 62 per cent were happy with letting their property and found it ideal as the rental income covered the monthly mortgage.
However, 18% of the study complained about tenants not paying on time, and the average amount paid out at the end of tenancy on repairs and maintenance amounted to £210. The biggest gripe from landlords came in at a staggering 58%, who found tenants contacted them too often about minor or imagined issues, and a further 41% found tenants made modifications to properties without gaining permission.
It’s a common headache, especially for landlords who manage their properties themselves, and in hindsight many will realise that it could have been avoided. Of-course hiring a good letting agent is the easiest and most cost effective solution. Why should a landlord be affected by the headaches of property rental, when they can pay someone 10% to take the hassle instead? The other benefit of a good letting agent is their resources and professional ability to deal with problems as they arise, not just with tenants but with maintenance, rent and legal issues.
What should you expect from a good letting agent?
- Are they member of a professional body, such as UKALA or ARLA?
- Do they have professional Indemnity Insurance?
- Are they a member of the Property Redress Scheme?
- Do they offer Landlord Insurances?
- Are they registered with an approved deposit scheme?
- Do they offer rent Guarantee?
- Are they aware of legal changes in the private rented sector?
- Do they provide periodic property inspections?
- Are their fees transparent?
There has been a lot of letting agents in the news who have gone bankrupt owing landlords thousands of pounds on rent received by tenants. If a letting agent is a member of a professional body, such as UKALA, certain measures are in place to protect landlords and tenants. Bank accounts and deposits held in schemes are checked every 3-months.
When a landlord finds a good letting agent, it can make life so much easier, and offers that extra time with peace of mind so that you can relax. After all landlords tend to invest in property for their future, and what would be the point if all that future had to offer was taken up by time consuming tenant problems.