A few days ago I posted a list of Reasons Why I Don’t Use Letting Agents to find or manage any of my buy-to-let properties. I expected a mixed bag of responses, which is exactly what I got.
I got an interesting response from an Estate Agent called Justin, from over at Petter Barry. He defended his people by supplying me with a list of reasons why people SHOULD use letting agents.
Just to point out the obvious, I don’t necessarily agree or endorse the points in the list. I just want to put the other side of the argument out there…
- 1. If you have a 2-3 week void as a result of your limited marketing you will lose more than the letting agent’s fee.
- 2. Because they work on commission they have an incentive to negotiate the best rent for you.
- 3. If you are lucky enough that the tenant they found stays for a further term they reduce their fee significantly.
- 4. Because they can provide a regular stream of work they have access to the best and most reliable tradesmen.
- 5. They can offer you a rent guarantee in case the tenant doesn’t pay.
- 6. They take up comprehensive references to reduce the chances of finding you a bad tenant.
- 7. They can feature your property on popular websites that aren’t available to private Landlords such as Rightmove.
- 8. They provide a buffer zone between Landlord and tenant which can help a Landlord avoid promising something they later regret.
- 9. They can advise you on repairs and a maintenance schedule to ensure that your property holds its value.
- 10. Use the time you’ll save to go and do some charity work.
Hmm… I personally preferred my list better. Plus, a few of the pros for using a high-street agent that he mentioned is also available from online agents (e.g. rent guarantee, referencing etc.). So that was rather baffling. But hey, don’t shoot the unconvinced messenger.
What are your thoughts?