10 Reasons Why You Should Use Letting Agents
28 Jan 2009A 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. What are your thoughts?
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Talk / 4 Comments left so far
Daniel Harrison wrote this on 2009-02-03 16:42:20
I agree that Agents can offer those benefits. However, it's worth noting that there are some very good agents, and some very bad ones. It's worth getting to know how to spot these.
Dan
Dan
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Joe wrote this on 2009-02-05 19:19:13
I thought that private landlords DO have access to rightmove. Anyone out there know for sure?
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Interested Landlord wrote this on 2009-02-09 15:31:41
I have a BTL and used an agency for a tenant find only service, they did and 11 months later (12 mth contract) he wants to stay on. He's quite happy to not renew contract with the agency (after a bad experience) and agree a contract with me direct. I didnt see anything in my contract with the agent that would open me up to legal proceedings if he stayed on and i didnt pay the renewal fee (£150 + VAT). Is there any reason why i shouldnt do this?
4
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