After the Stamp Duty Land Tax rise on buy-to-let properties last year, many people believed that the rental market would suffer, as letting properties became a less attractive option. But a year later, the lettings market is still flourishing, only having suffered a minor knock. Now, buy-to-let investors simply need to plan their lettings investments a bit more carefully in order to see great results. One of the ways they can do this is by choosing to let their property through an estate agent, instead of going the private rental route. This will help them to maximise their investment and returns, and save a lot of time and money in the process.
Wide Reaching Marketing
Demand for rental properties is still at an all-time high, so you would think that finding a tenant privately wouldn’t be a problem. However, private landlords often spend months tirelessly trying to market their property, often without success. But by using an estate agent like Northwood, you have access to a wide array of marketing avenues for your property. From displaying in windows, on Rightmove and other property portals, and being marketed directly to a list of eager and engaged tenants means that we are able to find you a good tenant very quickly.
Don’t Lose Out On Rent
As a landlord, one of the worst things you can have is an empty property. The longer your property is empty, the longer you are going without rental income. You are also having to bear the costs of that property and routine maintenance while it is empty, so you want to reduce this as much as possible. Most landlords would simply try to fill the property as quickly as possible with anyone they can find, which sometimes leads to even more trouble. But with Northwood, you don’t have to worry about any of that. Our unique Guaranteed Rent service means that if your property is empty, we will pay you the rent anyway. This means that you never miss a month of rent, and our team have the time to find the right tenant for your property. To find out more, click here.
When renting privately, there is a limit to how much referencing you can do, which often leads to problems down the line. Comprehensive referencing is often overlooked, and doing this means poor paying tenants will quickly erode your profits. But a letting agent will be able to conduct thorough, in-depth reference checks for all prospective tenants and present you with a range of suitable candidates to choose from. This process will help exclude any potential problem applicants and give you complete peace of mind.
Preparation Of Agreements
There is a whole maze of legal issues and boxes that must be ticked when it comes to letting a property, and most of them can be solved by having a complete tenancy agreement. While there may be templates available to download online, only an experienced estate agent like Northwood will be able to tailor your tenancy agreement to meet your exact requirements. Good estate agents should be up to date with what is legal to include and what isn’t, and can help you enforce clauses if things start to go wrong.
It is vitally important that the landlord has a full inventory of their property before any tenant is allowed inside. This includes what furniture or fixtures are included, as well as documenting any damages or other details. This process not only protects the tenants against being accused of causing damage that wasn’t their fault, but gives the landlord a foundation to judge the property by when their tenants leave. But doing this yourself is time consuming and it’s possible to miss things. Using a letting agent means you are hiring a professional to do a complete inventory of your property on check in and check out, and compile a report of any issues to be followed up with – leaving you free to spend your time however you want.
If you’ve never used a letting agent to rent your property before, it could seem like a daunting process. But the second you step in the door, you will find the process easy and straight forward, so that by the time you leave you will be wondering what took you so long. At Northwood, our expert lettings agents are on hand to help and support you through every stage of the process. For more information, get in touch with the team today.