An oversupply of properties for rent in the UK has meant that the average monthly rent for newly-let properties has fallen for the first time since 2010. As the Buy-to-Let rules changed last year, landlords have been selling properties and putting tenants in tricky situations. How can you avoid having to sell your property when competition is fierce, government rules change or the economy wavers?
Get the right service level for your letting agent
Having someone in charge of bringing in tenants and keeping the house occupied (and therefore, keeping rent coming in) is vitally important for landlords. Most letting agents offer three levels of service:
- Tenant Find: the Landlord undertakes the day-to-day management of the letting.
- Tenant Find & Rent Collection: the agent finds tenants and collects rent, but all other matters are taken care of by the landlord.
- Full Management: the agent takes care of everything, only contacting the landlord in emergencies or when serious decisions need to be made.
On any of these levels, you should expect your letting agent to be as proactive as possible – while full management is a great idea for newer landlords or those with multiple properties, just treading water and hoping your properties will continue to be prosper is a great way to have a nasty surprise later on.
Be Reactive to the markets
The housing market fluctuates, and no one can really plan for it. Coming to an understanding with an agent that you’re expecting a proactive level of service early on is vitally important – after all, you’re both professionals trying to do a job. But as much as being proactive is important, being reactive – that is, reacting to market changes, tenant situations and fiscal concerns – is the key to succeed with a rental property, especially with a glut of rental properties available and rents levelling out. More properties mean tenants will have more choice: your letting agent should make it that your property is the only choice for them!
Ask after your agent’s experience and advice
A great reason to even consider a letting agent in the first place is their wealth of experience – usually landlords choose agents who know the local market extremely well, are focused and determined to provide a great level of service, and have been involved in the property market for a number of years. Don’t be afraid to ask your letting agent for advice, meetings, and insight regularly – don’t sit on questions you have – it could save your property! A proactive letting agent will deal with a lot on your behalf: legal requirements, repairs, paperwork, inspections and searching for the best tenants. You want that guaranteed income from your property, and a good letting agent will know this and work within their means to provide you with this peace of mind. A happy letting agent will usually mean the tenants are happy too – everybody wins.
You don’t need to look far for proactivity and great service
The fact is, iLet are offers these levels of letting agent services with the proactivity, local market knowledge and experience of the country’s biggest agencies. Fluctuations on the housing market? Not a problem. Our team of letting agents offer a personal service bespoke to your needs; we’re responsive and proactive.
Call us today to find out how we can help you with your property rental.