Short on time or industry knowledge? From finding a tenant to managing the tenancy, letting agents are valuable resources for landlords both old and new, say the experts at Belvoir

“Whether you're new to the industry or already a successful landlord with a growing property portfolio, the services of a letting agent can be an important source of help and support,” says owner of Belvoir Wrexham Vaughan Schofield.

“A reputable agent will have an overview and comprehensive knowledge of everything that's going on within a tight-knit geographic area. They will also be able to offer guidance with regards to legal compliance of a rental property, set up the tenancy and then run all aspects of that tenancy for you.

“Utilising the services of a good letting agent has many benefits for the tenant too,” he continues.

“With an agent on board a tenant can feel safe in the knowledge that the property they are renting is legally compliant and a safe place to live. They will also know that any action a landlord wanted to take would be moderated by the agent to make sure that it was fair and legal. And, if a tenant was in a predicament of any kind, an agent would be able to offer advice as where to go for help in order to alleviate the problems they were currently encountering.

“Likewise, if a tenant had emergency maintenance issues, we're only a phone call away.”

Under management

Levels of service and management will differ from agent to agent but what specific day-to-day services can a landlord generally expect?

“A letting agent's work starts before a tenancy even begins,” explains Vaughan. “We can market the property to the widest possible audience, offer advice on how to best prepare that property for market, organise and execute the viewings, source contractors to make sure the property has the correct certification, carry out credit checks and references to mitigate any risk to the landlord, draw up the Tenancy Agreement, take a thorough inventory of the condition of the property, plus register the deposit lawfully on behalf of the landlord.

“During the tenancy our work continues,” he says. “We will regularly visit the property to ensure that the tenant is living within the terms of their Tenancy Agreement and no maintenance issues have arisen. Plus, we will carry out the check out, comparing the condition of the property to the inventory we carried out at the beginning of the tenancy.”

Troubleshooting tenancies

In addition to their day-to-day services a letting agent can become particularly valuable if something was to go wrong.

“A much underestimated benefit of an agent is that they can become a communication firewall between the landlord and tenant should something go wrong during the tenancy,” says Vaughan. “Some landlords find difficult conversations particularly uncomfortable and it can sometimes prove easier for an objective third-party to take over.

“They can also advise you on your legal rights and make sure issues are dealt with fairly, swiftly and within the law.

“Importantly, if we're involved early enough we can help to ensure potential problems are avoided in the first place… and this will always be the best solution to problem-management.”

Portfolio potential

If you're looking to grow your property portfolio an agent can help here too.

“Whether you're looking for incremental growth or yield from a property, an agent will be able to help you find your next investment,” says Vaughan.

“We know what's available on the market, plus which properties are due to be offered shortly. We also have wide and up-to-date knowledge of which areas are good for investment and what represents good value.

“Before a purchase is even made we can also give an indication of potential rental income and possible outgoings so you can create a very real calculation about profit and costs.

“An annual or bi-annual meeting with your agent is advisable to make sure you're not missing any potential opportunities to grow your portfolio and maximise your overall investment.”

Special agents

As each letting agent will offer their own specific set of services and level of support it's important to research the local market before you commit.

“Working with the right agent for you is vital,” says Vaughan. “Each will offer different benefits so it's important that you know which services are going to be essential for your circumstances and choose accordingly.

“Never choose purely on price alone. Find out exactly what level of service you can expect for the fees asked and make sure that all of your needs will be covered.

“Also, ask the question about how your money will be protected. For example, is the agent a member of SAFEagent or NALS? Also, are they currently registered with the Property Ombudsman?

“For a general overview of customer confidence and reputation additional information can be collected by looking at online reviews and finding out about any industry awards they have won.

“It's important, too, to meet each of your short-listed agents in person. There has to be some kind of personal rapport, trust and confidence between the two parties. The agent is going to be entrusted with the keys to one of your biggest assets and if you don't respect, like or have a positive rapport with your chosen agent the relationship is not going to work.

“If you're thinking of purchasing a buy to let property short-list your chosen agents at the first possible opportunity – their advice and display of knowledge at the beginning stages of investment will give you a huge insight into who you should go with, plus enable you to plot a very clear economic path to make the right purchase for you.”

To find your nearest Belvoir office, visit their website at www.belvoir.co.uk

 -ENDS-

NOTES TO EDITORS

• Belvoir was founded in February 1995 by Mike and Stephanie Goddard. Its Central Office is in Grantham, Lincolnshire.
• Mike was chairman of the bfa for three consecutive years and is currently the Chief Executive Officer of Belvoir. Dorian Gonsalves is Chief Operating Officer. Dorian sits on the Board of The Property Ombudsman.
• Belvoir is recognised as the largest property franchise network on the High Street, with over 300 offices nationwide.
• Belvoir was officially awarded the Best Lettings Agency Franchise – Gold Award at the 2016, 2015, 2014, 2013, 2012 and 2010 Lettings Agency of the Year Awards in association with The Sunday Times & The Times. Belvoir also won the Silver Award in 2011.
• Belvoir was voted Best Large Lettings Chain at the Estate & Letting Agent Awards (ESTAs) 2013, which was hosted by Phil Spencer, and won Silver in 2014 and 2015. Belvoir has won Brand Builder of the Year at the bfa Franchisor of the Year Awards 2011 and Best Marketing Campaign of the Year at the Franchise Marketing Association (FMA) Awards 2011.
• Belvoir is a founder member of the SAFEagent Kitemark scheme, which is fully supported by NALS. SAFEagent promotes client money protection (CMP) and provides consumers with a clear message on those agents they should do business with.
• Belvoir successfully listed on the AIM market of the London Stock Exchange on 21st February 2012. 

For further information, or to request an interview with a Belvoir expert, please contact Sanchia Gorner, tel: 01780 749049/07912 558308 or email: sgorner@bylinesuk.com