Could a managed letting service save you money? Could a managed letting service save you money?

Could a managed letting service save you money?

As a landlord, you have a lot to think about, and whether you are highly experienced or just starting out, there is always something new to learn.

No. 4832 from our magazine|2 min read| Published in Magazine on 19 June 2024 by our Marketing Team

As a savvy investor in property, you understand the importance of keeping costs down. Managing one or more properties can be a full-time job, and with so many potential pitfalls looming, a managed letting service could save you time and money.

Less time-consuming

Paying a monthly management fee for a fully managed service or even a one-off payment for a tenant-finding service may feel a bit counterintuitive. However, the saying time is money really rings true in the property industry. Arranging and conducting viewings, tenant referencing, property inspections, maintenance, and rent collection are not tasks you want to rush. Leaving this in the capable hands of a good letting agent frees up your time and reduces the opportunity cost for your other business or career interests and leisure time.

Legal fees and fines

It’s important to keep your property compliant and the reality of failing to do so could mean serious financial consequences. Worse still, if you put the health and lives of your tenants at risk, it could mean eye-watering fines or even imprisonment. Safety certificate breaches, illegal eviction, not protecting a tenant’s deposit, and failure to obtain the correct licenses and permits are just a few reasons why you could face penalties, and it’s worth noting that some of these fines have no ceiling. Letting agents could help you keep your property on the right side of the law, preventing these sorts of shortfalls from occurring.

Achieve better rents

Using a local-based lettings management service offers many advantages. One such plus is their local market knowledge. This is useful in getting to grips with and keeping on top of how much rent to charge. A good agent will also offer suggestions for improvements or tweaks that could increase the amount of rent you could charge. This is something you could use with a basic package if you choose a part-managed letting service, sometimes known as a tenant-find service.

Property maintenance

A fully managed lettings service takes care of perhaps one of the most potentially awkward and time-consuming aspects of managing your property. Many offer a 24/7 emergency maintenance service, which is a big draw for tenants. Preventing small issues from becoming large, expensive refurbishments, could save you thousands. It’s also important to address the niggling things that keep tenants happy, so you do not have void periods—an empty property does not pay the rent. Carrying out essential work with the right contractors who have a better understanding of rental properties, is often another benefit of using a managed letting service’s maintenance team.

Choose the right level for you

A fully managed service could take care of everything from viewing to notice proceedings, including a final inspection and handling the return of your deposit, as well as everything in between, such as property maintenance. That said, you may opt for a more rudimentary level of service, such as a tenant-finding service. You could also add to this with a rent collection service, which means property maintenance would be down to you. It’s always worth talking to your local agent to see if they can tailor a package that suits you and your budget.

Contact us today to explore our range of managed letting services

This article was originally published by BriefYourMarket and is reproduced here with their permission.

For more company news and insights from Pygott & Crone, click here

Members of the Relocation Agent Network

Part of a network of agents

We work with other trusted estate agents across the nation

Latest news

10 selling tips to make 2025 your year
Magazine | 2 December 2024

10 selling tips to make 2025 your year

If you are considering selling, this could be your year, as the UK property market has made significant progress in 2024.

Adding more to your home for less
Magazine | 2 December 2024

Adding more to your home for less

Adding value to your home doesn’t have to be expensive or time-consuming.

How to keep your property safe over the holidays
Magazine | 2 December 2024

How to keep your property safe over the holidays

Whether you are staying put or moving, the last thing you need is a break in.

How to renew your tenancy agreement
Magazine | 2 December 2024

How to renew your tenancy agreement

Renewing a tenancy agreement can be a straightforward process if approached correctly by both the landlord and the tenants.

Chat live

Chat live with a member of staff

Please provide your name and email address to continue.