Inexperienced landlords and those planning on renting a private property out for the first time have been urged to seek professional help from a letting agency in the latest Landlords Survey, issued by the Results Association of Residential Letting Agents.
The Survey paints a positive picture for 2011, with the number of residential landlords selling a property increasing by 2% in the last quarter of 2001 (from 6% to 8%) . The number of landlords investing in a new property also increased by 2% from 23% to 25% in the same quarter. In some areas, activity was frenetic, with 31% of respondents in the North West of England reporting at least one property purchase during the year with 11% also selling on a rented home. However, despite these figures, the ARLA predicts a less active 2012 and the report recommends inexperienced landlords do lots of research before buying and shop around for expert help to ensure any investment in buy to let property is well protected.
The recommendation from ARLA has been well received by online lettings agency, I Am The Agent, which offers a number of services to landlords. It has reported an increase in the take up of its fixed fee property management package in the last three months, suggesting landlords are heeding advice to place as many safeguards as possible on the value and state of their private rented property.
The fixed-fee property management service gives landlords peace of mind that day to day tasks such as rent collection, dealing with rent arrears and property repair are professionally taken care of. Rebecca Peach from I Am The Agent said, “Knowing your legal rights as a new landlord can be a bit of minefield so when problems such as rent arrears or damage to property crop up, they are often not dealt with as efficiently as they could be by an inexperienced landlord. Ensuring the property is well maintained and that rent is collected in a timely fashion is the best way to safeguard what is often a sizeable investment, particularly for those new to the private rental sector. The small monthly fee of £60 is fixed, making it easy to budget for, but is often worth its weight in gold when it comes to time saving and the assurance that the rental is being professionally managed.”
A second way to protect any investment in a buy to let property is to use a service that makes finding suitable tenants easy. I Am The Agent’s fixed price packages include a rent a property online service from just £99. The house or flat is showcased on property portals such as RightMove, Globrix and Prime Location with all tenant enquiries filtered through an easy to use online system. Significantly, additional services can be added on as needed including the drafting of legally biding tenancy agreements, accompanied viewings and extensive four point tenant referencing.
Ms Peach added, “There is a lot of background work and paperwork involved in letting a private property with tasks such as credit checking and referencing best left to the experts. They really are the only way to ensure that you’re handing the keys to the most suitable tenants, reducing the risk of costly problems further down the line.”