At Switch Plan, we strive to ensure that landlords and tenants alike get the best possible deal on their energy. But if you have a rental property (or are thinking of investing in one), you’ll likely have already realised how misleading the term ‘passive income’ is. Private landlords have a lot of obligations to their tenants and to their properties. From keeping the property in good condition and safe for habitation to ensuring that the property is constantly occupied and generating income for you.
Letting agents like Edinburgh Letting Centre can make the life of a landlord easier and more profitable. You can take a look at their website here. Let’s take a look at some of the reasons why you should consider using a letting agent for your investment property…
They take charge of the viewing and application process from end-to-end
Most landlords juggle their duties alongside a full-time job. And this can be extremely difficult. Especially during the application process. Viewings need to be conducted, applications need to be administrated, and background / income checks need to be carried out. This can be very time-consuming and stressful. Especially if you’re unfamiliar with the process. A letting agent, however, can manage this process for you from end-to-end so that it doesn’t impinge on your limited free time.
They make it easy to find reliable tenants
A vacant property is every landlord’s worst nightmare. If you don’t have tenants living in your property, it can quickly become a money pit. But in your zeal to fill your apartment, don’t make the mistake of accepting anything less than reliable tenants that will treat your property with the respect that it deserves.
Fortunately, a letting agent like Edinburgh Letting Centre or your local equivalent, takes the legwork out of finding reliable tenants. They provide credit checks that are carried out by an independent credit search agency, and can source income and accommodation references for your peace of mind.
They help to make compliance easy
Landlords need to stay abreast of an ever-changing legislative landscape in order to ensure that their properties are legally compliant. One recent example is the necessity of Electrical Installation Condition Reports reports every 5 years. The cost of non-compliance can be devastating. A letting agent can help you to negotiate compliance issues, and ensure that your property is unimpeachable in the eyes of the law.
They help to ensure that your property is protected
Finally, a letting agent can ensure that your property is protected and give you lasting peace of mind throughout each tenancy. Most will have a full management option that includes taking a detailed inventory, carrying out interim inspections every 3 or 6 months, and final inspection at the end of each tenancy. So you can be assured that even in your absence, your property will be as you left it throughout each occupancy.