People ring every day asking us to find tenants to rent their investment properties. Many are either first time investment property owners, accidental landlords (IE. They may have inherited a property) or even experienced and savvy landlords who have owned a portfolio of rental properties for a number of years.
What’s common amongst all these landlords is that they need a professional agent who is an expert in letting properties and can simultaneously offer them total peace of mind.
There are essentially two ways to engage with an estate agent when it comes to renting a property. They are:
- Introduction Only: The estate agent markets your property, finds tenants, performs all the necessary checks during the tenancy application, draws up a Tenancy Agreement and simply hands over the tenants to the Landlord who then manages the tenancy going forward; and
- Fully Managed: The estate agent assumes the role of the Landlord. Some of these duties include:
- Issuing necessary documentation to the tenant before they take occupancy of the property
- Register the deposit with an Approved Tenancy Deposit Scheme
- Ensure essential certificates are in place EG. Gas Safety Certificate, Energy Performance Certificate, Electrical Installation Condition Reports etc.
- Prepare a Condition & Inventory Report
- Conduct mid-term inspections
- Follow up on rental arrears
- Collect rental payments and account for these
- Respond to tenant enquiries EG. maintenance and emergency repairs
- Keep abreast of statutory regulations EG. know the rules relating to evictions, safety, property inspections & Fitness for Human Habitation Act etc.
- Help with Landlord Insurance
Whether you decide to set up a tenancy on your own, instruct an estate agent to introduce a tenancy to you or have your property managed, it is worth considering which option is most suitable to your personal circumstances. You may ask yourself the following:
“Would you engage the services of an accountant if you need help preparing a tax return?”
“If you wanted to buy a house, would you see a solicitor or conveyancer?”
“Would you benefit from the services of a mortgage broker to find you the best possible finance package for your Buy-to-Let property?”
“How much do I really know about rental regulations and changes to the law? What are my Rights and Responsibilities as a Landlord?”
The accountant, solicitor and mortgage broker are all experts in their field and have undertaken the necessary training and continuous education to keep up to date with the latest regulations for your benefit. What value would you put for the service they provide?
Service at a cost
Professionals charge a fee for the services they provide and you should expect them to offer the latest and accurate advice. There is a fee for the services an estate agent provides for managing your investment property and in many cases, these can be classed as allowable deductions in your annual tax return. Always speak to a good accountant who can give expert advice depending upon your personal circumstances.
Help is at hand
At Nicholas Humphreys Sheffield (Broomhill & Crookes), we can help you with all matters relating to the effective management of your rental property. Nicholas Lambrou (Director) has 30 years’ experience in being a landlord here in the UK and abroad.
We can help you with:
- Compliance EG. gas & electrical safety matters
- HMO Licencing (including application for a HMO licence & HMO licence renewals)
- Tenancy Referencing – Right to Rent, Employment and Credit checks
- Drafting Tenancy Agreements containing the latest wordings relating to current rental laws
- Advice on seeking possession of your property
- Compliant registration of Tenancy Deposits
- Rental receipts and auditable statements for annual Tax Returns
- Maintenance by qualified professionals in the trade upon competitive terms
- And much more…
Contact us on 0114 470 4715 or e-mail at sheffieldwest@nicholashumphreys.com Our office is open 7 days a week from 8am to 8pm.
