The last 18 months have been quite unprecedented for residential lettings both here in the North West and across the UK as, just like property sales, the number of prospective tenants far outnumbers the amount of homes available.
There has also been a noticeable increase in people becoming landlords for the first time as they take advantage of the historically low interest rates to either buy property specifically for letting or, rather than selling their own home when they move, decide to retain it and generate an income from rent.
With people relocating around the country, there are also examples of homeowners moving away yet retaining and letting their property here in the South Lakes and north Lancashire.
Understandably, the prospect of additional earnings from a rental property can sound very attractive especially, as many people choose, this is linked to future financial planning such as a pension. It’s also common for owners to think that renting their property is easy but the reality can be quite different, especially for anyone deciding to manage the myriad of associated duties themselves.
In a recent survey undertaken by Reapit and a subsequent ‘State of Lettings’ report, recipients from across the country highlighted the areas of property management that were most important to them, and why they valued these services from their letting agent.
Unsurprisingly, collection of rent came out highest in the survey, closely followed by screening of potential new tenants and arranging repairs to the property.
Paige McNaughton, director at Milne Moser Property Ltd: “The findings of the report certainly echo our experiences and will strike a chord with any existing landlords. With any rental property there will invariably be short periods of time when it stands empty, but a far worse scenario is when it is occupied but the tenant isn’t paying their agreed rent.”
“If there is a thorough appraisal of new tenants, with appropriate checks covering employment and financial position, and references from previous landlords, then issues with non-payment of rent shouldn’t be an issue. Experience does show that this isn’t always the case but having a fully managed lettings service means that the property owner can leave all this in the capable hands of their agent.”
Arranging repairs to a property is another area in which first-time (and even some experienced) landlords find a headache and something which, again, a comprehensive managed lettings service can alleviate.
“We all have experience of trying to arrange for a tradesman to come and fix a leak or blockage, broken window or damaged roof, for example. It’s hard enough when it’s for our own home, but compound that with a disgruntled tenant and that really becomes a challenge that we can all do without.”
“A common phrase that you may often hear is ‘let and forget’ which, for many landlords, is the ideal scenario: being able to leave everything in the hands of a trusted agent who will manage everything, with revenue from the property coming through in a timely manner.”
“Of course, there are management fees involved – something which Milne Moser will always keep these fair and competitive, with a service which offers unrivalled peace of mind for any landlord. Our team is highly experienced in the world of residential lettings and management with the added reassurance of having Milne Moser Solicitors on-hand for legal support, should they be required.”
In case you’re wondering, comprehensive legal cover also ranked highly for landlords responding to the survey.
The ‘State of Lettings’ report also highlighted property marketing for landlords, with nearly half reporting its importance to them, with the quality of professional photography and floorplans being a consideration.
Of course, there are still many long-standing landlords with either a single property or a modest portfolio who are well versed with what’s involved in letting residential property, but with ever-increasing legislation coming into play even the most experienced owners are now seeing the benefit of a fully managed lettings service.
In an article published on Estate Agent Today and authored by Reapit Sales Director, Tara Sparrow, she concludes “Ultimately landlords want to do as little as possible to get the maximum return on their investment(s) – and the data indicates that the easiest way to achieve this is with a professional service.”
Along with a Tenant Finder Letting Service for landlords who are happy to deal with their tenant once the tenancy commences, Milne Moser offer a fully managed letting service which, as you’d expect, encompasses:
- Tenant referencing
- Registration of security deposit
- Rent collection
- Regular inspections of the property (including three visits in the first 6-months)
- Arranging for repairs and maintenance
- Updating gas and electric utility suppliers
- Transfer of council tax liability
- Check-out of tenants at the end of the tenancy
If you’d like to find out more about Milne Moser’s residential lettings services, whether you’re a first-time or long-established landlord, or even just considering taking your very first steps into renting your property, then we’d love to hear from you.
Contact Milne Moser on 01539 725 582 or by email at lettings@milnemoser.co.uk for an informal chat and a market appraisal of your property without any obligation to proceed further.
Article References:
Why it pays for landlords to have a property manager
Estate Agent Today, July 2021
https://www.estateagenttoday.co.uk/features/2021/7/why-it-pays-for-landlords-to-have-a-property-manager
State of Lettings Report 2021
Reapit 2021
https://www.reapit.com/guides/state-of-lettings-2021/?utm_source=EAT-Editorial-Articles&utm_medium=referral&utm_campaign=MKT_Lead_Content_State_of_Lettings_Report_2021
Please note: these links are provided for your convenience to provide further information relating to this article. They do not signify that Milne Moser Property Limited endorse the website(s) and we have no responsibility for the content of the linked website(s).
