In this great article, guest author Harry Chapman of Marshall Vizard estate agents backs up what I have said before on this site myself. My top reason for using a good agent to manage your properties is so that you're not bogged down working in the business so that you can concentrate working on the business. Harry adds to this five more solid reasons...
Managing a property takes a lot of co-ordination. After you've done the place up, or indeed built it from scratch, the small task of renting it out is the last thing left on the list. Signing the agreement, however, is not the last time you'll see or hear from your tenants.
As with any field or venture, maintaining a high standard of service means a happy customer, but juggling that with the rest of your busy life can be a difficult task, especially if you rent a few properties out!
With all of the above in mind, here are 5 reasons why landlords employ estate agents.
The first thing that will strike most new landlords is that there's a lot to learn about legalities when property is involved.
As well as oodles of paperwork that's already drafted, approved and up to date with the latest legislation, estate agents will make sure that everything goes smoothly and is above board.
Your back will be covered from a legal perspective with the help of solicitors who specialise in property sales and letting, giving you peace of mind that you haven't missed some small print.
They'll also talk you through everything before you sign any dotted lines to make sure you're comfortable, and you understand what's involved in the agreements.
One of the biggest advantages of using an estate agent or property manager when you're selling or renting your property is that they have a great knowledge of the local area. It's their job, and in their best interest to keep themselves up to date on properties for sale, housing values and realistic market prices.
They will be able to use their established database of information to see what kind of people might be interested, what buyers or renters are looking for in a house, and how they can sell your property to the right people. In short, they've got the know-how to get your house to the right hands, for the right price!
Marketing your property, as we've already touched on in the last section, is something that not many individuals or organisations can do quite like an estate agent can. They invest a lot in making sure they reach the right audience, through the right means. Once they know who would be interested, it's time to make them take notice. A good estate agent will have lots of advertising ammo in their arsenal.
Agencies will have their own websites to advertise your property, but will also liaise with other portals and comparison websites to get the maximum reach and coverage.
Conventional methods such as erecting a sign at your property aren't to be underestimated either, most people will notice a nice house with a sign out, and providing the opportunity for a first-hand view of the home and the area is a powerful tool. Estate agents will have advertisements at their branches, as well as the possibility of adverts in magazines and local newspapers.
Hiring an estate agent means they will tackle everything that you would normally have to do yourself, taking the pressure off you and your already-busy schedule. They'll take care of organising viewings, phone calls and all correspondence with potential buyers and tenants.
The great thing is that they are always on hand to answer questions, and will simply give you a call to fill you in on any progress, noted interest and viewings that have taken place. They're also a great source of advice and feedback if you need any information at all.
Our final great reason why landlords employ estate agents is that you don't deal directly with the buyer or tenant. Driving a hard bargain is often tougher than you imagine, and while it's a great quality to have compassion and a kind heart, it doesn’t often get you far when it comes to negotiations.
An estate agent will be well versed in the songs of sell, sell, sell, and will always fight for the best deal. No more embarrassing haggles or awkward conversations, they'll do all the hard parts so you don't have to.
These are just 5 reasons why landlords hire the help of estate agents, but there are so many more that didn't make it onto the list. Employing an estate agent is sometimes seen as an 'avoidable cost', however the price you pay the agency is minuscule compared to what you may lose if you get a bad deal, or none at all, through your own efforts. This isn't to say that you won't do a good job on your own, but estate agents are the best in their field. They know buying, selling and renting like the back of their hand, and will always help you get the right price for your property.
This article was brought to you by Watford estate agents, Marshall Vizard. Harry Chapman has over 5 years experience within property and enjoys sharing his passion for property with others.