A number of private landlords in Swansea let their property successfully without the help of a professional letting agency. However, as legislation becomes increasingly more stringent, errors can be made which result in loss in income through expensive mistakes.
Problems can also arise when it comes to creating the correct paperwork and in the right order, correctly dealing with deposits, robust referencing and other issues which can leave the landlord exposed.
Tenant Deposit Scheme
One of the key areas where landlords can fall foul of legal requirements is when it comes to the registration of deposits into a legitimate Tenant Deposit Scheme, such as the Deposit Protection Scheme (DPS) and provide the tenants the required Prescribed Information to go with it.
Many Landlords are still not aware that serving the Prescribed Information is just as important as protecting the deposit. If the tenant hasn’t been served the Prescribed Information within 30 days of the deposit being received, they can still claim 3 times the deposit in compensation from the Landlord as with not protecting the deposit.
To avoid having to repay excessive amounts back to tenants, landlords are best advised to use the services of a local Swansea lettings agency for the peace of mind and security that they can offer.
Finding the right Swansea Letting Agency
Before signing up with a Swansea Letting Agency, it is important that landlords ensure they are the correct ‘fit’ and ensure that they are a member of a professional body such as the National Approved Lettings Scheme and SAFEAgents; they should also be registered with the Property Ombudsman (Lettings) scheme and the Deposit Protection Scheme. These accreditations and memberships are important because they mean that the Swansea Lettings Agency is bound by the codes of conduct set out by these organisations and protect landlords’ money and property.
Landlords should also ask for references from current landlords, such as testimonials, rather than just relying on information provided directly from the lettings agency itself. Property owners should also establish up front what fees will be charged and ensure that there are no hidden extras.
Benefits of using a dedicated Swansea Lettings Agency
The main benefit for landlords opting to use a dedicated Swansea lettings agency is that they can offer expert advice when it comes to the rental property market as well ensuring that all legal requirements are met whilst not being distracted by sales. They will also be experienced when it comes to sourcing and dealing with tenants appropriately.
What’s more, in most instances, letting agency fees and commission can be offset against a property investor’s taxes.
As mentioned, there can be a number of pitfalls for landlords attempting to manage their own rental properties. A letting agency will ensure that their clients are not exposed to any undue risks and keep on top of all changes to legislation which, even experienced landlords can sometimes struggle with.
Letting a property, dealing with tenants, arranging viewings and sorting out all of the paperwork is very time consuming and can be extremely stressful if anything goes wrong. Landlords who don’t have much spare time on their hands are best advised to appoint a letting agency rather than put themselves through the ringer by trying to manage everything themselves.
Property maintenance is also hugely important to property landlords and most don’t want to be at the end of a phone line dealing with tenants’ with issues and problems in the property. Not only will a professional letting agency in Swansea be able to manage these issues but they will also have access to quality to quality tradesmen who can deal with issues quickly and efficiently.
Finally, just because a landlord is using a letting agency, it doesn’t mean that they have to give up all control. Many professional letting agencies, including Swansea-based McCartan Lettings will always consult with their clients before proceeding with any major decisions with regards to the tenancy and maintenance issues.
For more information about McCartan Lettings services to property landlords, you can contact them on: 01792 430100 firstname.lastname@example.org