Letting agents have many benefits for landlords and property investors. They take care of the administrative aspects of renting a property, including rent collection, legal issues, and tenant contact. They also save landlords and investors time and money by reducing their workload. These benefits are often overlooked, but they do have many advantages. Let’s look at some of them. Read on to discover the many benefits of hiring letting agencies in Glasgow.

Having a good letting agent

There are several benefits to having a letting agent. Not only will they be familiar with your area and your local property market, but they will also know the legal obligations that landlords face. This includes gas and energy certificates, as well as other sensible precautions. These advantages can make letting an agent a worthwhile investment. Read on to discover the top three benefits of having a letting agent. You will be glad you did.

A good lettings agent will know how to advertise your property. If they only advertise on their website, you won’t reach the broadest audience. Having a presence on social media is another benefit. A good letting agent will be everywhere and will vet potential tenants. They also should know who to call for repairs. Good agents will have a red book of local tradespeople. Having an agent will reduce the stress of managing your property and let you earn more.

Background checks

Let’s start with a background check on the prospective tenant. Landlords usually ask for references from previous landlords, which include details of rent payments, maintenance and non-compliance issues. They should also ask for proof of income, such as pay stubs. If the applicant has not been able to provide such evidence, landlords may perform independent checks on their credit report and county court records. The background check should also cover the applicant’s past address history.

Landlords typically want to rent to people who are reliable and responsible, pay rent on time, contribute to the rental community, and keep the property clean. Although there is no way to guarantee these characteristics, background checks can provide important insight into previous behavior. Those prospective tenants who fail to disclose their past records may be at risk of eviction. Background checks can save landlords a lot of hassle and stress. Moreover, they will enjoy a higher reputation in the community.

Property management

Letting agents provide many benefits to landlords. They have the experience of dealing with the right tenants and can often find them more quickly than you can. A fully managed service guarantees rent payment. In addition, agents can handle legal requirements such as eviction, re-letting and termination. Most agencies also provide a 24-hour emergency call-out service for tenants. In addition to helping landlords to find tenants, letting agents can also help prevent property damage and infestation.

There are several costs involved in property management. For instance, you will have to pay the letting agent a fixed fee, which is attractive if you have a higher rent value to manage. Typically, letting agents will charge around 10% of the monthly rent or two weeks’ rent for their services. However, the fee is only payable if the property is let. Otherwise, they will not charge you a fee.

Legal advice

Letting agents work for the landlord and must act in the best interest of their client, usually the landlord. They must act in the landlord’s best interests, but they must also inform both parties of any personal interest they have in the transaction. Generally, letting agents must provide a written Terms of Business detailing the services they will provide, as well as any fees and cancellation rights. However, letting agents may also take on other roles, such as assisting landlords find an Assessor, which could be a good way to resolve any underlying issues.

Letting agents should have a complaints procedure, but if they do not, tenants should write to the manager of the letting agency. Describe the problem clearly, and explain your rights. Citizens Advice can help you understand your rights and find out if you’ve been discriminated against. When writing a complaint letter, make sure to include evidence to support your case. If the letting agent does not address your complaint within a reasonable time, you might have to take it to court.

Tax advice

Until recently, letting agents did not provide tax advice to their clients. Despite this fact, landlords often viewed letting agents as tax administrators rather than tax experts. While they did not require accreditation, the new legislation required them to obtain approval from HMRC. Having this recognition would make them seem credible and professional. In Wales, letting agents perceived the new scheme as a good fit, despite their reluctance to disclose personal financial information.

In addition to providing letting advice, landlords must also be aware of the changes to the tax relief on mortgage interest. The changes are likely to affect cash flow and tax positions for landlords between 2017 and 2020. For this reason, landlords should review their tax position and decide how they can best adapt their business to accommodate the changes. It is also a good idea to plan ahead for the future with regards to acquisitions and disposals.

Timely repairs

A letting agent’s timely repair service should be a key feature of their client-facing processes. Emergency repairs, such as faulty electrical connections, leaky taps, and tiles falling off the roof, should be dealt with as soon as possible. Routine repairs, on the other hand, shouldn’t cause too much disruption to the tenant’s daily life, but should be addressed as soon as possible.

Upon discovering an issue, tenants should immediately contact the landlord. If the problem is minor, tenants may be able to resolve it themselves, but if it’s serious, the tenant can also seek reimbursement from the landlord. If the issue breaches building or health codes, the tenant can contact local authorities, which may lead to fines and an order to remedy the problem. When contacting the landlord directly, tenants should document any correspondences they have had with the property owner.