Thu 21 Jun 2018 View all news articles

Why should I use a letting agent?

Increased access to information has encouraged more people to invest in the property market but should you use a letting agent or go private to maximise your buy to let returns?

KNOW YOUR MARKET

A local letting agent knows more about the local market than you could ever hope to.This can save you a fortune in the long term!

NEGOTIATING THE BEST DEAL
New tenants will attempt to get the best deal. They may try to play-off private landlords against each other and play hardball but using a letting agent can bring a level headed approach to discussions. Your letting agent can advise on the current market and short to medium term prospects.

REFERENCES AND BACKGROUND DATA
Buy to let investors who “go it alone” with regards to finding tenants are unlikely to have access to the same amount of information as a letting agency. Agents can gather financial statements, personal information and credit scores for individuals. References and background data should form the basis of any landlord/tenant arrangement so it is imperative this initial information is correct and as in-depth as possible.

STEPPING BACK
If you have equity in an asset it can be very difficult to control your emotions and remain detached. There is obviously a balance between being detached and actively involved but at some point human nature might be your weakness. Good letting agents work on figures, on percentages and on investment returns. They are obviously human and will go through the emotions but would they allow their emotions to cloud their judgement?

INVESTING IN BOXES
If you view all of your investments as “boxes” with nothing in then, there is no need for you to get emotionally involved. In the case of a buy to let investment, passing over day-to-day control to a letting agent allows you to focus on your strengths. When it comes to buying and selling “boxes” it is simply a financial calculation as opposed to buying and selling properties with which you may have an emotional attachment. While many people deal on “gut feeling” this is very different to emotion and many of us will be well aware that to become emotionally involved in any investment is dangerous.

As leading Wirral estate agents and lettings agents we have plenty to talk about and like to give our opinions on a few things too! Read about what we have to say, our latest news and industry news.