I currently own or lease just short of 35 units and have a great CRM system - Arthur Online - set up to mean that I could manage all of these units myself. Many people have advised me of the money that I could save if I did just this and not rely on my letting agents.
But what they don't consider is the money, time and hassle that I save by working with my letting agents - Hackett Property (www.hackettproperty.com).
I get so many benefits both obvious and not so obvious, from having superb letting agents on my team and so benefit hugely from this relationship. It is important to point out that my letting agents are particularly good and so these next points may not ring true to all landlords. But if that's the case then I would suggest looking around for a better company! Here's a list of the benefits I gain and the reasons I consider them to be a key part of my Power Team:
1. Finding tenants
This may seem like an obvious point but many many letting agents struggle to fill rooms especially through periods like COVID. My agents have a good reputation throughout Sunderland with a range of different demographics including students, professionals and families and are proactive in advertising properties. As such I have had very few voids over the last few years and have been hardly affected throughout COVID.
I am often advised of how easy it is to write tenancy agreements, run reference and credit checks and deal with monthly statements, and whilst this may be the case it all takes time especially when you are dealing with many tenants. To have all of this dealt with by people that know far more than I do and have more experience frees up my time and means that I don't have to worry about it being done well.
3. A sounding board
There are many times in my property journey where I have doubts and am unsure whether to proceed. Being able to pick up the phone to my letting agents and gain their perspective is invaluable. Again, good letting agents should know your area better than you do and should have been there with most tenant issues and therefore be able to offer advice from a background of knowledge and experience.
4. Leads on new properties
My letting agents will often call me about properties coming onto the market or landlords who might benefit from talking to me about me leasing their properties. These leads add to my marketing and greatly expand the number of people that my business can reach. They also provide a great route to other contacts with developers, investors, landlords and potential tenants.
5. Gaining reputation
My letting agents experience first-hand, the high quality of the houses that I own or lease and the high quality of the service that I provide to my tenants. As such, they speak of me to other people and because they also are well thought of, this benefits my reputation more than anything I could advertise myself.