Unless the individual is a full time landlord or works in the property industry for a living, chances are the landlord will be busy with their day job, family, hobbies and other things. Letting Agents work in property day in and day out and stay on top of changing industry laws, tax and other regulations which in turn will better help the landlord stay compliant which is especially important when it comes to the letting and management of HMO accommodation.
Being a landlord is equal to running a (small) business. You provide a product (the property) as well as a service (the ongoing management of the property). To get the most from a student property investment the landlord should therefore approach it in a business-like manner. This includes but is not limited to reliable and speedy communication with your tenants, fast organisation of maintenance and repairs, timely deposit returns, professional arrears chasing and debt repayment negotiation, receipting rent and administering invoices for year end tax reports and other business-like processes. These are all processes and procedures a student letting agent can provide to landlords in a professional manner.
Disputes can arise between landlords and tenants and it is definitely helpful to have a 3rd party involved to manage the situation. It can be equally beneficial to have a Letting Agent involved if things are going well between tenant and landlord to ensure the relationship stays professional and neither side slacks off when it comes to their responsibility to pay rent on time or get maintenance organised efficiently.
If you are a landlord or student and need help with your property needs feel free to contact our team via info@student-haus.com and they’ll be happy to help!