What Is Involved In Letting Out A Property And Managing It?

Starting out
Renting out a property always posses a risk, and for some landlords handing over the keys to a stranger can be the cause of immense stress and worry.
Letting agents must carry out a variety of checks to ensure the property is ‘fit for human habitation’ and provides a safe and health environment. This includes possessing an understand of safety regulation such as furnishing (fire and safety) regulation, electrical equipment (safety) regulations, gas safety (installation and use) regulations, and the smoke and carbon monoxide alarm regulation for England.
Moving in
When a tenancy is agreed, the agent must ensure they provide the tenant with statutory documentation such as a current EPC, gas safety certificate etc. Failure to serve all of the correct documents at the start of the tenancy could jeopardise their chances of taking back possession of the property at a later date.
Agents are also required to provide a detailed inventory, or schedule of condition, which records all of the contents, fixtures and fittings of the property and their state of repair. It is crucial this is carried out thoroughly as any future claim on the deposit for dilapidations will rely on it as evidence.
During the course of the tenancy the letting agent will monitor the condition of the property and will liaise with the tenant over any repairs. Letting agents have a duty of care to both landlords and tenants, often acting as mediators between the two parties and calming the waters where necessary.
Money matters
All money received from the tenant must be handled correctly to protect the interests of both the tenant and the landlord, and an audit record kept.
If landlords live overseas then, as well as management of the property, there is also the Non-Resident Landlord tax to consider. Without an agent it would fall to the tenant to operate the scheme.
The agency as a whole must also comply with all of the relevant regulations, such as having client Money Protection to protect landlords and tenants’, and making sure the accounting runs like clockwork. They remove all the stress for landlords of chasing rent reconciling payments, paying contractors and tax. Agents are also on hand to guide landlords through the processes around the end of tenancy.
At the end of the tenancy there is a very strict process that must be followed to legally obtain possession of the property. The rules surrounding this process have been changing constantly over the last years.
THE ROLE OF THE LETTING AGENT HAS NEVER BEEN SO IMPORTANT, WHILE THE WORK INVOLVED IN LETTING AND MANAGING A RESIDENTIAL PROPERTY HAS NEVER BEEN SO INVOLVED.