Many landlords perceive that the cost of using a lettings agent might impact their profitability; however, it is quite the opposite.
Presenting a well-managed property with comprehensive professional oversight can directly improve your bottom line. There are numerous advantages to using an experienced agent, not least avoiding vacant periods.
How to boost your rental property return
We adopt several strategies as a leading independent Kent lettings agent to proactively increase landlord earnings.
Defined rental property marketing
Property in Kent is in huge demand, particularly with professionals and families.
The outstanding schooling and career opportunities; along with travel links and living standards continue to attract tenants relocating from across London and southeast; as well as prospective tenants from the nearby areas.
CR Real Estate are one of the leading and independently established Kent lettings agents, and we recognise that how we market a high-value rental property is vital.
With a central base in Medway our lettings team applies targeted marketing techniques to attract excellent tenants. This ensures that you receive a premium rental value for your property.
Comprehensive inspections and inventories
We endeavour to maintain a positive rapport with every tenant; and schedule inspections regularly, at your tenant’s convenience. This is to ensure that they enjoy every aspect of renting your residence.
This service means we can respond and act quickly when we need to organise work. Obtaining comparable quotations from respected local tradespeople; and identifying when there are possible issues that need to be addressed.
Attention to detail is an important factor in tenant satisfaction. This means that the vast majority of our managed properties benefit from long-term, sustainable tenancies.
Accurate rental price assessments
Rental properties that have been available for some time are often priced at a static rental figure; increased perhaps marginally over time. Many landlords undervalue their assets and could be earning a far greater value. This depends on each property’s location, quality, sizing, position, and unique features.
Our lettings agents will review your rent; determine whether this should be adjusted; and provide local insights to rationalise any recommended changes in the rental charge.
Securing tenancies faster, and for longer
Private tenants are more likely to rent a property from an agent. As they have the assurance that they will have a nearby point of contact to ask questions; and deal with an accredited, regulated organisation. This preference allows us to develop relationships to support tenants moving to the area from further afield; and pass these benefits onto our landlord clients.
We regularly have waiting lists of pre-vetted tenants looking for local properties. We can accelerate the process by matching tenants with newly available properties in a very short timeframe.
Reducing landlord’s ancillary costs
Over the years, we have cultivated a strong network of contacts, from insurance providers to maintenance companies.
When a property requires repair work or a landlord is looking for a competitive buildings insurance quotation, we can often recommend a provider that will offer a superior price point, thereby saving on property management costs.
Three common reasons that Landlords lose money
There are three primary ways that profits from a rental asset can begin to dwindle.
1. Tenant Liaison
Negotiation is essential; if you have a difficult decision to make, or disagree with a tenant about any element of your property or their tenancy. Disputes, late payments, conflicts and rental arrears are the prevalent cause of landlord losses.
2. Regulatory Mistakes
Over the last two years, there have been many legislative changes. This includes eviction bans, which you must comply with as a landlord. Tenants should be well informed about the regulations surrounding private tenancies; and making an error (even innocently) can be extremely costly.
3. Excessive Maintenance Expenses
All rental properties require general upkeep; but falling behind with gas and electrical safety checks or not inspecting a property until extensive damage has been done can incur large reparatory costs.
A lettings agent is responsible for finding high-quality tenants; but can also assist with managing legal obligations, keeping in regular contact with existing tenants; and acting to preserve the value and integrity of your rental home.
Risks of self-managing a rental property
Independent rental property management is certainly possible; but requires continual communications, assessments, and commitment to upholding property standards to retain the best tenants.
As every landlord will know, there are multiple business considerations to be aware of:
- Setting up an appropriately compliant deposit retention scheme.
- Following the correct processes to end a tenancy if required.
- Conducting thorough inventory checks.
- Organising end-of-tenancy property inspections.
- Dealing with maintenance work.
- Managing tenant queries, requests and potentially complaints.
There are now over 400 rules and regulations related to managing private residential rental properties. All in which include fines for non-compliance or breaches, even when unintentional.
The fundamental risk of self-management is that any one of these requirements is missed or lapses; resulting in financial losses and reputational damage.
Advantages of using an established local Kent lettings agent
Our lettings services depend on the support you require; and are always customisable. We have a management package to suit you; whether you’re looking to improve your rental property profitability or deal with specific challenges. We deal with everything from tenant searches, background checks and deposit management; to full ongoing control over collecting rent, liaising with tenants and ensuring your property runs smoothly.
CR Real Estate focuses on exceptional quality at every turn; commanding favourable rental returns for high-quality Kent properties. As well as providing a fantastic service for tenants looking for a beautiful new home. When correctly managed, we believe that many rental residences have the potential to be more profitable than they are.
For further information about analysing your rental rates, improving returns, and elevating the quality of your Kent rental assets; please get in touch with our Lettings Team for advice from the local specialists.
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