For a new landlord, having a no-hassle, regular income and easy-to-deal-with tenants is the dream. When you’re building a rental empire from scratch, there are many rules and regulations to learn.
Finding good tenants at the right rental price can be hard work, especially if you are new to the buy-to-let market.
Laws and regulations for landlords include the Tenant Fees Act 2019, which outlines the fees landlords can charge and the renter reforms expected in 2026.
The Renters’ Reform Act aims to strengthen protections and make it fairer for tenants. Among other features, the new regulations mean limits on rent increases and changes to rules about no-fault evictions.
Upcoming plans for Energy Performance Certificate changes will involve additional costs for landlords, requiring all rental properties to have a rating of C or above. The government is also considering extending Awaab’s Law, which covers safety, to private rental properties.
The fact that being a landlord is becoming increasingly complicated with a lot of new laws ahead. According to reports, changes to rental rules are forcing some seasoned landlords to consider selling.
How can using an estate agent help?
A residential property agent can take the weight off your shoulders if you are time-poor or are new to the market. Some of the benefits of using an agent to help rent your property are listed below:
- An agent can assist with finding and vetting suitable tenants. This can include any references and credit checks that may be needed for peace of mind.
- They can deal with any search fees, security deposits and keep them safe until needed.
- A service can include monthly rent collection, and they can chase rent arrears. If a renter becomes a debtor, they can provide expert advice.
- They can create contracts, including terms and conditions, and ensure they are up-to-date with new rules.
- If the property needs regular inspections, an agent can provide this, as well as resolve deposit disputes.
- Some services include full management of the property, from advertising for a new tenant through every aspect of the letting process. They would deal with any issues or problems that arise.
- An agent will have the knowledge and experience to help a new landlord understand and navigate renting regulations. They can help clarify and cut through any red tape that might otherwise trip up a new landlord.
What fees do estate agents take for renting a property?
The fee an estate agent or lettings agent takes for a property covers their administration fees, insurance, taxes and staffing. The actual cost is dependent on the size of the property or number of bedrooms and the expected rental price.
You will also need to decide the level of service you want from the agent. Fees should always be commensurate with the service offered and an agreement should include what happens when a property is unoccupied.
The estate agent should be experienced and qualified to be able to talk you through options before you make a decision.
Speak to our highly experienced lettings staff at Moore & York to discuss your property needs.
