Lettings management in Cambridge isn’t always straightforward. One of the biggest questions: is it cheaper to self-manage your property or use a letting agent? Find a comparison here.
Let’s break down each stage of the tenancy lifecycle
Marketing your property
You could write your own property advert. Or one of our property experts could do the legwork for you. That includes professional photography, floor plans and walk-through videos. We also list our rental properties on all major property portals and send alerts to our captive audience of house-hunters.
Cost of self-managing: 2-10 hours of your own time | £0
Cost of using Belvoir: 15 minutes to sign off advert | £0
Enquiries and viewings
The rental market in Cambridge is fiercely competitive. Your advert will likely attract a lot of enquiries. It takes time to even read them all, let alone reply – and that’s before you have started trying to arrange viewings. Do you have time? Do you know what makes a good tenant? We do.
Cost of self-managing: 10-15 hours of your own time plus the potential cost of leaving work to conduct viewings
Cost of using Belvoir: £0
Prospecting tenants
From February 2016 it became compulsory to make sure tenants have the legal right to work in the UK. You should also complete credit and reference checks. A good agent has the knowledge and infrastructure to conduct the various checks in a snap.
Cost of self-managing: c. 10 hours of your personal time + financial risk
Cost of using Belvoir: £125.00
Tenancy agreement
The ability to evict tenants, reclaim unpaid rent and extract funds from the damage deposit depends on having the right type of tenancy agreement. Do you know which type of agreement you need? Is the template agreement you have found online legally watertight? We can give you peace of mind that your agreement is 100% compliant with the law.
Cost of self-managing: c. 10 hours of your personal time + financial risk
Cost of using Belvoir: £125.00 (included with tenant prospecting and credit/reference checks)
Inventory and damages
Likewise you would not be able to take money from the damage deposit without a detailed inventory that had been signed by your tenants. We compile inventories week in, week out – and can even help you to prepare for small claims court in the event of a dispute.
Cost of self-managing: c. 10 hours of your personal time + financial risk
Cost of using Belvoir: £135.00
Arranging insurance
It goes without saying that you want to protect your finances from the unexpected. But do you know how to find landlord-specific cover that’s relevant to your property? Our in-house policies can be modified for your specific circumstances – and if you need to claim we take care of everything.
Cost of self-managing: c. 1 hour | £ based on quote + financial risk of wrong product
Cost of using Belvoir: £ based on quote
Managing and maintaining your property
Chasing late rent, checking up on the condition of your property – it all takes time. Let with Belvoir and you get a dedicated property manager, who takes care of everything related to your property and visits quarterly. We even handle things like noise complaints on your behalf.
Cost of self-managing: 15+ hours | £0
Cost of using Belvoir: £0 (included in management fee)
Repairs
When repairs are required, it can help to have an intermediary. For starters it lifts you from the burden of being at the end of a phone 24/7. Secondly we can manage the process of charging repairs back to your tenants – if it was their fault – without things getting awkward. Finally we can ensure your repairs are completed by reliable, accredited and insured professionals, who charge fairly.
Cost of self-managing: 15+ hours | £0
Cost of using Belvoir: £0 (included in management fee)
Serving notices and evictions
What happens if you need to evict your tenants? It can be invaluable to have an experienced lettings expert on your side. We can provide reliable advice on your legal position with problem tenants, and often find that tenants are more receptive when a company is chasing them, rather than a private landlord.
Cost of self-managing: 20+ hours | £ potential court fees
Cost of using Belvoir: £0 (included in management fee)
Reducing tenant voids
The longer your property is unoccupied, the more money you lose. We have the capacity to prioritise the process of sourcing new tenants for your property – leaving you to concentrate on your job, relax with your family or both.
Would you like some free advice?
Cambridge has one of the highest proportions of renters in the country. With the forecasts of both employment and population growth, demand for rented accommodation in Cambridge will remain high. We can help you capitalise on the opportunity.
As an expert in Cambridge lettings we are well-placed to discuss your ambitions for your lettings business. With a free market appraisal we can put you on the path to maximising your returns as a landlord.
Please feel free to contact me directly if you would like to talk.
You may also be interested in:
>> How to maximise rental income in Cambridge
>> Can you change letting agent as a landlord?
>> 13 legal obligations you must abide as a landlord
Georgina Gray
Sales Manager
Georgina.gray@belvoir.co.uk
01223 352225
Georgina Gray is Belvoir Cambridge’s Sales Manager. With close to 10 years experience of working in the Cambridge property market, Georgina understands all of the unique advantages of this historic city and is passionate about helping vendors and buyers alike. If you’re thinking of selling your home here in Cambridge then give her a call for a free no-obligation valuation.
