Today, people are making decent passive income from letting their investment properties or holiday rentals. If you are considering letting your property, you have two options: short-term or long-term lettings. Sure, you can use online letting platforms to upload a listing, but often, without paying a marketing fee to these platforms, your property may sit on the market for a long time. However, by using professional Cardiff estates and lettings services for both short-term and long-term rentals, homeowners can enjoy a lot of benefits. Let’s learn some of the major pros and cons of using professional letting services for short-term and long-term lettings.
Letting services pros and cons for short-term lettings
Pros
- Professional Management
If you own many rental properties, managing all of their maintenance prospects, finding tenants for them, and collecting rental fees from all of them can be a rather time-consuming process. Fortunately, professional Cardiff estates and lettings services are available for you to provide a high level of management, even for short-term lettings. They can handle tenant screening, bookings, maintenance, and cleaning between stays; all fall into their responsibilities.
- Increased Occupancy Rates
Using professional letting services can boost occupancy rates, so your monthly income source from all your rental properties doesn’t seize. They have access to a larger pool of potential tenants in their network, so there would be less downtime between bookings.
- Marketing flexibility
Landlords who don’t have time or resources to manage marketing their rental property themselves can use professional Cardiff estates and lettings services. They have the marketing expertise to attract more tenants, improve their property’s visibility online, and manage landlords’ properties. This offers landlords more control over the property use and generates rental income.
Cons
- Higher fees
In comparison to long-term lettings, short-term professional lettings services may charge more since there is more tenant turnover. The fees may include a percentage of the rental income and any higher services they provide for extensive management.
- Less control over the rental process
Landlords have less control over the rental process, like tenant screening, or more hands-on involvement in the rental process.
- Reduce rental income
Reductions in the overall rental income if professional letting services charge a high percentage. So the landlord may not be able to achieve the desired ROI.
Letting services pros and cons for long-term lettings
Pros
- Screening tenants
If you are leasing long-term tenants, it’s given that you do proper tenant screening to know their reliability. Professional Cardiff estates and lettings services can provide tenant screening processes to find you good and responsible tenants.
- Less vacancy period
Professional lettings services can provide expertise on local rental markets, so landlords can have ideal rental rates for their properties. They can help with reducing vacancy periods of your property by marketing proactively and finding new tenants spontaneously when the old one leaves.
- Professional management
From rent collection to dispute resolutions, professional lettings services for long-term rentals can handle the tasks with expert knowledge. So you won’t face any legal issues and will build a healthy community.
Cons
- Expensive charge
Professional letting services can charge high for all their comprehensive management and maintenance services. This is typically a percentage of the rental income.
- Limited flexibility
There would be less flexibility for landlords to use their property for personal or other purposes during the rental period. Moreover, Cardiff estates and lettings services may not prevent all risks, such as tenant damage, non-payment of rent, etc.
Various factors might be associated with deciding whether it’s worth using the professional estate and lettings services for short-term or long-term letting. Your financial goals, time commitment, or experience in managing rental properties all are crucial for deciding whether to use professionals or not. Consider a letting service provider who charges a reasonable fee from the overall rental income to provide you with valuable expertise and assistance.