Towards the end of 2023, statistics were able to show us that the demand among renters for towns and areas outside of London has remained as high as ever. And with Romford well positioned to bridge city living with the vast stretches of rural Essex and the countryside beyond, it seems as if demand across Romford is particularly high.
This is bolstered by the fact that Romford does not have an endless supply of rental properties and opportunities for incoming tenants, meaning that supply always outweighs demand, thereby increasing rental prices and competition. For landlords who are able to step in and fulfil this demand, Romford is a promising location in which to continue offering properties to rent.
So, what role do letting agents in Romford play, in supporting this growing market?
A letting agent essentially becomes your property manager, helping you navigate the various steps to take an empty property and turn it into an income stream that helps pay the mortgage or funds your life elsewhere.
This starts with a thorough assessment of the property, upon which we will outline what we believe is a fair rental price to ask of tenants. Once we have agreed on the rental price and terms of tenancy, we will take steps to market your rental opportunity in all the right places, before facilitating viewings for prospective tenants.
Throughout the process of finding, onboarding, and then managing the day-to-day demands of tenants, a letting agent acts as a middleman, removing the stress from your shoulders and ensuring a structured and professional experience for tenants.
With Romford’s rental market only continuing to grow year on year, as more and more families, commuters, retirees, and couples look to bridge convenience with flexibility and the blend of city and country landscapes, there are several benefits to engaging with a professional letting agent.
The first is that a letting agent will keep you, as a landlord, informed of changing market trends and of the rules and regulations that you need to adhere to. We know how complex the market can be for landlords, which is why we produce guides on how to safely manage a property, support in arranging contracts, and hands-on advice in dealing with challenging conversations.
A letting agent will also take on the task of filling vacant properties, creating compelling adverts, facilitating viewings, fielding applicant questions, and interviewing tenants until the right one is found. Whether you manage one rental property or several, outsourcing the admin makes your life infinitely easier.
Finally, a letting agent keeps you informed of competitor rental rates and ensures that your rent is always well-priced within the local area. In Romford, rental prices only seem to be increasing with each quarter – however, keeping an eye on this market will ensure you remain ahead of the curve.
At Balgores, we work with landlords across Romford and beyond, securing the best tenants who can call their property, home. Get in touch with us to learn more about our services and how we could support you.