Letting Agents Simplifying Property For Landlords

Letting agents are people who facilitate an agreement between a tenant and a landlord

for a certain amount of fee, mostly a percentage of the rent paid yearly. They primarily deal with landlord and private individual tenancies. They introduce a tenant to the landlord, charge the tenant an administration fee prior, probably collect the rent from the tenant for a commission, and offer full management. It is extremely beneficial to use a property agent since it has many advantages attached to it. These include;

While an agent is helping you look for a prospective tenant, you can use the time saved to do other things such as charity work or run other errands.

They guarantee you rent just in case the tenant does not pay.

They can feature your property on famous websites that are not available to private landlords.

They can give you advice on maintenance and repairs so that you ensure your property retains its value.

They will always negotiate a satisfactory rent for you since they get a commission from it, since the higher the rent, the bigger the commission for them.

They reduce the fee significantly if the tenant they found stays for a longer term. This works to your advantage.

You end up with more access to tenants than you could have on an individual basis, with the help of an agent.

They help you with tenant vetting. Letting agents have more access in running checks on prospective tenants, and are able to eliminate tenants who can cause trouble and leave you with the good ones.

They will help you secure payments and deposits. They will advise you on whether the deposit should be given back to the tenant once they leave, depending on the state of your property. Many landlords use a letting agent just to carry out the initial let. Letting agents offer two levels of service to landlords. The first is commonly known as the let only; the other is a full management service. The former employs the letting agent to carry out the ten basic steps outlined earlier. In essence they:

Produce letting particulars of a landlords property for marketing purposes, part of this involves a rental assessment which gives the landlord an idea of its rental value. This rental assessment can be useful for a novice landlord who may not be familiar with the lettings market or a landlord that lives away from the area where the landlord has bought and therefore does not know the local rental market. For experienced local residential property investors, these landlords will know the rents they can achieve and the rental assessment will have little value other than to highlight whether the letting agent knows his stuff.

Marketing the property: This can include: producing lettings particulars, internet advertising on their company website, advertising on national letting, inclusion in the company press advertising in the local press.

This service comes at a price as landlords would expect. Letting agents traditionally charge in one of two ways; both of which relate to the amount of rent payable for the property they let. Either the letting agent charges a fee relating to a multiple of the weekly rent, two weeks plus VAT is typical.

by: name nick

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