If you have a property that you want to let out, it might seem like an easy buck, but it can be a complex matter to let out a property. You may feel inclined to skip the middleman and personally let out the house.
Not having to pay the fees of agents will increase earnings, but it is not wise to go at it alone unless you already have a great deal of experience in letting out properties, are prepared to do some leg work, and are aware of the laws and regulations involved.
It is worth the hassle to have some professional advice from a letting agent, whether you are a professional landlord owning many properties or a novice to the ‘buy-to-let’ industry. Read on to learn everything there is to know about letting agents.
What Does a Letting Agent Do?
Landlords are capable of managing their property themselves or to manage the estate and renters for them by using a letting agent. By evaluating the property to assess its possible rental income, the agent starts the process. This valuation is typically done for free.
The agent will start advertising the property once you have agreed on the rent. It could entail anything from a property photo with pertinent info in the shop window to a commercial in the local press or a property website.
Normally, the agent will show potential tenants the property and inform you about any interest shown or offers made on the property. During negotiations, they can function as a go-between before a tenancy agreement is signed.
The potential tenant may haggle or request to provide additional furniture. The agent will prepare a rental agreement, a legal contract, for both parties to sign, once you and the prospective tenant have reached a deal.
Which Service Should You Use?
The list underneath includes the popular services that can be provided to a landlord by a letting agent. You may want to pick an agent that can provide services that are specific to your needs.
If what you’re looking for is any of the mentioned services, ask your future letting agent what they offer and what service plan they can provide.
The services you use with a letting agent is largely based on how many properties you let, your location, and how you want to be hands-on as a landlord.
If you only let one or two properties, and you want to manage the properties yourself, you may just want help to find a tenant. If you don’t want the inconvenience of having to chase payments, you may also choose to use a rent collection service.
For a completely managed service, if you are an overseas landlord. For instance, you may own property that is far from where you live, or you may have a big property portfolio, which means you cannot maintain every single property effectively.
Benefits for Tenants
Using a letting agent when searching for property has several benefits. A good letting agent will have local expert knowledge of the areas where they operate. This is crucial in saving you time and effort under the pressures of a tighter time period to pick the right residence.
If problems or issues emerge during the duration of the tenancy, letting agents also offer a buffer for both you and your landlord. Many tenants are entirely focused on selecting the right property; getting the right letting agent is equally as important.
Managing properties for private landlords is the primary role of a letting agent. Responsibilities range from tenant sourcing and rent collection to full accountability and management. Nevertheless, letting agents benefit not only landlords but also tenants.