Using a letting agent
Find all your queries regarding a letting agent for your home:
Some landlords handle their properties on their own and do it very well but for others, they prefer to use a letting agent. Are you looking for the agent for your property? then this guide is for you. Find what is all about and know the features of using the agent, pros, and cons of the agents. Clear out the ideas of using the letting agent for tenants and the landlords.
Why people always opt for a letting agent to manage their property?
The reasons might be, they do not have a lot of leisure time. In case you might prefer someone else to deal with tenant’s queries and to manage the problems. You need some professional help where you are new to being a landlord. Agent guides you when you don’t aware of relevant regulations and legislation. When you are living in a different area and letting property in a different area, you need to look for the agent.
What are the services the letting agent perform?
- Finding tenants and arranging rent: They have to find the tenants for your property. Once they found, they will collect the references, credit checks, deposits and draw up tenancy agreements and inventory.
- Rent collection: The agent task is to collect the monthly payments from your tenants and have to run after for the delay in payments.
- Full management: It is not just the rent collection and has to deal with all the features of the rental like their queries and arranging the maintenance or repair work if required.
- Letting agent fees: It depend on the location of the property and the level of the service you look for. Moreover, depends on the tenant charges, agents get some percentage of the monthly rent rather than demanding the flat fee for the full contract term.
How landlords ensure they are a good agent?
- Check they are the member of National Approved Letting Scheme (NALS), the Royal Institution of Chartered Surveyors (RICS) or Association of Residential Letting Agents (ARLA), firms that keep members up to date with the law and best practice.
- Check if they have client money protection.
- Give them clarity on fees charged and carry out regular period checks on the property.
- Check if they provide easy to read the terms and conditions that clarify what the landlord and tenant are needed.
What are the pros of letting agent for your property?
- Using the agent, making the strict investigation and certain procedures that mean likely to attract reliable tenants.
- Secure deposit protection and the paperwork relating to the property can be done easily.
- They have to deal with property management and other maintenance issues.
- Experts in this field can acknowledge market conditions and demands.
- Letting agents can able to offer legal, landlord insurance and tax advisory services.
Shortcomings of letting agent:
- If there are any problems such as evicting a tenant, it adds extra cost to administration and the paperwork comparatively increases.
- You may be spending extra charges for arranging the repair and replacement issues.
- Some agents apply additional costs to third party services such as Energy Performance Certificates and the tenancy agreements.
What about insurance?
It is the landlord’s responsibility to secure the home with home insurance. You need to have a building cover just in case your home is damaged and needs repair. Though it is not compulsory to have the home insurance, you can opt for one to shield your home from unforeseen events. Compare home insurance UK to obtain the coverage at your budget that helps to repair a home in case any damage occurs. Comparing the various policies you can save money.
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