Things to check with estate agents to let your property
Buy Let
Things to check with estate agents to let your property
Letting a house to a reliable and good tenant is a time-consuming process. Non-compliance with laws can result in hefty fines. As a landlord, you will feel stressed while dealing with the process. That is why it is better to hire an estate agent to manage the property letting process.
Why should you choose the letting agent?
Some landlords have a busy schedule, while others reside in a place away from their rental properties. You may also have problems, which prevent you from managing your rental house efficiently. It is one of the reasons for relying on professional agents to work on your behalf. A good agent also has solid knowledge about the local area, and thus, he can let your property out within a short time.
Managing the property on your own versus hiring a letting agent-
Some landlords try to deal with their rentalproperties without anyone’s help. This approach is acceptable in some scenarios.
• You like to reduce costs for managing property
• You have the skills and time to solve tenants’ problems and queries
• You have a relationship with other professionals (like electricians and plumbers) to manage technical problems.
• Your residence is close to the rental house.
• You aim to become a highly competent landlord.
• You have learned about the latest rules related to rental agreements.
• Hiring a letting agent is a good option, especially when-
• You have no spare time to care for your rental property
• You prefer a third party to manage the tenants’ queries.
• Being a new landlord, you like to have professional help.
• You know nothing about relevant legal rules.
• You have more than one property on different sites.
But, how should you choose the estate agent while renting out your property?
Identify the best agent who fulfils your requirements. He will also minimize the risks related to rental deals.
Know about the responsibilities of letting agents-
Usually, letting agents offer 2 to 3-level services-
• Find reliable tenants and arrange the rental agreement- The agent may charge a one-time fee for locating the best tenants for your rental house. After finding potential tenants, he will collect references, accept deposits, run credit checks, and finally draw up inventories.
• Collect rent- Rental property agents collect rents from tenants every month. They also identify late payments of tenants.
• Manage everything of the property- The agent manages every aspect of your rental property. Thus, he does something more than collect rent. From solving queries to maintaining a property, everything is managed by the letting agent.
Handling the paperwork
A proficient estate agent or an agency will manage paperwork related to rental contracts. They will check the employment details of your tenants and ensure that they have legal rights to reside in the United Kingdom. The agent also obtains the EPC (Energy Performance Certificate) of your rental house, as the tenant may ask for this certificate.
Letting agent fees-
Before hiring a professional, you have to compare letting agent fees in London. It is already mentioned that the agent provides varying levels of service. Moreover, the location of your rental property can make a difference in the cost. Still, you have to know the standard charge to maintain a property UK. In most cases, agents decide on their charges based on your monthly rent.
In the case of let-only service, your property letting agent will ask you for a particular amount that you need to pay at a time. On the contrary, for full property management, the charge can range from 12 to 20% of monthly rent.
So, how much do letting agents charge to manage a property UK? The minimum overall charge is £1,800 (almost 15% of your rent), and it is only for letting and tenancy renewal services. But, for the additional property management services, the percentage can be up to 20.4. The fees charged by the agent also include VAT. You can look for a property management fees calculator online and identify how much you need to invest in your rental property.
Does the agent negotiate the rate?
The property market is highly competitive, and thus, you have to compare different quotes to grab the best deal. Some estate agents include a deposit registration service as a part of the package, whereas others charge an additional amount for it. Create a list of what you need from your agent.
Does your estate agent stay up-to-date with the local market?
Hire a professional agent who knows everything about the local market to deal with your rental property. He should master the technique of attracting tenants and give you the best advice on how to set your rent. You can maintain the highest standard of your property with the guidance of the agent.
Managing inventories of your rental properties-
You should hire a letting agent, who is efficient in arranging check-in and check-out rental property inventory. A comprehensive inventory report is highly significant while renting out a furnished house. It includes every detail of your property condition. Thus, it will be easy to identify any broken and damaged things at the end of the tenancy. When a dispute arises, the report will give the ultimate solution.
Does the agent use technology to provide services?
The best-letting agents in London have embraced innovative technologies to arrange virtual property inspections and viewings. You can ask your agent about the approach he has chosen during the pandemic to manage his clients. The acceptance of digital technologies is also advantageous on stormy days. Today, agents use digital platforms and online listing sites to find tenants for your property.
So, it is now clear how you have to know everything about your letting agent before hiring him for your rental property. Still, you can visit TRPE to have better information about the way to rent out your property. This reliable company also lets you learn the value of your rental house. Moreover, tenants and realty agents can find valuable details from TRPE. You can find a chance to list your property for letting or selling on TRPE.
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Dated:
Jan 31, 2023
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Topic:
Buyer Process London
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