A letting agency will market your property, find tenants and manage it. It will charge a fee which can be as little as a percentage of the monthly rent.
The letting agent will carry out credit checks and ask for references on prospective tenants. They will also produce a tenancy agreement and conduct inspections.
They market your property
One of the most challenging tasks for any agent is finding and retaining high quality tenants. To do this requires a bit of finesse, a fair amount of patience and a bit of luck. While snagging the top tenant is no small feat, it is a process that can be greatly simplified by using the services of an experienced letting agency. As well as securing a high caliber tenant for your property, an agency can also handle maintenance matters such as repair and replacement of appliances, fixtures and fittings. In the long run, these services are likely to pay for themselves in rental revenues as well as savings on a landlord’s utility bills.
They find tenants
A letting agency typically acts as an intermediary between landlords and tenants. They can value a property, find suitable tenants, vet applicants, prepare an inventory and set up a tenancy agreement. Some letting agencies offer rent collection too, which can help to reduce your hassle of dealing with tenants who pay their rent late or in arrears.
Alternatively, you can try to do this yourself by marketing the property and taking enquiries via the telephone or email. However, this will be time-consuming and you may need to do a lot of screening before you choose your tenant. If you want a fast turnaround and to avoid any unnecessary void periods, consider using a letting agent.
Some letting agents have an extensive network of tenants to pick from. These are usually people who have been vetted, either by credit checks or references from their employers and landlords. You will also have to provide a deposit which the agent will protect.
Many letting agencies also use a variety of templates for their tenancy agreements. Choosing the right template is important because it can make things much simpler for both parties.
Dundee Lettings
Most letting agents charge a fee for their services, which can range from one month’s rent to up to 18% of the monthly rent on a ‘let only’ basis. It is usually a fair fee, and it’s worth asking the letting agent what their redress scheme and Client Money Protection Scheme are.
A good letting agent will also be very transparent about their charges. It is also important to ask if they will collect a percentage of the tenant’s rent, or a flat fee for the whole contract term.
You should also ask how they will vet the tenant, and what documents you’ll get from them at the start of the tenancy. This is important to protect your investment and ensure that you don’t end up with a bad tenant.
You should also be able to call the letting agent if you need any help or advice with any problems, and they should be available to deal with these promptly. If they don’t answer your calls or respond to emails quickly, you should move on.
They manage your property
A letting agency can take care of everything that comes with owning and renting out a property. Agent do this by organizing viewings, finding tenants and handling all of the paperwork involved with running your property.
Letting Agent can also handle repairs, maintenance and other tasks that you don’t have time or inclination to do yourself. They have a network of reputable contractors and can organize these to be done at your expense.
You should choose the letting agency that is most suitable to you and your needs. You should ask them what services they offer and how much they will cost. If you only have one or two properties that you let, then you may not need a full-service letting agent.
Rental Property Management
If you have a lot of properties to let, however, you will need a full-service letting agent who can take care of all the aspects of managing your rental property. These services include marketing your property, carrying out tenant screening and referencing, setting up a tenancy agreement and creating an inventory of your property.
In addition, they can arrange inspections and certifications to make sure that your property meets all safety regulations. They can also help with insurance claims and provide legal advice if your tenants have any issues.
These letting agency services are often charged at a percentage of the monthly rent, from around five per cent to 20 per cent. This can be an option if you have a small amount of money to spend on your rental property.
Rental Property Management Fife
There are a number of government-approved redress schemes, which protect you as a landlord by ensuring that your letting agent provides a good service and abides by a code of conduct. If you have a complaint against your letting agent, you can report them to one of these redress schemes and they will investigate it for you.
Letting agents can be very helpful when you have a property that is not in your local area, or you are living away from the property and don’t have time or inclination on a regular basis to deal with your tenants. You can save a lot of stress and hassle by using a letting agency for this reason, as they can take care of all the hard work for you and keep your property looking its best at all times.
They charge a fee
A letting agency charges a fee for all the services they provide on behalf of their clients. These fees may be one off or a percentage of the rent paid, or they may be a fixed cost for full property management.
A reputable letting agent should provide a good service and be able to answer any questions you have. They should be a member of different professional organizations. Such as the Association for Residential Letting Agents (ARLA) and The Property Ombudsman, and they should understand good letting practices and be up to date with tenancy law.
He should also have the experience to let to good tenants on a long term basis. They should know how to market your property and conduct viewings. They should be able to advertise your property on their website, in the local press and elsewhere.
Most letting agents will charge an upfront fee for finding a tenant and collecting the rent on your behalf. This can be between five and 10 per cent of the monthly rent, depending on your needs.
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Some agents will also charge a fee for the preparation of a property inventory and check-in/check-out reports. These are essential to ensure that the landlord is protected by law in the event of any problem with the tenants.
In many cases the letting agent will prepare these documents, and in some cases they will outsource this task to a specialist company. The letting agent should also give you written Terms of Business that confirm the services they are providing and clearly state all their fees and charges.
Letting Agents Fife
These charges can vary between agents and between letting agencies in different areas, but it is usual for the letting agent to charge at least one fee for finding a tenant and another for collecting the rent. For full property management, the fee should be equivalent to a minimum of 12-20% of your monthly rent.
In order to avoid hefty letting agent fees, look for an agency that is registered with The Property Ombudsman and has a good reputation in the local area. They should be reliable and honest, and they should always treat your property as if it were their own.
