You may have several questions about what a letting agent is, what they do, and how they work. You may even wonder whether you can manage a property on your own. instead.
This comprehensive guide will go over some of the intricacies of a letting agent and their role. You will learn how to effectively rent out your property through an agency and why you may want to consider using an agent to facilitate the process.
How Do They Work?
A letting agent is a person that does actions for a landlord. They handle a lot of the tasks associated with renting out and managing your rental property. They do this to different degrees based on what you are paying them for. The associated landlord fees will be determined by the detail of service you are getting.
As far as the letting agent’s responsibilities, you can expect (3) distinct levels of service. These include:
Finding Tenants
The most basic service a letting agent offers is finding tenants for your property. They handle all of the tasks involved with this process including photographing the property, promoting the website, and even organizing the viewing of said property. Once everything is agreed upon with the new tenants, they will be responsible for doing things like conducting credit checks, calling on references, collecting the initial deposit, and even formulating the agreement.
Collecting Rent
Someone acting as a letting agent is likely going to be responsible for collecting rent. They will be doing this on your behalf. The biggest benefit that comes from having a letting agent handle this responsibility is having someone conduct the process impartially. This allows you to get rent and ask for payment without having to deal with the awkwardness of doing it yourself. These conversations can be difficult if you aren’t accustomed to having them.
Management
The letting agent you hire will be responsible for managing the daily operations of running your property. They can handle everything from the logistics of getting repairs done, negotiating agreements, and more. They will oversee the entire process of various problems that you could find yourself running into being a property owner. These things include but aren’t limited to tenancy deposits, and scheme disputes.
Reasons To Use A Letting Agent
The majority of property owners end up hiring and using a letting agent because it makes the entire process of renting out properties much easier and less complicated. They can also be a major convenience for someone that doesn’t live in the same area.
When you hire a letting agent, you get to leverage their expertise and time. They know the ins and out’s of renting out properties. This can help tremendously if you don’t have that experience yourself. They will be able to handle all of the complications that could arise. Whether it’s handling tenants’ questions or concerns – they can get the job done on your behalf. They can even help you with local legislation if you need assistance with navigating it.
No matter if you have a single home or a huge portfolio of rental properties, you can benefit greatly from hiring a letting agent. They can be a good way to get into the mix and get the peace of mind you need to make the income stream much more passive and less time-intensive. This is especially true when you don’t have a lot of experience or knowledge in the field yourself. It could even save you money by avoiding costly mistakes. Based in Wimbledon you can find the dedicated property management team by searching Estate Agent Wimbledon.
When you manage a rental property on your own, you have to worry about a lot of things that a letting agent can handle for you. It means you have to worry about remaining updated on the latest landlord regulations and you have to worry about handling maintenance issues and repairs. You typically need to live close by to handle all of these things as they occur. You also need to worry about developing and managing relationships with service professionals and vendors nearby. A letting agent has the qualifications and the contacts to handle everything for you.
Choosing The Right One
You do need to ensure you are doing your due diligence when choosing a letting agent. You want someone reputable and trustworthy. Try to look for one that’s a member of a professional standards body. This can help to ensure you are choosing someone that has a stellar reputation. You can choose one from the Association of Residential Letting Agents (ARLA). You also want them to have Client Money Protection (CMP) which can help you mitigate losses if they ever go belly up.
