1. Tips on How to Choose a Letting Agent
A letting agent is an individual who manages and lets buildings, homes and apartments
on behalf of a landlord. Apart from collecting rent, the agent also finds and vets tenants.
Additionally, he/she maintains the building. There are a number of reasons why landlords opt
to use letting agents. First is that it reduces the hassle. The agent deals with everything from
looking for the tenants to providing the tenancy agreement and maintaining the building. This
way, the landlord has time to concentrate on other things. Another advantage is that the agents
usually come with a portfolio of tenants that have already been vetted. These are individuals
who not only respect property but also pay their rent on time. Thus, the landlord does not have
to waste time looking for tenants.
Trade associations are the best place to look for letting agents. This is because they provide
well trained and experienced agents. Prior to hiring an agent, conduct thorough research. The
net is the perfect place for this. Do not take on the first one you come across. Natter to quite a
few. Ask for quotations and make comparisons. Choose individuals with practical knowledge
and considerable experience. However, do not take the agents’ word for it. Ask to talk with
landlords they have dealt with in the past. You may also ask to have a look at buildings they
have managed in the past. Before signing a contract, take the time to read through the fine print.
Make certain you understand what you are getting yourself into. Seek clarifications for what may
not be clear.
There are several questions you need to ask yourself when selecting a letting agent. The first is
how soon after money is received from the tenants will it be sent to your account? Ideally, this
should be ten working days or less. Stay away from agents that seem to want to hold onto your
money. Another question is how often do they carry out inspections and if they charge extra for
it. You should choose agents that inspect property often, say quarterly or every three months.
Frequent inspections make it easier to spot faults and damages meaning repairs can be done
on time.
A letting agent will look for tenants, collect rent and maintain your building. The best place to get
an experienced and trained agent is the local trade association. To get the right agent, research
and ask questions. Settle for those with sensible fees.