Whether you are a private landlord or you are letting out your property for the first time, you may be wondering what letting agencies do and whether you can manage your property by yourself.
So, who exactly is a letting agent and what work do they do on a day-to-day basis?
This post will discuss the role of letting agents, how best to rent your property through a letting agency, as well as the benefits of working with a letting agent.
How Do Letting Agents Work?
Basically, a letting agent is a person who represents a landlord and performs tasks concerning your property in numerous ways, depending on your arrangement and the amount of money you pay them. Letting agent’s fees vary depending on the level of service they provide.
When it comes to the responsibilities of letting agents, you can typically expect 3 levels of service, namely:
Look for tenants and plan how your property will be rented out – This is a basic service that involves your property being marketed to prospective tenants and arranging how the property will be let. This includes planning viewings, website promotion, and photography. The letting agent will also handle overseeing the property, drawing up individual tenancy agreements, collecting deposits from tenants, validating references, and doing credit checks.
Collecting rent – the responsibilities of a letting agent can also include collecting rent from tenants. The main advantage of allowing a letting agent collects rent from tenants on your behalf is that they can act professionally and impartially, so you can avoid potentially difficult and awkward conversations about rent payments.
Full management – your agent will manage the day-to-day running of your property, including doing maintenance and repairs, renegotiating tenancy agreements, and renewing insurance covers. They’ll also handle any problems that arise concerning your property, such as tenancy deposit disputes, and come up with appropriate resolutions on your behalf.
Why Use A Letting Agent?
Most landlords hire letting agents because it makes things easier for them. A letting agent can be extremely useful in a situation where the landlord doesn’t live close to the property they’re letting out.
The duty of a letting agent is to offer to provide you with efficiency, professionalism, and expertise, especially when your schedule is busy and would prefer another person to be available to deal with tenants’ issues and concerns – not to mention, they can give valuable advice thanks to their extensive knowledge of property laws and regulations. If you are looking for a professional letting agent near Wimbledon, you can search by googling Estate Agents in Wimbledon.
Regardless of whether you’re an amateur landlord beginning your career in the real estate market or you’re a seasoned landlord with a huge investment portfolio, letting agents offer some much-needed support and peace of mind in your venture, especially where awareness of compliance and legal matters is limited. You may choose to let the property yourself, but you are likely to find it cheaper and easier to use a letting agent in the long run.
Managing your rental property yourself will require you to familiarize yourself with the latest rental property laws and regulations. You’ll also need to be physically available and hands-on from time to time. You will need to frequently interact with tenants and address their problems and concerns in a timely manner. Furthermore, you will need to have good relationships with property maintenance professionals like electricians and plumbers. A letting agent has the relevant contacts and experience to handle all these responsibilities on your behalf.
Choosing A Letting Agent
Now that you know the benefits of working with a letting agent, how do you choose the right one? Professional letting agents will have a Client Money Protection (CMP) scheme to cover your losses in case their agency dissolves. They will also be members of professional industry bodies like the Association of Residential Letting Agents (ARLA).