Having more than one property to let out may seem like an excellent way of making money, but it’s often a complex business. In most cases, landlords forego the process of hiring an agent and instead hire out the property privately. Well, while this maximises the total revenue, you will have to do plenty of work if you are inexperienced in the real estate industry.
Whether you have several properties or a new landlord in the market, you should never perform the tasks alone. You certainly need the services of a letting agent. Bristol-based letting agents JBS Lettings Bristol are a fantastic example. They have been helping people throughout Bristol with property lettings since 2016. Below is everything you need to know about letting agents.
In simple terms, a letting agent is a person that looks for appropriate tenants for a building on the landlord’s behalf. First, the agent will visit the property to evaluate its prospective rental revenue. Usually, the assessment process is free.
The letting agent will market the property after agreeing on the rent. Ideally, the agent will take a photo of the house and add relevant details. Afterward, the agent will post it in the local ads or a specific property website.
In general, the agent will show the building to potential renters and notify you of all the offers and interests made to it. They will act as middlemen during the negotiation process before signing the agreement. Keep in mind that the potential tenant may ask for some additions to the house or even negotiate for a lower price.
After coming to a conclusive decision with the potential renter, the letting agent will offer a legal contract and a tenancy agreement for both of you to sign.
The Services Offered by Letting Agents
The amount you are willing to give the letting agent determines the services to receive from them. While different agents offer other services, you should be ready to find some standard and shared services. Keep in mind that your geographical location, type of property on hire, and package paid for comes in handy in determining what you get. Here are the services you might enjoy as a property owner.
As said earlier, one of the standard services offered by letting agents is to find suitable renters for your property. They will arrange property viewings for the prospective tenants. If you opt for this service, you will quickly find a tenant to rent your house and then undertake the tenancy’s specific aspects, like collecting rents, property maintenance, and inspections on your own.
Collection of Rent
Depending on the agent you hire, a rent collection service is often included in the tenant-find service. So, the letting agent will collect the deposit, rent and then follow up the rent arrears on your behalf. What’s more, they will advise you on the steps to undertake when renters fail to pay rent. Best of it all, some agents give insurance to secure your revenue in case of rent debts.
Well, this service allows your letting agent to manage the property wholly. Merely put, the agents will perform the demanding tasks that fall to the property owner. The services entail looking for the tenants, rent collection and correspond to renters straightaway throughout their renting period. The agent will inspect the property, handle maintenances, and manage deposit arguments. However, you have to note you are ultimately responsible for the building.
Why Use the Services of Letting Agents?
Most property owners use letting agents due to the simplicity involved. It is that straightfoward! If you don’t live close to your properties, it’s advisable to use the letting agent’s services. The best thing about these agents is that they will guarantee you professionalism, expertise and competence if you have limited time to look for tenants and perform other essential property duties like rent collection and maintenance.
What’s more, letting agents will help you understand the present property legislation if needs be. It does not matter whether you are a newbie or an experienced person in the world of property renting, letting agents are beneficial in offering peace of mind and support in your endeavour. Yes, they kick in in areas where you need legal awareness and knowledge. While you can easily rent your building individually, using letting agent services is cheaper and more accessible over the long run.
Handling the rental property alone means you are well conversant in the recent landlord guidelines. Also, you have to be hands-on and live within the neighbourhood. Keep in mind that you will have to instantly manage the tenants’ problems and queries. As a result, you will have a list of dependable specialists, such as electricians and plumbers, to fix issues that you cannot handle. Well, here is where a letting agent becomes beneficial as they are qualified and contains the ideal contacts to solve these perennial problems on your behalf.
Property owners will hire agents to manage their properties, and the choice is limitless. With this, it may be challenging to find the best and reliable. To make it easy for you to pick the best, consider assessing the agents’ professionalism, experience, customer service, current legislation, property type, check whether they are legally compliant, evaluate the contract and check how they undertake the repairs and maintenances.