A letting agent looks after the rented property on behalf of individual landlords. His/her role can be anything from seeking tenants and collecting rent to comprehensive property management. If the agent does everything comprehensively, tenants will probably never get a glimpse of the landlord in person. However, tenants are also entitled to know the name, contact address, and telephone number of their landlord.
Letting agents bill landlords for services and owe a duty of care to act in the best interest of their customers. They bill tenants for certain services but still owe a duty of care. An agent cannot, however, advise the tenants in any manner that will be contrary to the interests of the landlord. Whether they are coordinating repairs, coordinating inspections, or coordinating legal necessities, a lettings agent is an intermediary. They do their best to make things easy for landlords and tenants alike.
Tenant Find
This is a setup fee, usually ranging around a month’s rent. With this initial service, a letting agent assists you in obtaining a tenant. They provide professional pictures, make floor plans, and market your home for maximum exposure. They also organise and undertake viewings, take references up, and perform Right-to-Rent checks. Certain agents will even process the paperwork, negotiate the tenancy agreement and making up an inventory. Once the tenant is found and a move-in date is set, the rest is up to you. You’ll be responsible for managing the tenancy, handling repairs, and collecting rent. This option works best if you’re comfortable overseeing everything after the tenant moves in.
Rent Collection
This service costs a percentage of the rent, usually around 5% per month. Some agents offer rent collection, and tenant find as services. They collect the rent, hold deposits by legislation, and pursue unpaid amounts. If a tenant is in arrears, the agent will serve notices and guide you on what action to take. Rent protection coverage is also obtainable from all agents. It protects you from rent non-payment, which gives you peace of mind. Payment assistance, when needed, without taking care of maintenance and tenants’ issues yourselves, is done by rent collection.
A Good Letting Agent Assists You in Acquiring Fantastic Tenants
A good letting agent gets good tenants by keeping rental properties in excellent condition and promoting them to potential parties effectively. This ensures landlords do not spend a lot of time finding a new tenant. When a tenant vacates the property, the agent finds the next one in no time, hence avoiding vacant times and lost income.
You Never Have to Exhaust Yourself with Screening Your Tenants
All landlords prefer short-paying tenants and look after the property. A good agent conducts all the checks required, such as references, a proof of employment check, and a credit check. They keep the tenants up to standard and relieve landlords of worry.
Letting Agents Help Set a Reasonable Rent
Getting the price of rent right is important. If it is too expensive, the property will sit vacant for weeks or even months. If it is too cheap, landlords can lose rental revenue. An experienced letting agent scrutinises the local market and recommends a reasonable rent to attract tenants without sacrificing revenue.
Your Letting Agent Will Prepare Your Tenancy Agreement
A tenancy contract should be compliant with the law to safeguard landlords and tenants. A letting agent will make sure all documents are properly drawn up and legal. They will take care of everything from deposit protection to defining tenant duties, so landlords don’t have to lie awake at night worrying about safety compliance. Landlords are obliged to ensure that their properties are safe. There are regular checks needed on gas and electrical fittings and fitting and servicing smoke alarms. These requirements are tracked by a letting agent, and inspections are arranged, with them ensuring that proper records are maintained. This keeps the risk of being fined or sued to an absolute minimum.
Letting Agents Arrange Repairs and Refurbishments for You
Properties require work on them, be this a repair job or flat-out remodeling. A letting agent arranges repairs between lets or even during a let if necessary. They hire qualified professionals to maintain the property spotless, keeping happy tenants and avoiding expensive long-term damage.
Conclusion
Being a letting agent is not being lazy it’s also safeguarding your investment, ensuring tenants remain satisfied, and keeping your rental business running.
