While some landlords choose to manage their properties themselves, many of them still choose to let an agency act on their behalf. For many property owners, a letting agent is an outright necessity. There are a number of important factors that you need to consider if you want to end up with a good letting agent. Some of the best agents at the market are employed by Move Inn Estates Southall. Even though your final decision might of course be determined by your individual situation, here are some tops tips for choosing letting agents.
Consider the Type of Service
There are three main types of services you can receive from a letting agent. Therefore, before you choose a letting agent, you need to first and foremost consider how comprehensive the required service is, and the amount you are willing to part with for it. The most comprehensive of all the three types of services is the full management. These services sees the hired agent take on virtually the entire work of finding suitable tenants, drawing up contracts, inclusive maintenance of the property, and collecting rent and paying it to you. You might choose to ask your agent to simply find suitable tenants and draw up a contract but leave rent collection and maintenance for you to reduce cost.
Letting Agent’s Location
It only makes better sense to select a letting agency located in the area of your property. The agent must have adequate knowledge of the area and should have enough experience with the area’s property market. Many towns now have several letting specialist firms, and many estate agencies have got letting divisions.
Use a Trade Association
Trade associations provides a trustworthy and effective way of selecting reputable and fair letting agents. You can choose to select only agents with membership of a professional body like The Associations of Residential Letting Agents (NALS), or National Approved Letting Schemes (ARLA) because you expect them to follow codes of professional conduct, and maybe to have proper guarantees to protect tenant and landlord monies.
Understand the Fees Charged
Agents fees usually tend to operate in one of the two ways: a proportion of the rent or, a fixed fee. Generally, tenant finding and full management services are usually charged on a percentage basis. You should expect to pay around 10 percent of the property rent for the full management service. Alternatively, you can pay a flat fee, and this is usually common for the tenant finding services. Fees charged for these services can vary a lot from agent to agent.
Paperwork and Competency
A competent and professional agent will be able to handle all paperwork involved in the letting. The letting agent should be able to take up the references on the new tenants, confirm the tenant’s credit details, carry out credit checks, and check that a tenant legally resides in the UK. The letting agent must also draw up the tenancy agreements, collate required gas and electrical documents and certificates.
In case you want a letting agent that will take care of the general property maintenance for you, then you will need to consider a number of extra factors in your selection. The most important factor is that, you must comprehensively understand the cost of the maintenance work and weigh your options and choose wisely.