Whether you are a private landlord or you plan to let out a property for the very first time, you must be wondering about what is a letting agent, how they work, and whether it is right for you to manage all the work on your own. Here’s everything you need to know about a letting agent, their responsibilities, their role, and other such things.
This guide will also cover the role of a letting agent and how to get the best out of an agency when renting your property and why you should engage the services of a letting agent.
How do letting agents work?
As the name implies, a letting agent works on behalf of the landlord and does a variety of work related to a rental property. The extent of work depends on the particular arrangement and how much they are getting paid. If they are doing a lot of work, they get paid more and vice-versa.
Responsibilities of letting agents
The responsibilities of letting agents may be categorized into 3 different levels of service including:
Finding tenants and arranging the letting of the property — It’s the basic service level where the agent advertises the rental property to prospective tenants as well as the initial arrangement related to it. It may include promotion on the website, photographs of the property as well as organizing viewings for tenants. If agreed, the agent will also perform duties related to tenant references, credit checks, deposit collection, drawing up tenancy agreements as well as taking care of the inventory.
Rent collection — The responsibilities of an agent may also include the collection of rent from the tenants on behalf of the landlord. One of the major advantages of using a letting agent for rent collection is that they are impartial and professional which means you won’t need to have awkward and difficult conversations with your tenants.
Complete management — It involves complete day-to-day management of the rental property which may include facilitating negotiations, renewals as well as repairs, and maintenance. The agent will also take care of problems such as any disputes related to the tenancy deposit scheme and take action as your representative.
Advantages of Using a Letting Agent
Most landlords like to use letting agents as they make things easy. In some cases, landlords also use agents if they live in an area that is far from the property they are letting out.
The main responsibilities of an agent are to offer their expertise, efficiency, and professionalism when the landlord’s time is limited and you would want someone else to take care of the queries and problems of a potential tenant. Also, letting agents can help you understand the impact of current legislation related to tenancy in case you need it.
Whether you already hold a multi-million-pound portfolio of rental properties or you are just getting started, engaging the services of a letting agent will provide you peace of mind and much-needed support, especially when it comes to legal knowledge and compliance. It is always possible for you to do all the work on your own but most landlords find that using a letting agent turns out to be easier and cheaper over the long term. Kariba Properties LTD offers the most cost-effective wide range of dedicated property management services.
If you decide to manage a rental home on your own, you need to be aware of the latest regulations related to tenancy. Also, you need to be a handy person and live nearby. You need to take care of your tenant’s problems immediately and answer all their queries. You will also need quick access to professionals such as electricians and plumbers in case you’re not able to fix such problems. An experienced letting agent has the necessary qualifications and knowledge to take care of all the tenant’s problems and queries.
Choosing the Right Letting Agent
If you have decided to engage the services of a letting agent, you must be wondering how to go about choosing the right one. All professionals let agents maintain membership in a professional organization. They also carry Client Money Protection which is a scheme to protect the landlords in case the letting agent goes bust.