Letting Agents: Information For Landlords
Due to the current economic climate and the financial pressures that are being passed onto homeowners and first time buyers the ability to afford mortgages and deposits, (which are anywhere between ten and thirty percent of the house price), is rapidly dwindling. In fact; more and more people are turning to the rental market as an alternative.
The added increase in people looking for rental properties has put what can only be described as a huge increase on the rental sector as letting agents try to keep up with the increase in rental properties that are required. Added to this the fact that any rental properties that are made available will potentially have had an increase the rental prices as the landlords are trying to maximise their earning potential and you will see why trying to find the right letting agent to fit your requirements could be quite a tough task.
When you are looking at selecting your preferred letting agent then it is advisable to make sure that they do not just specialise in any one particular property, as this will make it more difficult to let your portfolio. It would always be advisable to concentrate on the more common high street letting agents as they will normally be marketing your property to the correct people and therefore giving you a better change of successfully renting out your property.
If you are prepared to do a little ground work yourself then there is also no harm in advertising your property yourself if you would like to cut out the middle man and save yourself some expense. However if you choose to go down that route you will need to ensure that you have all the correct paperwork and legalities in place.
Levels of Service:
When using a letting agent they will normally offer varying levels of service which range from a basic level where you will normally pay a one off fee. This fee will allow them to find somebody to rent your property and will perform the relevant credit checks, but you will be responsible for rental collection and ensuring that everything is as should be with the property.
The next level will incur a one off fee, and then a percentage each month which again would cover the finder’s fee and credit checks, but this time would also include the rental collection. You would in this case still be responsible for the management of the property though. Finally is the fully managed serviced in which you pay a one off fee and then an increased percentage each month in which the letting agents will take care of absolutely everything.
The-property-group.co.uk are letting agents based in Plymouth, England and offer a wide range of services for property owners in the United Kingdom.