Residential Rentals Driving Market
The slow pace of sales in the residential real estate marketplace is converting real property sellers to landlords. The renaissance of the letting market has put emphasis on full service real property rental agencies. These agencies provide a number of important services to prepare the property for letting, to show the properties and to consummate the lease.
Strong Letting Activity
Unlike the slow residential sales market, the letting activity is strong. This market is allowing property owners to capture income for properties that would not sell at favorable prices. The income is used to pay expenses, including taxes and mortgages, related to the property.
Services provided by residential real property managers and letting brokerages are designed to provide a wide range of tools to assist absentee landlords. Everything from screening prospective tenants to drafting and negotiating the terms of the lease and managing the property during the tenancy can be provided by rental agents.
The scope of management services depends upon the needs of the landlord. After the lease is signed, agents can provide management services consisting of:
- Collecting and depositing rent.
- Reviewing accounts payable.
- Issuing payments due.
- Providing emergency services.
- Providing normal maintenance and upkeep services.
- Offer advice about market conditions.
- Recruit new tenants prior to expiration of existing lease.
- Provide advice about legal responsibilities.
- Help arrange and, in some cases, provide a number of necessary insurance policies.
The significance of proper insurance protecting the landlord and the tenant is essential to the success of the tenancy. In the UK, there are presently more than 3.8 million private and social sector units in the market. With tight credit and a demanding application process, the likelihood of a full-ahead residential sales recovery is unlikely in the near future.
Sometimes a valuable service provided by the residential rental specialist is overlooked. To eliminate the guesswork about potential income from a rental property, specialists can provide a free comparative market analysis (CMA) which reveals current listings, past rental prices covering similar properties in similar locations.
The landlord using an agency that specializes in letting can expect excellent customer service. Some brokers that prefer to work in the sales sector an only enter the letting side are usually one lease and done operations. There is some merit in those clients but the landlord should always list with a letting specialist firm. The sales agent will bring the client to the table but is not interested in managing or overseeing the property during the tenancy and beyond. In the UK, the rental market is a good place to be. The trick is to emerge from the lease with the property in excellent shape. The way to ensure that outcome is through a letting specialist agency.
Bannisters are a team of property specialists, focusing on property to rent in Aylesbury and Bicester, UK. Please visit their website for more information.