Let me begin by saying that it is not easy to be a landlord. Simply listing your home, finding a tenant, and then sitting back and raking in the profits are what many people think happens. There are many steps to properly letting your property, and there are many things the landlord is responsible for. In order to make life easier, it is suggested that you get a letting agent.
Finding the right letting agent for your property can take just a bit of work on your part. Start by looking at listings in your area to see which agents have listings similar to yours. By finding an agent that has other listings close to yours they will probably have prospective tenants that are looking for a property like yours. Agents with other listing like yours will also know the proper listing price for your property. You should also check to make sure that your agent is a member of a professional organization. Agents who are members of professional organizations are held to a code of practice.
Letting agents perform the majority of the duties related to leasing your property. Agents can do all of the legwork, including preparing the listing, meeting with applicants, and checking references. You will need to check some of these references to make certain that you obtain what you were promised. For an additional fee you may have your agent conduct the move in checklist and other elements of the leasing agreement with the tenants. You may find this service of interest if you do not live in the area. Some landlords no longer require the services of an agent at this point, and can take over performing the remaining work themselves.
You can even have your agent perform property management duties. This might mean the agent simply collects the rent and sends it on to you, or the agent can be far more involved. From inspecting properties to making necessary repairs, agents are able to do it all. The agent's fee is dependent on how much work is involved. This fee typically accounts for five percent on top of the fee collected for finding tenants.
A letting agent can spare you a great deal of stress and worry. Many go into the business of letting property with good intentions. Leasing requires a significant investment of effort. It is easy to simply overlook important tasks, such as contacting insurance companies and lenders, which if forgotten may land a person in a bad situation. It's a great idea to have an agent for this reason; in the long run the peace of mind is worth the fee even if it may cost you a little.
About the Author:
Learn more about being a landlord and letting a house by going to Alan Harding's website
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