Property ownership comes with its fair share of responsibilities. Things often get tough for property owners who opt to lease or rent on their own. Letting might seem to be a straightforward way of making money, which explains why most property owners opt to cut out these intermediaries.
Not working with a letting agent might help you maximise profits. However, the hassles involved and the regulations are often too much for most investors. Whether you own several properties or a newcomer in this industry, letting agents are there to make life easy for you.
What letting agents do
Help you find tenants
The primary responsibility of a letting agent is to help property owners find tenants. The letting agent advertises the property after the landlord is comfortable with their valuation and other terms of service. Advertising or finding tenants could mean running ads on the company website or local press.
The letting agent does the job of responding to concerns from interested parties and walking them through the property. Ideally, they also respond to offers or concerns raised by potential tenants. They also facilitate the tenancy negotiations and ensure the deal is done.
Striking the deal
Once both parties are satisfied, the letting agent provides the tenancy agreement. This is a legal contract that makes the times and condition of the lease or let binding to all parties. With a letting agent, you do not have to be physically involved. At a further stage, help you will rent collection and prepare all relevant records.
Letting agents are essentially managers acting on behalf of the property owner. Part of their managerial responsibilities requires them to respond to fundamental tenancy issues over the tenancy period. This takes away a huge burden off the shoulders of property owners who do not have the time or inclination to deal with tenancy issues.