The property market may be challenging at the moment, but this is leading to plenty of opportunities for landlords to cash in on their investments. Whether you are a property investor growing your portfolio or a first-time landlord with one property to rent, a good Lettings Agent can save you time, money and take the stress away from your transactions.
Here are a few points to consider when choosing a lettings agent:
Do you know exactly what you are paying for? Agents normally charge for a tenant find only service or a fully managed service. When you are choosing your agent make sure you know what is included.
Ask about check-in/out services, inventories, EPCs, gas safety certificates, electrical testing and mid-term inspections.
HomeXperts’ franchisees always include free Gas Safety Certificates and Boiler Servicing in their managed service. There is also no charge for check-in/out, inventories and mid-term inspections with any managed service, so there are no added extra costs.
If you are a first-time landlord, the experience can be daunting.
In today’s property market some homeowners are finding it is better to rent their property in the short term rather than to sell and they are often termed as accidental landlords.
If you are unsure of legislation or the procedure for renting your property ask your lettings agent to provide you with a checklist of all the things you must cover.
Any good agent will provide you with this free of charge and will discuss it in detail with you.
You have followed the advice of the Lettings Agent you have a neutral colour scheme and up-to-date kitchen and bathroom appliances in place and now you wish to let to trustworthy tenants quickly.
Good Lettings Agents will market your properties on all the internet portals including Rightmove and Zoopla. However, check the quality of their marketing – make sure quality photographs are used and a floor plan is always included. If an agent cannot be bothered to present your property in the best light than this is a sure indication of the type of service they will be offering to both landlords and tenants.
It is easy to check out the standard of presentation used by looking on the agent’s website. Also make sure that the agent accompanies all viewings.
Tenant Reference Checks
A good agent will do all the necessary checks on a tenant prior to putting them forward for your property.
However, with the best will in the world sometimes a tenant may fall on hard times, they may be made redundant or become sick and unable to pay their rent.
The best way to cover you for all eventualities is to choose a lettings agent who includes Rent Guarantee Insurance in their Managed Service or by taking out this cover yourself.
Evicting a tenant can be a lengthy and expensive process so you should ensure you have the necessary insurance in place to protect your rental income and cover all legal costs associated with the eviction process.
HomeXperts branches includes Rent Guarantee Insurance as standard in all Managed Services.
A reputable Lettings Agent will take the hassle out of the process involved in renting out property you may find that the dividends are so worthwhile that you begin to develop your portfolio to include other rental properties.