Not all landlords need to hire a letting agent, but if you don’t have the time and experience, then it becomes a good option.
Letting agents will help a lot when it comes to finding new tenants, managing existing properties and tenants, and everything that needs to be done to make sure the property is in good condition. When you hire a letting agent, you can sit back and forget about it.
What services will a letting agent offer the landlord?
Before doing anything, you need to know what the letting agent is going to do.
One of the most common reasons for using a letting agent is to find tenants. When tenants are looking for a rental property, they usually register with the letting agent. If you hire a letting agent, they come with a good supply of fresh tenants.
They can also collect rent, which is going to be a good thing for landlords living overseas. They also offer a fully managed service. This means they carry out maintenance, manage tenancies, and do everything that tenants expect the landlord to do.
Does this mean a landlord is no longer responsible when they hire a letting agent?
The answer is no.
They can advise you, but you are the one legally responsible in the eyes of the law. This is going to apply even when you sign up for a service with a letting agent who didn’t do what they were contracted to do.
Researching local market rates for letting agents
They can charge what they want subject to market conditions. Fees are more likely to be competitive in areas where agents jostle for space. This is why it is a good idea to shop around for a better rate. You need to be very careful of the ones promising a five-star service at a bargain. Most of them are cutting corners in order to maximize their profit margins. You are going to regret it down the line when issues start coming up.
There are some letting agents in Wimbledon. They are providing excellent service within the residential property market. They offer professional, yet personal service, ongoing guidance, and above all at an affordable rate. You can go with them for achieving your goal.
Is there a regulatory body for letting agents register?
In the past, the world of letting agents were not regulated and it was wild. This made it easy for some letting agents to take advantage of landlords and tenants. Some of them charged fees and disappeared with a lot of money belonging to the landlords. This resulted in landlords and tenants losing their money.
Letting agents are required to be members of one of two redress schemes according to the law. The independent bodies are going to hold agents to account and also solve disputes between agents and landlords. If they are not a member of the redress scheme, they can be fined by the local council up to £5,000.
High street letting agents vs online agents
High street agents have been there for a long time. The world is moving forwards and online agents are becoming the norm and more people are choosing them.
There is not much difference between these two, apart from the online ones not having a store.
How proactive are letting agents?
You should pay close attention to how they return your calls when you are enquiring about their services. If the letting agent is taking a lot of time to get back, then you should stay away from them. If they are taking a lot of time to get back at you, imagine how long they are going to take to respond to you when you hire them and you have a problem.
You shouldn’t be blinded by their sales pitch. No matter how charming they are, you are going to regret it when it costs you time and money in hidden fees, and also poor service. Take the time to hire the right letting agent.