It can take a very long time to find a good, trustworthy landlord for a rental property. The growing complexity of laws and the possibility of severe fines for non-compliance add to the stress of letting a property out.
If you’re short on time or don’t live anywhere near your rental home, like many landlords, the benefits of using a letting agent are likely to increase the benefits. A good agent familiar with the place will decide to lease your property out faster, for a higher rent, to a good renter, saving you time and hassle.
A reputable letting agent should market your property in advance, find you the ideal tenants, and manage the rental paperwork for a reasonable letting agent fee. He can even guide you for mortgage down payment. If you hire a mortgage advisor in Canary Wharf, your mortgage broker will be able to handle any day-to-day rental concerns as well. To choose the best letting agent, follow these steps.
Steps to Choose the Agent:
- Choose the services you need:
First and foremost, choose the level of service you require: tenant-finding only or property management? Tenant-find implies that the letting agent will find tenants and complete the first rental paperwork, but you’ll manage the property. They could be able to collect your rent on your behalf.
When you choose property management, the letting agent will find renters and handle any day-to-day concerns on your behalf during the rental period. They’ll, for example, arrange for any maintenance issues to be resolved and property inspection to be scheduled. If you are new and you don’t know how to process, go with Mountview Financial Solutions their mortgage broker provides you a trustworthy letting agent and their mortgage advisor advice to take a decision and further procedure.
The option you choose will mostly determine how much time you believe you have to manage your rental property and how regularly you want to be involved. Keep in mind that if you live far away from your rental home or are frequently out of the country, dealing with issues of your own may be tough.
- Search letting agents in your area:
Once you’ve decided whatever you’re searching for, create a list of potential letting agencies. Then, explore internet listings, study forum discussions, and ask for guidance from many other area landlords.
It’s important to identify whether letting agents are very good by both tenants and landlords since a bad letting agent experience could discourage a tenant from staying in your property or even from renting this in the first place.
Afterward, talk with the letting agents on your shortlist to check if they make a good impression on you. Ask about the length of time it takes for properties to rent and any renters on their books looking for a property similar to yours.
- Analyzed costs of letting agent:
Cost is, of course, an important factor when selecting a letting agent. Fees for renting agents in the United Kingdom differ, but consider paying about 10% of the monthly payment for a tenant-finding service and around 15% for full management. When comparing letting agents, check on how they plan to handle the new rules or whether you’ll have to pay any extra letting agent costs as a result.
- Verify your memberships:
It is a legal requirement that every rental agent you consider licensed with the Property Ombudsman Service or the Property Redress Scheme. Check out whether the letting agent is a member of a professional group like ARLA Propertymark or is part of an accreditation program like the National Approved Letting Scheme (NALS). Certification or membership indicates that the letting agency has met specific criteria and should follow certain service regulations.
- Analyze money-safety plans:
Landlords and letting agents are legally required to place renters’ deposits in a govt tenancy deposit protection program. Ask about the letting agent’s strategy to ensure that they are following the requirements.
Furthermore, beginning in April 2019, all letting agents in England who hold client funds must join a government-approved client money protection scheme (CMP). On the gov website, there’s also a list of approved CMP systems. Letting agents should have a certificate verifying their CMP membership and publicly display it in their offices and on their website.
- Inquire about the future of your partnership:
Finally, ensure you’re satisfied with how letting agents will treat you as a client. These are a few things to keep a keen eye on.
- Opening hours for service
- Maintenance and repairs
- Money transfer
- Notice periods
Once you’ve selected your ideal letting agent, almost double asked to sign it, analyze the fees and cancellation conditions in particular. All papers, such as the agreement signed or any contact, must be kept in a safe place. Ensure you receive copies of the signed tenancy agreement or any important papers from the rental agent. They must also provide you with a copy of every receipt or bill they create.