Most landlords choose to manage their properties through an agent. Some decide to manage things themselves, but unless you have plenty of time to invest in your properties, letting an agent do it for you is a lot less stressful. So, how do you choose an agent? Here are some tips you should consider in finding the right agent for your needs:
What are your requirements?
Agents offer different service levels, so your first step is to decide what level of assistance you require and how much you’re prepared to pay. Complete management is the most comprehensive level of service, and as the name suggests, the agent takes over virtually all the work involved in letting your property. They will be responsible for finding tenants, dealing with contracts, taking rent payments for you, and dealing with any maintenance issues. This is the most expensive type of management arrangement.
Another option is to use an agency to find suitable tenants and collect rental payments. The least expensive option is to use a service that considers the right tenants for you and draws up contracts but doesn’t deal with any other aspect of property management.
Think about fees
Most agents’ fees are arranged as a proportion of the monthly rent or as a fixed fee; approximately 10-17% is required for a full management service. It could be that your chosen agent accepts a flat fee for the services they provide, and this is usually the case for services that find tenants for you. Prices can vary significantly between agents, so it pays to do some research. Find advice from Letting Agents Cheltenham by visiting www.meandyouestateagents.co.uk
Look at trade associations.
If you’re unsure where to start looking, trade associations are a valuable source of information on reputable and professional agents in your area. Members of these associations sign up for a code of conduct for dealing with tenants and landlords to be assured of expert and professional service.
Ask around
Many rely on word-of-mouth recommendations from friends, family, and colleagues when seeking local services. You may know other landlords in your area who can supply you with thoughts, suggestions, and reviews of different agencies. Another option is to contact your local landlord association, which should have a wealth of experience and knowledge to pass on to help you with your choice.
Dealing with maintenance
There are a few additional considerations if you’re looking for an agency to do maintenance work for you. You’ll want to know if the maintenance fees are included in the management fee or if they will be extra. Regarding the tradespeople used for repair work, you’ll want to be confident they are professional, skilled, and members of appropriate trade guilds and associations.
