The tasks involved are preparing the property for lease, marketing, advertising, conducting safety checks and other inspections, screening tenants, preparing a lease and inventory, managing the deposit, collecting rent and chasing rent arrears, as well as arranging maintenance.
In cases where you don’t live near your rental property, you may need full-service management. A property manager can also provide tenant finding services, showing tenants properties and recommending tenants, or they can provide only letting services, which locate and move tenants in, while you manage the tenancy.
It can simply be a matter of how much you want to spend on marketing your property and your perceptions of service value. In general, Letting Agents in Edinburgh has more pros than cons, so your choice could simply depend on how much you want to spend.
Advantages
- A thorough vetting and referencing procedure will Increase husband heart the chances of attracting reliable tenants
- As far as security deposits are concerned, your needs are met
- It is imperative that you hire a letting agent to maintain the property
- The company can collect the rent and reclaim it
- Letting agents can take care of property management and maintenance issues
- Since the experts have a good knowledge of the market and demand, they know their field well.
- Using a letting agent will likely result in a higher rent
- Letting agents inform landlords about legislation pertaining to them
- An objective and impartial buffer separates you from your tenants
- Disputes can be resolved by renting an agent
- The eviction process should be explained to agents
- By hiring an agent, you will reduce your workload (and possibly your anxiety) in the long run.
- Legal services may also be offered by letting agents in addition to landlord insurance, tax planning, and legal advice.
Disadvantages
- A letting agent’s fees will typically range from 5% to 15% of the rent. If you spend money, consider what you’ll receive in return
- The eviction process involves additional paperwork, administration, and costs
- In some cases, letting agents will charge a fee for arranging repairs for you, in addition to the actual repair costs
- There are times when agents charge an additional fee for third-party services, like arranging energy certificates and gas safety certificates.
You Should Ask Your Letting Agent The Following Questions:
- Have you been approved by a reputable professional organization like The National Approved Lettings Scheme http://www.nalscheme.co.uk/ or The Association of Residential Letting Agents http://www.arla.co.uk/
- The company’s money is protected by its policy
- Do you thoroughly check references for tenants?
- How will the property be maintained? Who will be responsible?
- Why not make all our service charges and charges accessible on one page?
These are only for informational purposes and are not intended to be taken as advice. In spite of Direct Line for Business’ best efforts, the information is not guaranteed to be correct, up-to-date, or reliable. All information is provided at the user’s own risk. Direct Line for Business does not offer any warranty as to the quality of this service and Direct Line for Business cannot be held responsible for incidental, special, or consequential damages.
Tags: Letting Agents in Edinburgh
