Real Estate Postcard Book - Top ten
For a lot of landlords, a letting agent is a necessity. While some property owners choose to manage their own affairs, a sizeable proportions needs to entrust their properties to an agent. There are a few things that you need to take into consideration when looking for a coventry lettings agent.
Know what you need
Before you choose an agent, you have to know how comprehensive the services should be and how much you are going to pay for it. You can decide to have an agent take on all the work of looking for a suitable tenant, draw agreements and collect rent as well as deal with problems such as maintenance. You may want to look for a simple tenant finding service where the agent looks for a tenant and then draws up a contract and leaves you to collect the rent and maintain your own property.
Understand the fees
The fees for agents are either fixed or a proportion of the rent. You may be required to pay ten percent of the rent for full management service. An alternative is to pay flat fees. This is common for a simple tenant finding service.
Use a trade association
Trade associations are among the most vital and effective ways of ensuring that you choose an agent that is fair and reputable. To become a member of trade association, you need to have the agent sign up to a code of conduct which governs how they deal with landlords and tenants.
Getting a personal recommendation is the most reliable form of endorsement. If you know some other landlords in your area, you can ask them the agencies that they use and recommend to you. If you do not know any landlords, you may find a landlord association where you can ask for advice.
Understand guaranteed rents
A deal for guaranteed rent may seem enticing. This may seem as a no brainer as in why would anyone not want a guaranteed rent even when your property is empty. Although this can be a bit enticing, you need to understand that the amount that you are going to be getting monthly is going to be way below the market rate. Once you factor in the money that you are saving in void periods and administration work, you will realize that you are actually benefiting. You however have to make the decision on your own without having any undue influence.
If you are thinking of looking for a letting agent that is also going to take care of your property, you have to take into consideration a few other factors. Understand the fees for maintenance work and find out if they are included in your management fees or they are an extra cost. You should also consider if the agency is going to guarantee you that they are only going to use trades people who belong to a trade organization or a guild. This can help to guarantee high standards of work.