One of the main issues that landlords have to face when they start renting a property out is finding a reliable letting agent who will be able to manage the building appropriately, ensuring that all relevant updates relating to maintenance and tenant feedback are relayed to the landlord quickly in the process.
Unfortunately, many make the mistake of hiring the first letting agent they find, which can lead to issues involving the management of their buildings. These concerns should all be considered before you make your choice.
What Do You Actually Need?
Different landlords like to have different levels of control over their buildings and how they interact with tenants. Some like to get involved, conducting visits and essentially managing their properties themselves, only using their letting agent to help them with legal issues or to find tenants. Others, particularly those with large portfolios, prefer to have the agent also deal with the day-to-day running of the property as well. It is important for landlords to figure out what they actually need so that they can search specifically for letting agents that excel in those things.
Check The Management Contract
If you are hiring a letting agent to manage the entire building, it is crucial that you check the management contract so that you understand exactly what powers you are handing over to the agent. Also look for any information regarding dispute resolution and how you will handle things with the agent should they not meet your expectations. Make it a point to note any parts of the contract that you don’t understand and make sure that they are explained to you before you sign anything. In some cases, it may help to have a legal professional examine the contract before you agree to it.
How Well Do They Know The Area?
If you are considering a number of letting agents who all seem to have similar levels of competency, you should consider which of them has been operating in the area where your property is located for the longest period of time. This local knowledge could prove crucial in many ways, as it will offer the agent insight into what potential tenants in the area are looking for, while also allowing them a better understanding of the high points of the area that could be used in marketing materials.
Keep Copies of Correspondence
While you will ideally be working alongside a letting agent who is trustworthy, it is still worth maintaining your records properly and keeping copies of any and all correspondence that you have with them. This will again prove very useful should a dispute arise. Pay particular attention to any documentation that relates to the management of your property or any requests that you have made of the letting agent.
The Final Word
So where can you look to find a letting agency that can help you with every aspect of property management, regardless of how involved you would like to be in the actual running of the property? The answer is Hills Estate, which provides an experienced team who can offer the expertise you need to properly manage and market your property so that tenants are kept happy and you don’t have to deal with the stress that often comes with being a landlord.
