Understanding how Lettings Agents’ work before you sign on the dotted line is something so many people fail to do. Whether you’re a long term landlord or new to the industry, what benefits does an established agent offer?
As an Estate Agent in Bournemouth we spoke with our CEO Maximillian de Kment about the pro’s of using an agent. Below he shares his insights into why an Agent is required, as they offer so much more than you realise.
They Market the Property for You
A letting agent is advertising and marketing your property 365 days a year, so has a large pool of waiting tenants. Our current waiting tenant list is at 297 waiting applicants, to give you an idea.
We expect to fill a vacancy in days not weeks. This saves the landlord void periods. The private landlord loses on average 4.5 weeks more with the property empty (our average rental is £950 pcm therefore a loss of £1,000 + when advertising privately)
Schedule Viewings with Prospective Tenants
When you use an agent to fill your vacancy, the agent is the one who is interacting with the prospective tenants. The agent will be managing all of the back and forth communication, as well as scheduling appointments with prospective tenants to view the property. Having this responsibility off of your plate will allow you to use your time on other productive tasks. You will also avoid possible conflicts with prospective tenants.
Show the Property Off for You
Another benefit of listing your rental with an agent is that they will be the one physically showing the property for you. If the prospective tenant does not show up, it is the agent’s time that is wasted, not yours.
Contracts and Affiliations with Local Employers
We have connections with the largest employers in the BH postcode. Therefore we are contacted in advance by relocation agents for company lets. Lets to the like of JP Morgan, Barclays, AFC Bournemouth, Rias, Liverpool Victoria, etc can prove to be a profitable and reliable let. A private landlord does not have access to this.
Know the Market Value
An agent will help accurately price your rental. The agent you choose should have experience with the rental market in your area.
He or she will look at the size and amenities of your property and compare them to three or four others in the area. These comparable properties will be the basis for what the Realtor believes your rental is worth. The goal is to get the highest rent possible, but not price it so high that it keeps the rental sitting on the market for months.
Access to Tenant Screening/Background Checks
Reputable rental companies have subscriptions to tenant screening services. The agent will be able to easily screen prospective tenants to determine if the information on their application checks out.
Furthermore after 20 years in business we have with cooperation of other agents built up a database of tenants to avoid.
They Can Draft Lease Agreement for You
All agents will have a basic lease agreement. It will include the most basic and necessary clauses of a lease such as length of lease, amount of monthly rent, when the rent must be paid, the basics of the security deposit and how the tenant must use the property.
This could be helpful if you have never drafted a lease before or do not have a lawyer to draft a lease agreement for you.
We have robust tenancy agreements which have been formulated by top housing lawyers and are regularly altered to protect further following landmark court hearings and changes in legislation (a basic agreement can sometimes not protect you adequately)
The private landlord does not have access to this.
Only Get Paid if They Fill Vacancy
An agent will charge a commission to find a tenant for your rental. The amount they charge will depend on your agreement with the Agent It could be a percentage of the yearly rent, such as 10 percent, or it could be the equivalent of one month’s rent. However, the Agent will only get paid this commission if they actually find a tenant to fill your vacancy (bear in mind that the average landlord loses at least a month in filling his/her vacancy therefore the dynamic agent is free!)
Helpful When You Have a Lot of Units/Vacancies to Fill (time is money)
Hiring an Agent to fill your vacancies can also be helpful if you have a lot of units to handle or if you have more than one vacancy to fill at a time.
No stress, no evening calls, no threatening tenants and no rent chasing. you can sit back and enjoy the income.
You can sit back, relax and enjoy the income. You do not have to worry about the tenant calling in the evening or weekend to say they have locked themselves out and need you to let them back in, or demand / guilt trip you into rectifying a maintenance issue they are responsible for. As a landlord you can be asked anything, from requests to change a lightbulb to demands they need new white goods.
The benefit of working with an agent is that they act as your buffer, your mediator. They will have knowledge of ALL the latest forever-changing lettings legislation, making sure you do not receive any unexpected fines and do not spend more than necessary.
We hope you’ve found this article interesting. As an award-winning Estate Agent in Bournemouth we’ll be revealing lots more Lettings insights over the coming weeks and months. If you have a question for our Lettings department please email us firstname.lastname@example.org and they will be sure to look after you.
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