There are reasons why you should let your properties. First of all, when you own a property, you would have to pay the rent on time, otherwise it will be repossessed. Letting it can greatly help in ensuring that all the bills and needs of the property is met on time. Aside from that, there are loads of other benefits that you can get from letting.
Letting is also a good investment opportunity, another reason why property owners should engage in it. So if you do decide to let your properties, know that while you are exposing yourself to various opportunities, you will also be facing a number of challenges. Everything would be much easier when you have a letting agent who can help you every step of the way. Know that you don’t have to do everything on your own.
If you are having trouble finding a good letting agent, here are some tips to help you out.
- Clarify everything with the agent before anything else. This is in regards with the fees that the agent may impose. When you an agent to find tenants for you, you should know that there are agency fees that are needed to be paid in advance for this. Normally, these fees cost about 8% of the rental income but some agents may impose higher fees. Before you begin anything, make sure you are cleared of all this.
- Negotiate a discount. Especially if you have more than one properties that you would like to let.
- Reject renewal fees. Some agents would ask an annual renewal fee but know that when you do this, it would be like paying the agent to find more tenants without him doing anything that is why you should reject this upfront.
- Pay only one year’s fees in advance. There are agents who would tell you that there are tenants who would like to live in your property for a number of years but there is also a chance that they would leave early that is why you should only agree to pay one year’s fees in advance.
- Make sure your agent is a member of a professional body. This is important because letting agents who belong to a professional body are considered highly qualified for their work. Also check their professional insurance.