Property letting out is a business that every landlord does to get their properties worth.
There are letting agency consulting services provided by various agents to these landlords.
But all of them are not doing a good job.
Many of these agents are inexperienced and therefore the maintenance of the property is poor.
As a result, the landlords suffer great losses.
The landlord's keep on complaining about the poor service, but then it falls on deaf ear.
Drawbacks of a bad letting agent While engaging a letting agent, one should be very careful.
A landlord should inquire about the services which they offer and what is the fee they are going to be charged.
Only if they are satisfied, they should go ahead and hire them.
There are few key points which one should know from these agents.
The rules keep on changing, it is important to know how the company copes up with this aspect.
One should also know about the process the company follows in order to check the credit of the tenant and what support one could receive if the tenant disappears without paying the rent.
It is also important to understand what type of training is given to the staff to deal with the property business and how long is the agreement valid.
One important side of the agreement made between the letting agency consulting services providers and the landlords is the details written in it.
The fees charged should be mentioned properly and there should be no option of a hidden cost.
The agreement should be in plain language which is easy to follow by the landlord.
These agents charge fees for their services.
But then when a fee is a very small amount, then the agency service is in question.
It is plain to understand that with a small percentage of around 5% service charges, the cost of staff salary and other overhead cost do not suffice.
On the other hand, the renewal fees, and one time fees may be very high.
This is how the agents make their money.
Just by keeping the service fee less, does not mean that the agent is good with the service.
If you calculate well, you would see that you are spending more money with the renewal charges and other fees than what is stated.
Tips to find a good agent o Should be a registered body of the National Approved Scheme o All costs are mentioned clearly.
o Well equipped with experienced staff to handle legal issues.
o Finance matters are taken care of in disbursing rent timely without any excess cost.
o Tenant problems are looked into promptly.