Letting Agents Make Great Property Managers
Being a landlord may seem easy. Each year, hundreds of people enter the landlord arena because they believe it is easy residual income. However, being a landlord entails a lot of work and knowledge about the law. Many landlords have turned to letting agents to help them manage their rentals.
There are tons of benefits that come with hiring a letting agent to manage your rental properties. You can be an absentee landlord if you hire a letting agent. Lots of people want to be landlords because they see it as a great investment. But people aren’t as successful as they could be at it because they only rent property in the area in which they live. You can purchase and rent property anywhere in the country that you wish if you get a letting agency to look after it for you.
Letting agents can take care of all landlord responsibilities from A to Z. Many landlords only want the letting agent to take care of the rental process. In these instances the letting agents will do several things. They will make sure the property is cleaned and ready to rent after the previous tenants have moved out. They will put the property on the market and screen interested renters to make sure they have a desirable credit rating and background. They will draw up legal documents and select the new tenants. Then the landlord would step in and take over.
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Lettings agents can do much more than that, of course. In addition to handling the renting process, letting agents can take care of every other single aspect of property managing. Letting agents can collect rent from tenants, handle repairs, make sure maintenance is done and arbitrate tenant disputes if necessary. Letting agents can even represent the landlord in court. In some cases, letting agents handle so much of the landlord responsibilities that the landlord doesn’t even know the names of the people who are renting their property.
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If you decide to hire a letting agent to be your property manager, it is important that you do your research before entrusting such a big responsibility to them. One way to make sure that you are hiring a reputable letting agents is to only hire agents who are accredited from one of the major letting organizations. All of the major letting agents back their agents. If you do have a bad experience with one of their agents, you can get some recourse from the organization. If you hire an agent who does not belong to an accredited organization then you would be on your own in most cases. And don’t forget to ask to see proof that they are in fact members of an organization.by