Most landlords choose to manage their properties through an agent. Some decide to manage things themselves, but unless you have plenty of time to invest in your properties, it’s a lot less stressful to let an agent do it for you. So, how do you choose an agent? Here are some tips you should consider in finding the right agent for your needs:
What are your requirements?
There are different levels of service that are offered by agents, so your first step is to decide what level of assistance you require and how much you’re prepared to pay for it. Full management is the most comprehensive level of service, and as the name suggests, the agent takes over virtually all the work involved in letting your property. They will be responsible for finding tenants, dealing with contracts, taking rent payments for you and dealing with any maintenance issues. Obviously, this is the most expensive type of management arrangement.
Another option is to use an agency purely to find suitable tenants and collect rental payments. The least expensive option is to use a service that simply finds suitable tenants for you and draws up contracts but doesn’t deal with any other aspect of the property management.
Think about fees
Most agents’ fees are arranged either as a proportion of the monthly rent or as a fixed fee, Approximately, 10-17% is the percentage required for a full management service. It could be that your chosen agent accepts a flat fee for the services they provide, and this is usually the case for services that simply find tenants for you. Fees can vary significantly between agents, so it pays to do some research. For a reputable Letting Agents Gloucester, visit http://www.tgres.co.uk/
Look at trade associations
If you’re not sure where to start looking, trade associations are a helpful source of information on reputable and professional agents in your area. Members of these associations sign up to a code of conduct for dealing with tenants and landlords, so you can be assured of an expert and professional service. The three main associations that businesses can sign up to include the Association of Residential Agents, the Royal Institution of Chartered Surveyors and the National Association of Estate Agents.
Many people rely on word of mouth recommendations from friends, family and colleagues when seeking any local services. Perhaps you know other landlords in your area who can supply you with thoughts, recommendations and reviews of different agencies. Another option is to contact your local landlord association who should have a wealth of experience and knowledge to pass on to help you with your choice.
Dealing with maintenance
If you’re looking for an agency who will take on maintenance work for you, there are a few additional considerations. You’ll want to know if the maintenance fees are included in the management fee or will they be extra? When it comes to the tradesmen used for repair work, you’ll want to be confident that they are professional, skilled and members of appropriate trade guilds and associations.