You have your investment property ready. Now is the time to get an excellent Lettings & Management Agent on board.
(L&M for the sake of brevity)
Once you find a fantastic agent, you will be so thankful you spent the time to find a great one. Don't settle for average or mediocre agents.
How to find your agent:
- Ask your sales agent for recommendations.
- Ask other investors and landlords you know.
- Search on your portals (we broke down a few here)
- See which agents have the most listings.
- See which agents represent their listings the best. You don't want this: LINK
- Who rents properties similar to yours, how long have they been listed?
Create your top 5 list and meet with them.
What to ask your agent:
- What is their experience?
- How have they dealt with similar properties?
- How quickly do they rent out properties similar to yours?
- How frequently and in what manner do they report to you?
- Are they part of a professional body and are they insured for liability?
- How do they treat tenants (the better they treat tenants, the more likely your tenants are to stay)?
- Do they charge tenants? (some agents charge tenants a fortune for reference checking and providing contracts, this soon to be banned practice reduces your potential tenant pool)
- How will they market your property?
- How can you cancel your contract if you are not happy with the service provided?
The usual terms and conditions between you and your L&M agent:
- T&C's vary, but there are a few terms that are usually similar amongst professional agencies.
- You will pay a percentage-based fee for letting the property and another % based fee for management.
- The management fee you will pay for the duration that the agent is employed to manage the property.
- The lettings fee you will only pay while the property is let.
- You are likely to pay a reduced letting fee if your tenants renew.
- Make sure neither you nor your tenant is charged ridiculous amounts of money for renewals. This should be covered by the lettings fee.
- Breakdown additional charges for work outside the scope of the management fee.
You have all the basic tools & questions to hire an excellent L&M agent. Make sure you get the right one.
Now you are set and ready to get your property on the market.
If you have any questions or need any recommendations, please comment below or message me directly.
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