A letting agency is a service provided by property owners to help tenants find rental properties. In addition to finding suitable tenants for rental properties, they also take professional photographs, produce floorplans, advertise properties through local media, and carry out referencing and a legally binding tenancy agreement. They can also create an inventory of the property for accurate deductions from the tenant’s security deposit. Considering the costs of managing rental properties, a letting agent may be the best way to reduce your workload. Here is what you should know before hiring a letting agency in Glasgow:
Do Your Research
When choosing a letting agent, make sure you ask about the landlord’s background and experience. Some agents only work with a handful of properties, while others may own dozens of properties. Also, make sure to ask the letting agent if it has an extensive list of landlords and tenants. Ask about the type of tenants the agency usually finds and whether the agent has experience in letting properties of your specific type. This way, you will know if the agency’s methods are appropriate for your property.
Costs And Fees
The fee for a letting agency will vary depending on the type of services they provide. The fees for property management begin at 7% of the monthly rent and can rise to 15% in London. However, fees may be spread out over time. It is important to know how much you are going to pay for the services and make sure you know what you’re getting. Some agents charge extra for rent reviews, inventories, and tenancy agreement renewals.
Their Responsibilities
As part of its obligations to prospective tenants, letting agents are required to carry out appropriate enquiries. They must check the tenant’s references, bank statements, present and past debt, and view utility bills and a driving license. According to the TPO Code of Practice for Letting Agents, they must take all reasonable steps to verify references. If the agency does not carry out these checks, tenants may end up being disappointed and not be able to rent the property.
Terms Of Business
They will also help you deal with the formalities associated with referencing and drafting tenancy agreements. In addition to finding tenants, an agent will also provide you with a written Terms of Business, which confirms the services you’ve agreed upon with the agency. This contract should outline the fees you pay, as well as your cancellation rights.
Final Words
Hiring a letting agency in Glasgow has many benefits to offer landlords. They can save you a lot of time and protect you from the risk of any legal issues. Whilst you will still have some responsibilities to ensure your properties are being kept in good condition, you can allow someone to take a lot of the stress away from the job. Be sure to research fees and don’t be hesitant to ask questions about the service you will receive for those fees.