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Letting Property
Getting Organised
Renting your property can be both time consuming and
expensive. There are a number of options and these are
discussed in some detail below:
Letting Agents
Letting and property management agents provide a number
of different types of services to landlords.
The level of service will very often determine the
amount they charge. Charges are usually commission,
based on the annual rental income of your property.
You should therefore discuss and compare the charges
of different agents in your area. Typically rates vary
between 8% and 15% plus VAT. Some agents deduct the
commission upfront whilst others make a deduction as
they collect the rent.
- Introduction Only: The introduction service offered
by letting agents very often gives landlords the most
basic of all services available. It consists of finding
suitable tenants for your property, applying for references,
preparing the tenancy the tenancy agreement and collection
of the first month's rent and deposit. The letting
agents' charges are deducted from the first month's
rent and deposit. As landlord you will be responsible
for the deposit and for all future property management
issues.
- Rent Collection: The rent collection service includes
all the services offered under the introduction only
service, together with a rent collection service.
Once rent is collected the letting agents' rent collection
commission is deducted and balance is paid to the
landlord. The landlord is expected to arrange to inspect
the property and deal with any repairs under the terms
of the agreement. The issue of notices to quit are
normally dealt with by the letting agent but the landlord
will need to make his or her own arrangements to deal
with all aspects of the tenant moving out.
- Full Management: The fully managed service offered
is the most comprehensive and deals with almost all
the issues of property management required on a daily
basis. Urgent repairs will be undertaken as needed
by the letting agent and quotes will be obtained for
other non-essential matters. The payment for any expenditure
will be deducted from rents collected before any payments
are made to the landlord. For landlords who working
or living abroad this service is essential as all
matters are left in the hands of the letting agent
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