If you have worked on your building and you are now sure that it is ready to be rented out, hiring the services of a letting agent would be a good idea. Having letting agents ensures that you don't undertake the hassle to market your property and that also you are saved from the hectic renting process. What are the benefits of using a letting agent?
You property will be listed in top property publications and
websites and therefore more students will be able to find it.
property will get student tenants very fast because students will call
letting agents first when they are looking for a house to let,
their experience in this field, a letting agent will be able to choose
quality tenants which will ensure that your property is maintained at a
The letting agent will always keep you updated on the
letting regulations which will ensure that you are always legally
Although some property owners may choose to rent out their properties by
themselves, one should understand that the process is hectic and it may
consume a lot of your time. Keeping up to date with the legal
requirements could be hectic. It is also important to understand that
there will be numerous disputes in your property some of which may be
too difficult to solve. Employing an agent ensures that you are saved
from all these hassles.
In some states, tenants are advised to set up a direct debit from their
account to ensure that their rent is always paid before the due date.
This rent is paid directly to the agent's account who latter after
deducting the taxes and their agency fee will pay the rent to your
If by any case the tenant fails to pay rent, it is the duty of the
letting agent to try all the legal means possible to claim the defaulted
amount. However, many letting agents will not just welcome new tenants
without questioning about the tenant's background. By renting the
property to tenants who are credible and those who have a good credit
history, the agents are able to minimize the chances of defaulted rent.
After employing a letting agency, there are still some responsibilities
that you are supposed to take care of as the landlord for example;
paying for the property insurance, paying for the mortgage, repairing
and maintenance of the building, and paying of the agent's fee. In case
the property is empty, it will be your responsibility to pay for the
taxes as well as the utility bills. During this period, you are not
liable to pay for the agent's fee.
It is important to ensure that you as a landlord enter into a legally
binding agreement with the letting agents. This agreement helps to
ensure that the agent does not operate beyond his mandate. It is the
duty of the letting agents to receive the deposit from the student
tenants. The deposit in most circumstance will be equal to one and a
half month rent amount. When tenants are vacating from the property,
this deposit will be refunded in full as long as the tenant has left the
house in a good condition.