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Monday, 10 September 2012

The Role of Letting Agents

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.

Your property will get student tenants very fast because students will call letting agents first when they are looking for a house to let,

Do to 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 good standard.,

The letting agent will always keep you updated on the letting regulations which will ensure that you are always legally protected.

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 account.

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.

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