First of all, let me tell you something about a letting agent. In general, a letting agent is a middle person who finds a suitable customer to rent some landlord’s property. Hiring letting agents is pretty popular in Commonwealth countries, mostly in the UK. Letting agents find tenants and manage the landlord’s property. A single letting agent may manage more than one landlord’s property in different locations with different facilities; in this way, finding a tenant becomes an easy task. In return letting agent charges commission from landlord and tenants, usually a particular percentage of rent. Hiring a letting agent in Bristol can be a challenging task for you because there are many of them and you must consider some important aspects before hiring anyone which are given below.
- Good Reputation:
A good reputation is one of the most important things because you just can’t hand over the charge of your property to some unknown person. Moreover, an experienced letting agent would know how to manage most of the things himself. So, you will just have to sit back with ease and receive the rent. You must also notice if the agent is the member of Association of Residential Letting Agents (ARLA), which is a trade association that has a code of practice and all of its members follow the code. Many experienced letting agents provide a wide range of services in Bristol. Some of these agents are Intire Letting Agents Bristol, Knight Frank and The Letting Game Letting Agents etc.
- Competitive Fees:
In letting business agents do charge commission from both tenants and landlords. In some past years, letting agents used to hide their commission and fees; but now the rules, regulations, and laws have been changed and an agent who hides fees and commission etc. can be fined up to 5000 GBP. Therefore, it is necessary to ask a letting agent to reveal all of his charges, fees and commission details before moving ahead in any deal. You must also perform analysis that whether fees and commissions are suitable for services. You would never like to give a big share of your rent as commission.
- Details of Services:
Before choosing a letting agent it’s your right to know the complete detail of services that you are going to buy in return of fees and commission. Landlords usually get into one of two types of services:
- Let Only Service.
- Full Management Service.
If you are willing to go with Let Only Service, you must get services given below:
- Advertise your property.
- Carrying out of viewing.
- Checking out the tenant’s credentials and insurance.
- Provide Tenancy Agreement.
- Information relevant to utilities.
Full management service differs from Let Only service. In full management, you will have to pay percentage of rent every month; which is usually between 10 to 20 percent of rent but still, it varies with agent and location. Full management includes all of the letting services such as collecting rent, keeping track of information about utility bills, keeping in touch with both tenants and landlord. In short, it frees a landlord from all of the worries about renting property.