Letting Agents in Bow
Are you moving out of your property in Bow? If so, what are you going to do with your property? It may be worthwhile considering renting the property out rather than selling it if you can. You can rent the property out privately if you have the time to be a landlord and the confidence in your ability to let the property out whilst also doing right by your tenants, in order to do this you need to make yourself aware of your responsibilities and care of duty to your tenants, in order to prevent yourself from being opened up to a lawsuit. However, if you have never rented a property before, you are living in another area of the UK or in another country, or do not have the time to look after your clients, you may find yourself turning to a letting agent. The main roles of a letting agent;A letting agent is someone who will take responsibility of letting out your property for you, doing most of the work for you and making becoming a landlord very simple. A letting agent will:• Visit you in your property and do a valuation on it for you, this is usually done for free. From this the letting agent will tell you how much rent per calendar month they think you may be able to charge on the property. This will help you to determine the rental income and whether this will cover any outstanding mortgage payments on this property.• The letting agent will then advertise your home for you to a wide audience (because they have more resources they will be able to advertise to more people than you individually would). • Viewings of the property will be made between the letting agent and the perspective tenant, you as the landlord don’t even need to attend these if you do not live in the property you are letting out (or have already moved out). • If a tenant likes the property and is interested in moving in, the negotiations between you and tenant starts, with the help of the letting agent or course. • Once all parties have reached an agreement the letting agent will draw up all the relevant paperwork, including a tenancy agreement that both you and the tenant need to sign. Further to the above, some letting agents are able to offer additional services to you, that include but are not limited to:• Checking the tenant, ensuring they are suitable to the property, making sure that they can financially afford the property, checking any references that the tenant can provide. If there is a charge for the this service it is usually paid for by the tenant, unless quoted otherwise. • Inventory: letting agents will make a full inventory of everything within your house before it gets rented out, the inventory will note all of the appliance and furniture including the condition it is in. Whenever a tenant leaves the property the letting agent will inspect it to make sure everything is in the condition it was before the tenant receives their deposit back. If there is any damage they will withhold a certain amount back to repair the damage. • Collection of the monthly rent from tenants, as well as the initial deposit to move into the property. • Management service, this includes:o Renewing the agreements as and when they expire. o Maintaining and repairing the property when it is required.o Communications with tenants and dealing with any complaints.o Dealing with any workmen or professionals that need to make repairs or changes to the property.