If you are looking to let your property out then probably you’ll be interested in enlisting services of letting agents in Romford get help regarding renting out your building. Have a look at some of the pros and cons of using a letting agent. This information will come in handy while making a decision.
Here are the pros:
You can leverage their advertising and marketing prowess
A great advantage of engaging letting agents is that they have vast marketing experience so will help in cutting down the void periods in a rental property. The cost of remaining without rent for even one month will come out to be more than the annual fee of the letting agent. Besides they are proficient at advertising across a range of media associated with property including property portals, social media and the like. Moreover, on specific advertising portals landlords are not permitted to advertise; therefore, it’s imperative to engage services of a letting agent to access those markets.
Letting agents can help get the best rental price for your property
These letting agents have sound knowledge of the property market and your locale, therefore, will be able to position the property in the most appropriate price category. Besides, they work on commission so they’ll try to rent out your property at the highest price possible. An increasing number of agents today are offering rent guarantees in case the renter doesn’t pay but these differ from one agent to another. So it is recommended to read through the fine print of this guarantee.
Letting agents conduct thorough investigations of tenants
letting agents in Romford perform comprehensive investigations including background checks of the renter to confirm that the property is being let out to the right person. Furthermore, these agents inspect the property on a regular basis to make sure the tenant is not doing any damage to your house. In case a problem occurs in your property the agent will be able to sort it out in a timely and proper manner. In other words, your letting agent will ensure you don’t suffer any sort of loss due to the negligence of your tenant.
The cons:
Money
Letting agents are not available free of cost. Means you have to pay them to obtain their varied services — from let only to full management. If you choose to use their ”let service” you’ll be liable to pay your estate agent a fixed part of the income you earn from a rental. However, if you select the full management service you’ll have to pay them a higher amount which will get deducted automatically from the month’s rent. The money that is paid out of rental income to the estate agents can vary according to the area where the property is located. Charges for managing a property located in a desirable area will definitely be higher than property in a less desirable area.
Maintenance Bills Can Get Costly
Estate agents either knowingly or unknowingly may overcharge for maintenance work and repairs that are carried out under their supervision. So we recommend a cautious approach when it comes to maintenance work to the property.
