kanrent Posted July 10, 2017 Report Share Posted July 10, 2017 hi i have a property for rent that is a long distance from me so i will be looking for a local agent to do a full management for me. can anyone tell me what pit falls to look out for when hiring an agent to manage this property for me. thanks for any advice Link to comment Share on other sites More sharing options...
Richlist Posted July 10, 2017 Report Share Posted July 10, 2017 Select your agent by recommendation only. Take rent guarantee insurance or a home owning guarantor. Ensure 3 monthly inspections. Draw up your own tenant specification and insist the agent works to it. E.g.....no smokers, no pets, working tenants only etc etc. Ensure the agent will cover all the many legal requirements. Insist on receiving copies of all documents as soon as a tenancy is in place....make sure you get copies of everything. Make sure it's you who selects the tenants and not the agent. Don't over pay.....everything is negotiable. Hope for the best, expect the worst, have a plan B and an escape route. Assume the agent will take you for a ride......keep on your toes and double check everything. Good luck........ Link to comment Share on other sites More sharing options...
kanrent Posted July 10, 2017 Author Report Share Posted July 10, 2017 5 minutes ago, Richlist said: Select your agent by recommendation only. Take rent guarantee insurance or a home owning guarantor. Ensure 3 monthly inspections. Draw up your own tenant specification and insist the agent works to it. E.g.....no smokers, no pets, working tenants only etc etc. Ensure the agent will cover all the many legal requirements. Insist on receiving copies of all documents as soon as a tenancy is in place....make sure you get copies of everything. Make sure it's you who selects the tenants and not the agent. Don't over pay.....everything is negotiable. Hope for the best, expect the worst, have a plan B and an escape route. Assume the agent will take you for a ride......keep on your toes and double check everything. Good luck........ do agents require any sort of contract between them and the landlord Link to comment Share on other sites More sharing options...
Richlist Posted July 10, 2017 Report Share Posted July 10, 2017 Some do, many dont, often biased in agents favour. Even when there is one hardly any landlords read it until they have a problem, then it's to late so you could argue it's pretty much a waste of time. If I were in your situation I'd try to find out if there is a local landlords association in the area your property is in. Selecting an agent based on others good experience is most important. You need a recommendation from other local landlords. Link to comment Share on other sites More sharing options...
Grampa Posted July 10, 2017 Report Share Posted July 10, 2017 Remember cheap isn't alway best and yes most agents will be flexible on fees but dont try to drive a too hard a deal in your favour as it will likely backfire on you. As a rough guide a Nals or Arla agent will likely be more established and probably had a certain level of training so you will have some redress if things go wrong. Ask to see the the contract between the landlord and agent and watch out for hidden extras such as fees for set-up, check-in/out, inventory, gas certs, handling fee for maintenance jobs, tenancy renewals, dealing with dilapidation's, serving notices on the tenant. Ask what their procedure is for dealing with rent arrears. Ask if they charge a extra fee if you were to give them notice at a later date but kept the tenant as some agents will charge 100,s for this. All the questions you ask at the outset do by email and KEEP THEM. Ask them about any new laws effecting the letting industry and see if they can speak confidently about them. Ask if they have plans to increase their fees after the tenant fee ban comes in. There are good agents out there that charge a fair fee for a good service. I always say I can offer a cheap service and a good service but I cant do both. Google the agents in your area and dig out the reviews. No reviews is a good indication if they have been going a few years. Link to comment Share on other sites More sharing options...
CynthiaBair Posted February 10, 2018 Report Share Posted February 10, 2018 Yes, I agree with Richlist, take some recommendation and get an agent. Make sure that you have done a proper inspection of the house and got a n insurance for your house. It becomes very important to have insurance done for the houses, with that you will make sure your house is safe. While selecting the tenants take the help of agents and get the documentation done. Link to comment Share on other sites More sharing options...
Richlist Posted February 10, 2018 Report Share Posted February 10, 2018 Cynthia, I don't think many of us need to worry about getting Boca Ratan insurance cover.......this is a UK forum covering property in the uk. Link to comment Share on other sites More sharing options...
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