was2 Posted August 1, 2007 Report Share Posted August 1, 2007 We recently have bought a property and want to let out through some local estate agents. It is our first BTL, which ponits do we need to consider while letting out through agents. Do we have to sighn any contracts with the estate agent before the tenancy agreement. Link to comment Share on other sites More sharing options...
pugsy Posted August 1, 2007 Report Share Posted August 1, 2007 Well, where to start exactly... before it all kicks off on here, I'd get myself a good book on the subject. Obvious things you want to watch out for: good marketing, nice photos, competitive rental figure, management fees%, what it includes, any other costs. Make sure your agent is registered and that the bond they take is administered under the new tenant protection schemes. Ask questions. You will need to sign a management form pre any tenancy agreement. This is where you would agree the %. Do yourself a favour and research property tax and eviction processes now, before you actually need them. Link to comment Share on other sites More sharing options...
Shaw45 Posted August 2, 2007 Report Share Posted August 2, 2007 You came to the correct place for your help.. I advice you a site which is very informative for you to help in property investment or selling. http://www.propertyinvestmentsecrets.co.uk/offer/mfn.htm Good Luck Any ways thanks Link to comment Share on other sites More sharing options...
Matthew Posted August 2, 2007 Report Share Posted August 2, 2007 So many points, but the main one we see on here all the time is where letting agent charges landlord a finders fee even if it is just renewing the contract. I.e. a tenant may stay 6 years, you will get charged 12 finders fees. Ensure that the contract states you only pay 1 finders fee no matter how long they stay, if they won't do this avoid them like the plague! Better still let it out yourself, with internet these days very easy and very cheap, it is likely you will be able to do a better job, decrease voids and make more money. Link to comment Share on other sites More sharing options...
Kingswood Posted August 2, 2007 Report Share Posted August 2, 2007 Like any other industry the quality of letting agents varies greatly, but as the industry is unregulated you could be dealing with anybody. Try and find an agent that has taken the time and effort to join an association such as ARLA, usually a good indication that they take things seriously and are in it for the long run. Link to comment Share on other sites More sharing options...
Trenners Posted August 5, 2007 Report Share Posted August 5, 2007 Hi, In my experience - ARLA memberships doesn't necessarily mean good customer service but often means high charges (because ARLA membership doesn't come cheap). Membership of UK ALA or any other regulatory body would also be a positive. I would suggest you select your letting agent by personal recommendation as it is often compared to selecting your "priest" - ie: you need to trust the advice that you are being given. Ask other landlords in your area who they use. Don't choose multiple letting agents - it is rare that they will agree on anything and you will therefore get conflicting advice. Also, keep away from "estate agents" and choose, instead, a specialist "letting agent". The skills and expertise needed to run and manage an assured shorthold tenancy are very different to the skills needed to sell a house. Don't let the estate agents tell you that the skills are the same (just because they both relate to property). An estate agent earns their fee at the point of sale - a letting agent earns their fee during the lifecycle of the tenancy. Good luck, Mark Link to comment Share on other sites More sharing options...
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