One of the easy ways to make money is by letting out a second property that you own. The sad part is that letting out the property may be a daunting task if you do not know what it takes for you are to succeed in this business. At times, as an owner, you may decide to rent out the units privately, which may prove to be hectic. Whether you are a newcomer or an expert in the property development industry, it is always wise to enlist a letting agent’s help.
What do Letting Agents Do?
The main responsibility of a letting agent is to look for suitable tenants for a particular property. The agent works on behalf of the property owner. Before the letting agent agrees to help you find the tenants, the agent will visit the property and estimate the rental income it can generate. You must first agree on the rent before allowing the agent to advertise your property. There also needs to be a tenancy agreement for new tenants to sign when inhabiting the building.
Finding a Good Agent
You will find it difficult to look for good letting agents if it is your first time doing business with them. You will notice that agents operating in suburban and metropolitan areas are always competing for new clients. You can ask local property owners for recommendations or browse the Internet for potential letting agents operating in your locality. If you are living in the UK, you can go through the agent database of the ARLA (Association of Residential Letting Agents). All letting agents listed on the ARLA database have the basic industry qualifications.
What if You Have a Complaint?
As a property owner, you have the right to air out your concerns if a particular letting agent is not serving you well. To raise the complaint, start by discussing it with the agent. It is the agent’s mandate to satisfy your demands for you to continue being a loyal client. The letting agent should be ready to listen to any issues you raise regarding the rendered services and resolve the issues promptly. A diligent agent needs to have a well-defined procedure for handling complaints.