Letting agents specialise in renting property on behalf of landlords. Their services cover every aspect of the letting process, such as taking professional photographs, creating floor plans, conducting reference checks, and conducting background checks before drawing up an Assured Shorthold Tenancy Agreement (AST).
As much as possible, it is recommended to employ agents who belong to one of the government-approved redress schemes and follow a stringent code of conduct.
Tenant-find
Finding tenants is the cornerstone of being a landlord, so most letting agents Paisley specialise in tenant acquisition. This involves advertising the property online through websites, newspapers, and portals such as Rightmove; taking professional photos and floorplans for each unit advertised; conducting tenant referencing checks; attending viewings as scheduled; and drawing up tenancy agreements before drawing up lease agreements for their clients.
Once a tenant has been found, a letting agent will collect rent and handle legal requirements such as deposit protection. They will also pursue rent arrears, serve notices, and advise what action can be taken should a tenant fail to pay rent.
Maintenance and insurance services provided by letting agencies include landlord liability coverage. Because all agencies offer different services, it is essential that you research each one before selecting one.
Full management
Many landlords opt for full management services as a way of relieving themselves of day-to-day issues that often fall outside their area of expertise. Furthermore, this can be especially helpful if they own several properties but lack the time or experience to oversee them all.
Full management services provided by letting agents Paisley will include marketing your property, carrying out tenant referencing checks, scheduling viewings, and creating an inventory before negotiating tenant lease agreements with tenants, as well as keeping you compliant with changing legislation. Typically, this service incurs an increased percentage fee on the rent collected.
However, it is essential to remember that as the landlord, you still bear all responsibilities and liabilities.
Tenant-screening
Tenant screening is an integral component of finding high-quality tenants for your rental property. It involves reviewing an applicant’s rental history, financial resources, and payment habits in order to assess if they will be reliable occupants and thus help reduce administrative costs, maintenance expenses, and turnover rates.
A good tenant will possess an impressive rental history, solid work experience, and verifiable income. Additionally, it’s wise to check their criminal background in order to prevent tenants who may cause damage or late payments from living there.
Your rental property application process should utilise online applications to screen applicants for renters. These apps will collect basic information before running credit checks, background checks, eviction reports, and income verification checks on each applicant, then allow you to accept or deny them with just one click!
Rent collection
These letting agents typically charge an agency fee to take over the responsibility of collecting rent from tenants and arranging repairs; often, this cost-cutting measure more than pays off for landlords seeking a more hands-off approach to property management.
Rent collection services often come in the form of monthly status reports that allow landlords to monitor tenant payments and identify any issues early. Some agents even report nonpayment to credit bureaus if tenants fail to pay on time.
Landlords should find a letting agent that provides all these services as part of its package and is registered with both a redress scheme and client money protection to guarantee any disputes are handled through an alternative dispute resolution process should any arise between themselves and their agent.
Property inspections
Landlording can be an immense responsibility, so it’s vital that your property is monitored on a regular basis. Letting agents can assist with this by conducting regular property inspections; these inspections provide a way for landlords to ensure tenants keep the property in reasonable condition while fulfilling all legal requirements.
Letting agents can also conduct drive-by inspections without advance notice to detect signs that the property may be being used illegally, such as additional parking spots or roommates being illegally housed within it. This inspection technique will help detect any illegal activities occurring there, such as unlawful parking or roommates living without authorization.
Although some tenants may object to these inspections, letting agents should always inform tenants in advance when and how often these visits will take place in order to minimise conflicts between tenants and letting agents. This will help maintain good tenant relations.