Landlords Should Choose a Reputable Rental Agent
Category Property
Many landlords are unaware of the legalities pertaining to the renting of their properties, nor have the capacity to vet tenants to ensure their good standing.
This is according to Charlotte Vermaak, principal of Chas Everitt Nelson Mandela Bay, who says there are a number of unqualified and unlicensed rental agents operating in the area, and they want to prevent landlords and tenants being misled.
Vermaak gives the following advice to landlords when selecting a rental agent:
1. Find a reputable and reliable letting agent
It is always advisable to choose a letting agent who is a member of a professional organisation, and, of course, personal recommendations are always a good way to find a suitable letting agency.
2. Know what you expect from your letting agent - and what they expect of you
Services may vary from agent to agent, and will depend on what your requirements are. For example, do you just want an agent to find you a tenant, or do you want an agent to manage the whole term of the rental agreement from start to finish?
Make sure you know which services you are getting and what you're paying for, either as part of a package or as extras. Ask about ‘To let’ boards, newspaper adverts, online exposure, and their own marketing ideas.
Provide your letting agent with as much information as possible. Stipulate whether you want a young professional or married couple, a personal or a corporate let and whether you are looking for a long-term tenant.
3. Establish fees and what you’re paying for
Fees are normally a percentage of the rental income over the letting term, usually starting from a minimum of 7% of the rental price achieved. This covers the cost of marketing a property, finding and vetting a suitable tenant, obtaining references and preparing a tenancy agreement.
For a full management service, fees can be expected to start from 10% of the rental price. Here the agent will facilitate credit checks, collect the rent monies, pay bills, regularly inspect the property and oversee any necessary maintenance work. Other services can be negotiated with the letting or property management agent.
Author: Property 24
