If you are thinking about renting your property, then you may consider the services provided by a property management company. These companies provide services which include the communication with tenants and collecting of rent. They can also deal with any problems that may arise during the tenancy such as complaints from tenants or neighbours and repairing/replacing broken items.
When preparing a property for tenants, the owner may need to carry out repairs. The house/apartment should be compliant with the current expected rental conditions. The owner should also be familiarised with rental laws and similar rental houses/apartments in the area for comparison purposes.
For some landlords, the tasks related to renting a house/apartment are not easily carried out alone. This is when the services of a property management company can be essential. These property professionals:
- are experts in what it takes to look after a rental property
- understand the steps which should be taken in preparation for the rental
- will have reputable contacts in the areas of property law and survey in order to make the whole process much easier for the owner
Maintaining and Improving
Important exterior elements in attracting potential tenants are clean windows and doors, fresh paintwork, and a tidy garden. Even though you may not be living in the property, the maintenance should always be kept up. Arrange visits regularly to check if there are any repairs necessary.
In terms of the interior, the property should be clean and free of any old furniture or appliances that need to be disposed of. Ensure that any appliances which will be left for the use of the tenant are in working order. Check fixtures such as light bulbs and smoke alarms and have them repaired/replaced if needs be.
Who Should You Consult Before Starting a Tenancy?
- Consult an expert in property law to ensure you are covered for letting in legal terms
- Contact your mortgage lender as you may be required to let according to specific rules
- Contact the insurance company in order to make sure that you are covered in any incidences or events such as fires, damages, or theft both during and outside of the tenancy
The Cost of Being a Landlord
There are many different financial factors involved in leasing. These include:
- the cost of renovations to prepare for tenants
- mortgage repayments
- solicitors’ fees
- agent and management fees (if applicable)
- insurance fees
- maintenance costs
It may be beneficial to contact landlords with similar properties in the same area to estimate the cost and for comparison purposes.
Keep these factors in mind when it comes to considering the cost of renting out your property. If the rent does not cover these costs, it will end up being a drain on your own personal finances.
Choosing a Management Agent
Although some landlords succeed in going through this process on their own, others feel it is an absolute necessity to employ a management agent. These professionals will rectify any problems which may arise and, therefore, make the whole process less strenuous for the landlord.
There are several benefits of management/letting agents, such as:
- The letting agent provides the help needed in preparing the property for the tenants
- They usually have access to online advertising sites which the landlord may not be able to utilise
- Some agents also offer letting management, taking in the day to day responsibilities of the rental property (including inspections, handling complaints from tenants, and rent collection)
- They source the right tenant and ensure that they are responsible and reliable individuals
Property Letting Service at Eldron
At Eldron, we offer a property letting service, and the first rule for us is ensuring the client’s happiness. When setting up the property for a tenancy, we assess the rental value. We carry out the necessary advertising, answer the enquiries of interested parties, and arrange viewings of the property for potential tenants. Once a suitable tenant is found, we manage the house/apartment. These are just some of the aspects of being a landlord that Eldron can manage on your behalf.