What Is Your Role as A Letting Agent?
As with any profession, having a title is one thing, knowing what your job entails is another thing entirely. We live in an age where information is readily available online, so people are much more likely to check on the web to see what they are entitled to get from you, and what service you should provide. As a letting agent, your main role is finding tenants to suit a landlord wishes. Normally you will meet with the landlord to gather the initial details, and then you agree on the terms and rental details. Make sure to include everything from rental rates to property inventories – Visit Inventory Hive. There is nothing more frustrating than doing your job, only to later find out that it was not what the landlord or tenant required. make sure you read up on what people will expect from you, so you know what you will need to produce for them in order to make a good business agreement.
What Should We Include in Our Agreement?
First and foremost, you need to discuss rental prices and what your commission is going to be. Often times, letting agents receive a certain period of the rental fee, or maybe you simply agree on a percentage of the total income. Bear in mind, it is not enough to simply find tenants for the landlord. As a letting agent, you are charging the landlord a fee, and they will often expect a lot in return for this. It is your responsibility to run background checks and to make sure the tenants are suitable for the property. You may be in charge of property management, so it’s important for you to have a good working relationship with both the landlord and the tenant. Your job may go past simply making connections and property inventories.
Why Do People Need A Letting Agent?
It is important to remember that with the wealth of information readily available online now, not every landlord will feel the need for a letting agent. They can research how to make a rental document, how to make property inventories, and basically make a stab at doing the job that you are marketing. So, make sure the landlord trusts you to make their life easier. Try to take as much of the burden off of them as possible, as if they value your service, it is much more likely you will have a prosperous relationship.
Do I Have to Do Everything Myself as A Letting Agent?
We are all human, and there comes a time when you need to value your time. If you are spending too much time on the property management side of things, maybe consider hiring some more people. If you have the opportunity to take on more properties, but what stands in your way is time, maybe hire a handyman for repairs, or an apprentice, and get back to your what’s better for you, letting properties.