Does your agent know what they are doing? How to Choose the Right Lettings and Management Agency
Skill, talent and ability. Knowledge of how to do something and experience in it.
Entrusting the management of your property portfolio isn’t easy and choosing the right agent is a critical decision, particularly if you are based overseas. Any agent you instruct should have the absolute know-how not just of lettings and property management, but the investment life-cycle to support you in the effective, efficient management of properties within your portfolio and ensure maximum yields, from start to finish.
Here are some questions to consider when appointing an agent:
Understanding the market
Does the agent have a good understanding of the market locally? How well do they know the area, the type of tenant the area attracts and how the area will develop? What risks are associated with the local area?
Quality of the appraisal
Is the quality of their rental or sales appraisal realistic, sensitive to the market and achievable within your required timeframes?
Does the agent offer the services you would like? Some agents will over a let-only or tenant find service whilst others will include property management elements, whilst some will offer a comprehensive, end to end
service from handover to resales.
Paperwork and compliance
Will the agent manage all of the paperwork, from properly referencing the tenant and complying with relevant legislation around referencing to drafting and administration of the tenancy agreement?
Will they take care of other compliance matters and certification?
Marketing and advertising
How will the agent market the property? Will they go beyond placing the property on their website or on property portals, and be involved in the marketing of the development or multiple units? What else do they do to reach out to potential tenants?
How will the agent manage accounting and payments? How often will they issue statements, and do they make this information available to you online? Do they assist with tax matters or offer the Non-Resident Landlord Scheme?
The Complete Zeitgeist 2017
The zeitgeist compiled by leading global residential asset investment specialists Complete Prime Residential is a creative, insightful and thought-provoking collection of concepts in residential real estate investment and management of your properties. Providing an A-Z of all things real estate in the spirit of now get your own copy of the Complete Zeitgeist 2017 now.