Know-how can be defined as either as a skill, a talent, or the ability to do something. 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 full investment life-cycle to support you in effective, efficient management of properties within your portfolio and ensure maximum yields, from start to finish.
Here are some questions for you to consider when appointing an agent.
Understanding the market
Does the agent who you are considering instructing have a great understanding of the market locally? How well do they know the area, they type of tenant the area attracts and how the area will develop? Are they aware of any risks which may be associated with the local area?
Does the agent offer the service which you are interested in? Some agents will offer a let only or tenant find service, whilst others will include property management elements, and 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 referencing the tenant and complying with relevant legislation around drafting and the administration of the tenancy agreement? Will they take care of other compliance matters and certification?
Marketing and advertising
How will the agent market your property? Will they go beyond placing the property on their website or on the major property portals such as Rightmove and/or Zoopla, and be involved in the marketing of the development or multiple units? What else do they do to reach out to potential tenants – do you they actively use social media to promote their services and client’s properties?
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 2019
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 2019.