Thousands of landlords face financial disaster because of the wrong choice of agents, agencies or the tenants. They face a rapid devastation because of their over confidence and sometimes for their too short planning. In the present day, it seems difficult to find and choose the real and professional letting agent, as there is a great rush of agencies in England and outside. By following certain careful steps, many small landlords can go for the safe side of the case.
If you think that you can simply earn the money by hiring an agent by handing the keys of your premises to him, you are greatly mistaken. You cannot simply dream of your income. You must have a check and balance upon hiring the agent by having a certain contract.
Many landlords take it too easy, as they think that they can simply hire the one who throws the card in the open window, but this is not as easy as it seems to be. Every year many small landlords face loses by having unprofessional letting agents, or they become the victim of tenants who are unable to pay their rents.
The choice of a wrong agent is like a stinking heap that can engulf the whole stuff with its ever-growing bad affects. The success of the agent lies in his proficiency and efficiency of choosing the reliable tenants. If he fails to do so, you should not even think of the income for months.
Furthermore, you have always to invest upon your premises without getting any output. Sometimes tenants run away because of an unskilled agent and as a result, the agent too seeks another shelter. In this case, the landlord has an option of taking an action against the agent for the repairing of the damage, but for this, one needs to have a real contract.
You can choose a good agent by making sure about the good quality of service. You should preferably choose an agent who is a member of a recognised industry body. Check if they are capable of having, or training staff up to the industrial standards. Have a look at their work experience in the field and ask them the criteria they have to hire the tenants. Do they bring the tenants by themselves or use the referring agencies?
You should also try to know about their prior knowledge of the area or the surrounding of your premises. Before setting an amount, ask them to show you the list of their charges, they have been receiving. Try to avoid those agents whose demands go beyond their competitors.
If you are not acquiring the services of an agent, you must choose your tenants very carefully. While renting out your property to the tenants, you should ask them the precautionary questions about your future security. Make an estimate about their affordability. Try to check if they are self-employed, if the answer is affirmative, you must check their past record.