Are you planning to let your property? Are you aware that this endeavour involves a lot of responsibilities?
Renting out a property is not as easy as what most people picture it to be. The work does not begin and end with searching for and finding a tenant. You have to manage the property during the tenancy. This means accomplishing several tasks which can be time-consuming.
If you have a hectic schedule, you may not be able to properly manage your rental home. This may result in problems which can prevent you from succeeding in this venture.
So, if you have no spare time for this endeavour or know little about renting out a property, consider enlisting the services of a letting agent.
Hiring a Letting Agent – A Smart Choice
Working with a letting agent is a sure-fire way of ensuring the success of this venture. With your agent’s knowledge and experience, you can be certain that the right steps are taken all the time.
Furthermore, since he will be the one managing the rental property, you no longer have to worry about spending time on the nitty-gritty stuff like interviewing potential tenants, inspecting the property, scheduling repairs, etc.
Basically, with a letting agent, renting out your property is going to be as stress-free as can be, provided that you hire a reputable professional.
What Can Letting Agents Help You With?
But what exactly can the letting agent do for you? Read on to find out!
Provide Accurate Rental Value
A letting agent can assess your property and come up with an accurate rental value based on location, size, number of bedrooms, number of bathrooms and other factors.
If your property is valued correctly, then it increases the probability of finding tenants quickly. Meanwhile, if you don’t do a rental valuation and end up with an overpriced rental fee, then you would get only a few inquiries, possibly even zero.
On the flip side, if you have an under-priced rental fee, then you would feel that you’re getting the short end of the bargain.
Coming up with the right rental amount at the onset is integral not just for you to get tenants fast but also to ensure that the venture turns out to be profitable.
Government Regulations and BER Requirements
As mentioned earlier, letting a property is not as straightforward as it seems. For one, you need to comply with various government regulations on rental properties and your obligations as the property owner.
An experienced letting agent can inform you about your rights and obligations as a landlord. They can also talk to you about the rights and obligations of tenants. You need to know these things to avoid government sanctions and more importantly, to succeed in this kind of business.
Aside from being a resource person, your letting agent can help you accomplish requirements set by the government.
He can work on your property’s Building Energy Rating (BER) certificate which is a requirement for properties for rent in Ireland.
He can also see to it that the property is registered under the Private Residential Tenancies Board (PRTB) Management Service. Being registered with this organisation is a requirement for you to be able to rent out your property legally.
Marketing the Property
This is one of the responsibilities of a letting agent that most people know about – looking for tenants. This task entails creating marketing materials and advertising the property.
Nowadays, many property management companies and letting agents have their own website where they post houses for let. It is advantageous if your chosen agent have this capability since online postings allow you to reach more people.
However, do not discount the power of traditional marketing such as putting up ‘For Rent’ signs on the property and key areas as well as advertising on newspapers.
A diligent letting agent is going to utilise all available advertising media to ensure that you get tenants fast.
Screening of Tenants
Upon receiving inquiries from potential tenants, your letting agent can show them the property. At the same time, he can interview them to determine who are really looking for a house and those who are just checking out properties.
Moreover, your letting agent can do a background check to find out which of them have a good reputation and financial history. This measure helps you avoid doing business with a bad tenant – someone who disregards agreements, fails to take care of the property and pays late.
Payments and Agreements
After a potential tenant is selected, your letting agent can handle the collection of the security deposit and first month’s rent.
An experienced letting agent can also help you draw up the lease agreement which should also include the inventory.
The inventory indicates all the furniture and other content of the property at the beginning of the tenancy. This is important as any damage to the furniture caused by the tenant can be charged to the renters’ deposit.
In addition, your letting agent can assist in setting up the standing order of your tenant. This is a scheduled payment of a fixed amount pre-approved by your renter.
With a standing order in place, the rental fee goes to your account automatically on your agreed payment date.
Process Transfer of Utilities
Your letting agent can help process the transfer of utilities to your new tenant. This means the account of the previous tenant will be closed, and the utilities will be transferred to the new tenant. These utilities include electricity, water, gas and waste collection.
Your letting agent is the one who is going to deal with the tenant throughout the tenancy.
He is going to handle their queries and complaints. If there are things that need to be fixed, he takes care of it. If there are matters you want to communicate – say, you no longer plan to rent out the property after the lease expires, he is also going to be responsible for informing your tenant.
In conclusion, a letting agent can take care of everything you need, from determining the right rental price to addressing the concerns of your tenants. Clearly, renting out a property can be a successful and stress-free venture if you work with the right professional.
Are you looking for a reputable letting agent in Ireland? Our experienced and friendly agents are trusted by many rental property owners all across the country. Call us today on 01 495 9020 to learn more about our services!