Buying Real Estate Selling

“Letting agent” is the UK term for a person that facilitates rentals between landlords and tenants. In the U.S., most of these professionals are real estate agents that also specialize in finding tenants for rental properties.

Choosing to use a letting agent can take a lot of the guesswork out of finding renter’s for your property if you are willing to give up some of your profit for peace of mind.

A good agent can help you determine what you can reasonably expect to charge for rent in the current market and what, if any, changes you can make to improve your rate. They will also market the property you are renting and screen potential tenants for you. They can check references and conduct credit checks to determine if people can afford to pay the rent you’re asking and to ensure that they will take care of your property. Some letting agents will even collect rent from the tenant and deposit it in your account and take care of managerial duties like arranging for maintenance repairs.

In exchange for these services, landlords give up a percentage of the total monthly rent. Letting agents that only provide basic services will probably charge an up-front fee of 5-10% of the total rent for the length of the contract. So if you rent your property for $800 per month, a contract is signed for a full year, and the letting agent charges 5% up front, you will have to pay the him/her $480 dollars when the contract is signed. If they provide managerial services you will have to pay more, but it varies from agent to agent.

If you live far away from the property you are renting or you simply don’t have time to find a renter yourself, a letting agent could be a perfect solution. Before you choose your agent, ask friends and local landlords for referrals and don’t just go with the first one you find. It’s always a good idea to compare fees and credentials and get a few different perspectives before you make a decision. Ask for the names of landlords they have helped in the past and ask if you would be allowed to contact them for a referral. The more information you get, the more confident you can be in your decision.

It’s certainly possible to lease your property without this kind of help, but if you are in a hurry, if you won’t be living near the property, or you just want to make sure the job gets done right, a letting agent can be a huge help.

Learn more about real estate investing at http://pmirealestate.net.

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