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Letting Agents Sheffield
Information On Letting Agents And Services For Landlords.
On this page we try to answer common questions landlords have when looking for a letting agent to find a tenant and manage a property.
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A Complete Guide To Letting Agents Services.
Everything a Landlord needs to make an informed decision when choosing a letting agent.
how to choose a letting agent.
Location
It is important to choose an agent that has a local presence and not just online. Tenant and landlords like to know the fact that they can make an appointment to chat with the agent face to face in a professional and trusted environment.
It is far too easy nowadays for companies to set up a national service and appoint local representatives that may not necessarily know the local area and properties well enough to provide a reliable and honest service.
Reviews
Has the agent you are looking for been recommended to you? This can be a source of worthwhile information BUT much more importantly, does the business have good, genuine reviews online?
Look for genuine reviews left on google and social media for example. How many do they have and do these reviews actually look real!
Experience
How long has the business been trading for and what is the experience of the agent you are dealing with?
A good agent must be able to answer all your questions, fully and with detail in order for you to build the trust you need when looking for a good property manager.
Services
A good agent will offer a few services, and depending on what your needs are, may be able to tailor a service specifically for you.
Standard services are full management and let only which should be sufficient for more that 90% of all landlords needs.
There are certain services where the agent just has an online presence with no actual local office.
These agents should be considered with caution, a good property manager must have a local presence and be specialist in their local area, not to mention have all the tools, contacts and contractors at hand.
In this video Bevan talks about things to consider when choosing local or online agent.
Communication
How can you communicate with your Sheffield agent?
Do they just offer email?
It's ever more important today to be able to connect with your agent via muli-channels such as email, telephone, text, webchat, whatsapp, social media messaging etc.
Waiting for a call back nowadays just doesn't cut the mustard!
Professional membership
At the very least the letting agent in Sheffield must be a member of an Ombudsman, either TPOS (The Property Ombudsman Services) or PRS (Property Redress Scheme) and they also must have CMP (Client Money Protection).
The Ombudsman membership is to ensure that the agent is compliant with specific codes of conduct and also to offer peace of mind to landlord clients should a dispute arise.
Client Money Protection Schemes are designed to keep client money separate from the businesses and protect funds should the business go into insolvency.
rental valuation and appraisal
Valuation
Property rental valuation is an assessment done by an experienced letting agent or qualified person that is familiar with that certain property type and location.
Valuation takes into account location, size, number of bedrooms, condition and local amenities. These factors inline with a report of other comparable properties on the market at the same time will be used to determine a reasonable asking price to advertise the property at.
An accurate valuation is important to make sure the property gets let quickly and attracts the correct type of tenant. Asking to high a price for a property could lead to the property becoming stagnant on the market and increasing void periods for the landlords income.
Appraisal
Another important factor of a good valuation is the assessment of the property condition and the advice on current health and safety and mandatory safety check for property.
In this video Bevan explains what factors are discussed at a property rental valuation.
Health and safety requirements do tend to change quite often, so it is important to keep up to date.
A report of any possible remedial works that need to be undertaken before the property is deemed as fit for the rental market should be made.
At this point, often discussed, is the possibility of any upgrades or refurbishment that could help increase the income of the property.
Such upgrades could include improving decoration, more modern fittings, additional bedroom, room partitioning and possible building extension - maybe even change of use for example splitting a house into flats.
what do letting agents charge?
Typical fees that letting agents charge are set up fee, management fee and a letting only fee. Other fees may apply for additional services such as inspection, checkouts and rent reviews.
These fees will depend upon the level of service you decide upon.
In this video Bevan talks about fees and service of letting agents.
Full Management Set Up Fee
During the initial stages of the lettings process it is essential to make sure the property is presented and advertised correctly, applicants are screened properly and the property is checked for health and safety compliance.
The set up process is very time consuming and must be done correctly to help prevent future issues arising, other tasks included at this stage may include;
- To Let board installation
- Utility account management and reads
- Tenant referencing
- Tenancy agreement preparation
- Inventory and schedule of condition
- Bond collection and protection
Management Fee
This recurring fee is commonly charged on a monthly basis and collected from the rent. The management fee covers the ongoing management of the property such as rent collection, rent management, contractor instruction for maintenance issues and general liaison between tenant, agent and landlord.
Tenant Find Fee
If you are an experienced landlord or have decided that you have the time and knowledge to manage the property yourself then this fee covers the marketing, tenant selection and initial rent collection for the tenancy.
Additional things to consider at this stage should include the features that are included within the full management set up fee, especially inventory and schedule of condition and the protection of the bond.
Additional Fees
Other fees may be additional to the main services described above and may include inspection, check in and check out and notice drafting.
When taking fees into consideration it is important to note that cheaper and seemingly “all inclusive” fees may not be the best choice for your particular needs, so make sure you know exactly what you are paying for.
Tenant Fees
It is now unlawful to charge tenants application or set up fees. Fees that are applicable to tenants could include any amendments to the tenancy agreement - mid tenancy, late rental payment charges and although not deemed as charges, any deductions from the tenants bond at the end of tenancy.
Fee Comparison
As mentioned above when considering the fees for agents it is better not to check like for like but ask for the details of each service offered. What may seem as “like for like” i.e. a set up fee, could vary greatly between each agent and their service offering.
A more important consideration to take into account is the experience and reputation of that particular agent. What may seem to have saved you a few pounds could mean a VERY costly mistake should things go wrong!
Next Steps
Good luck with finding an agent!
If you would like to ask any further questions or discuss your property or portfolio then please don't hesitate to contact us at any time.