3 crucial aspects of dealing with a rental agent
Before you entrust a rental agent with your property, you need to make sure that you deal with a few aspects first. As a buy to let landlord, you don't want to find out a few months down the line that your property is falling into disrepair with its new tenants. Read on to find out three crucial aspects of dealing with a rental agent…
When dealing with a rental agent, never forget that the property is yours. And to make sure that the property appreciates in value over the years, you want it properly managed.
So Louw Liebenberg, CEO’s of SA’s largest rental transaction processor, PayProp reveals a few aspects that you should consider before committing to an agent…
#1: The deposit - Who takes it?
You can keep the deposit or the rental agent can. It’s entirely up to you.
If you decide to let the rental agent keep it, check what happens with it. You need to ensure that the agency keeps the deposit safe.
#2: Do a credit check
It makes common sense to run a credit check on a new tenant. Your agency will run the check, but you should also ask for a copy of it.
This will ensure the agency isn’t just going through the motions of getting one, but not looking at it properly.
#3: How and when will the agency communicate with you?
If you give the agency free rein to maintain your property, you want to know what they’re spending.
So before you enter an agreement with your agent, make sure you decide:
How the agency will communicate with you;
How regularly the agency will be in touch; and
What the content of the communication is likely to be.
A reputable agent should send out monthly statements. This should show all financial activity.
So there you have it, three crucial aspects of dealing with a rental agent.
And if you’re looking to expand and build on your property empire, How to Make a Fortune through Property
is an indispensable resource.