Renting your property can be both time consuming and expensive.
Letting and
property management agents provide a number of different types of services to landlords. The level of service will very often determine the amount they charge.
Property management charges are usually commission, based on the annual rental income of your property. You should therefore discuss and compare the charges of different London property management and
London lettings agents in the area.
Introduction Only: The introduction service offered by
London letting agents very often gives landlords the most basic of all services available. It consists of finding suitable tenants for your London property, applying for references, preparing the tenancy the tenancy agreement and collection of the first month's rent and deposit. The
letting agents' charges are deducted from the first month's rent and deposit. As landlord you will be responsible for the deposit and for all future property management issues.
Rent Collection: The rent collection service includes all the services offered under the introduction only service, together with a rent collection service. Once rent is collected the letting agents' rent collection commission is deducted and balance is paid to the
landlord. The landlord is expected to arrange to inspect the property and deal with any repairs under the terms of the agreement. The issues of notices to quit are normally dealt with by the letting agent but the landlord will need to make his or her own arrangements to deal with all aspects of the tenant moving out and related property management issues.
Full Management: The fully managed property service offered is the most comprehensive and deals with almost all the issues of property management required on a daily basis. Urgent
repairs and maintenance will be undertaken as needed by the letting agent and quotes will be obtained for other non-essential matters. The payment for any expenditure will be deducted from rents collected before any payments are made to the landlord. For landlords who working or living abroad this property management service is essential as all matters are left in the hands of the
letting agent
