For most landlords, renting out a property does not present that big of a problem. Usually, you have a nice property, nice furnishings, in a nice area where people want to live? Usually you also rent the property out to relatively low-maintenance tenants who cause minimal problems and pay their rent on time.
But what happens if any of the above doesn’t apply to you?
Not all properties are perfect; in fact very little are. Some properties may be kitted out in lavish furniture but it’s in an area where you wouldn’t want your worst enemy to live. Or it might be a slightly different story; the property is in a nice area, has decent furniture but from the outside looks as though it’s been plucked out of a middle-eastern warzone. Or it could be even worse! The property could be a beautiful building, great furniture and with a decent location but the tenants that are currently in there seem hell-bent on not only destroying the place but rarely pay the rent on time.
What do you do?
The obvious answer with unruly tenants is to either display a bit of authority or, worst case scenario, throw the book at them. For any imperfections on the property, well that will just come down to your salesmanship abilities and where you look for prospective tenants.
Renting a property can be hard work before the tenants have even moved in so it may be worth looking at a letting agent to help you out. Letting agents can take a lot of the stress out of the process in many ways.
Firstly, they are trained to let out properties. They know what to say, when to say it and how to say it. They make a living out of selling the main points of properties and reassuring prospective tenants throughout the imperfections.
Secondly, they know where to find the tenants that match the demographic for your property. It’s highly likely they will have a database of people looking for properties this very second and have a breakdown of what the individual is like. They can also take care of the legal bits such as referencing and, if necessary, guarantors.
Thirdly, a letting agent has extensive experience in dealing with all situations with their tenants. If tenants don’t pay on time, they sort it. If tenants have complaints made against them, they sort it. If the worst case scenario arises, they have the knowledge and legal muscle to sort it.
Letting out one property may have only a few headaches but if a landlord has multiple properties, then the headaches also multiply. To save yourself the headaches, it may be worth looking at a letting agent to act on your behalf.
Sophie Young offers some information on property letting, writing here for www.wrenproperties.co.uk