Most of the property investors are not interested in being landlords and letting agency services are a better option.Letting agency facilitates agreement between the landlords and tenants through the use of tenant agreement contracts.Letting agency offer two level of services to landlords;”Letting only services” and “full time management services”.
Letting only services
A letting agency provides services such as:
An introductory service-Finding and vetting tenants for landlords at an up-front fee
Administration services-processing of applications,drawing of agreement,conducting check-in at a non-refundable fee
Rent collection-letting agency collects rents due from the tenants at an agreed commission basically 10% annually
Inventory services-Inspecting the property and drawing up inventory and charge inventory fee.
Full time management services
The letting agency provides day to day management of the rental properties at a commission between 7% and 13% annually.
The letting agency will offer services such as marketing of the rental property,conduct the viewing of prospective tenants ,tenancy extension and exit facilitation services, including the likes of end of tenancy cleaning.