Letting agents, for several landlords are a complete necessity. Although there is a section of property owners who choose to manage their property affairs themselves, many others find it practical to entrust management of their property to a reliable agent. There are several factors to consider while scouring and screening out Canary Wharf lettings. Your final choice obviously depends upon your individual situation. The following are the top few tips to bank on the right letting agent.
• Establish your needs: Broadly, there are three categories of letting agents. Each of them differ from the rest in terms of comprehensiveness of services and of course price bracket. The most expensive and comprehensive service is the full property management, wherein the agents undertakes the job of finding suitable tenants, collecting rent, drawing up legal agreements and so on. Alternatively, there are agents who merely engage in the tasks of collecting rent and finding suitable tenants. Then again, you can hire the services of an agent who screens out clients only, thus leaving you with the remaining tasks of collecting rent and maintenance.
• Understand the service fees: Letting agent fees Canary Wharf operates in two ways, either as a fixed rate or a healthy proportion from rent. Generally, full property management and tenant searching services are priced on percentage basis. You can expect to shell out about 10-15% of rent in exchanged for a complete property management service. Alternatively, you may also sometimes end up paying a flat fee. Such a fee structure is typically common in tenant searching/screening services. Fees for services vary widely between letting agents.
• Use the medium of trade association: Trade association is the most effective medium to ensure that the agent you choose for Canary wharf property management is fair and licensed. All reputed letting agents are members of trade associations and membership qualifies them as legal professionals. Such agents work in full accordance to the code of conduct which defines the right way to liaise between tenants and property owners. Three major trade associations which allow letting agents to sign with them are, Association of Residential Letting Agents, National Association of Estate Agents as well as Royal Institution of Chartered Surveyors.
With these few tips, you can easily hire the services of a suitable letting agent in no time. Ensure to choose with discretion as this is most likely to be a long term liaison and one, if done right, is bound to extract maximum benefits out of your properties.