If you’re considering letting a property you’ve inherited but haven’t got the time or inclination to sort everything out on your own, have a word with one of the letting agents in Nottingham. Yes there will be fees involved, but most, if not all of these, can be offset against your tax bill. In most cases, a good working relationship with your letting agent should produce mutual benefits for yourself, your agent, and your tenants.
Letting agents in Nottingham will have different levels of service. From just finding tenants and passing them straight on to you, to offering a full management service which includes vetting of all tenants, rent collection, property inspections, property maintenance and repairs, and all legal requirements to keep you and your property legal.
Finding your Letting Agents
It is certainly worth visiting a number of letting agents in your area. Although the majority of high street letting agents will be members of various professional bodies, there are no set fees for set tasks, so enquiring about costs, and the different levels of service they provide, is a good place to start. Long-established letting agents can provide a wealth of help and advice.
With their years in the letting business, they will know reliable, local, small building companies, plumbers and electricians, who can undertake any repairs or alterations needed, before you let your property. They can tell you which section of the market is the most vibrant – residential or student. And the level of rental income you can expect.
Preparing your Property
Getting your property ready for your first tenants is not just about a dab of filler and a lick of paint. As soon as you take in tenants, you have a duty of care for the wellbeing of those tenants. That doesn’t just mean nailing down any loose floorboards or replacing a cracked window pane.
All the furniture, carpets, rugs and curtains you supply have to be treated with a fire retardant. It includes annual checks by a qualified electrician on all electrical sockets and appliances you have provided, and annual gas checks by a qualified gas-safe fitter on gas boilers, fires, chimneys and flues. It can include fire and carbon-monoxide alarms, and adequate fire escape routes.
Finding your Tenants
How hard can it be to find tenants? Not hard at all actually. Finding good, reliable tenants however, may take a little longer. Part of the brief of your letting agents will be to carry out background checks on your prospective tenants. Young students having just left home, will have no credit rating, so guarantors, usually parents, will be required. All carried out to reduce any likelihood of your rent not being paid. Have you heard of the Tenancy Deposit Scheme? It’s there to protect your tenant’s deposit, by lodging it in a government approved deposit scheme. It’s a requirement your letting agent will know about.
Cheapest is not Always Best
The fees of letting agents in Nottingham will vary just as they do everywhere else. Don’t be swayed to one agent just because their fees are the cheapest. In fact, if they are substantially cheaper, it could point to cutting corners and poor management. It all sounds extremely expensive, but the majority of points raised here all occur before your tenants have moved in. Provided your property has been adequately prepared, and you have properly vetted, good tenants, things should run smoothly. The rent should come in monthly, and repairs kept to a minimum.