Letting Agents, What exactly do they do?

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FrCrilly

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Hi All,

I’m planning to lease my apartment out (for the first time) for a period 6 months.

I’ve put a lot of money into the apartment (eg glass tables, leather seats, oak kingsize beds with memory foam mattresses) and so I’m a bit worried about finding the tenant from hell.

Someone has suggested I use a letting agent to minimise the chance of a bad tenant.

From a search of this site, the feedback is that they are a waste of time (see below threads).

Does anyone know what exactly are the functions of a letting agent that makes them (in theory) worthwhile using.

Is it possible for oneself to do all their functions and so by-pass them? (I’ll be living 70 miles away so calling to the apartment won’t be a problem). Has anyone an experience where they said “Thank God I used a letting agent”.

Any help with the above will be greatly appreciated. Thanks in Advance for all responses.

http://www.askaboutmoney.com/showthread.php?t=49758&highlight=letting+agents

http://www.askaboutmoney.com/showthread.php?t=55676&highlight=letting+agents
 
I have experience from both ends of the equation. Have used Agents which were crooks and also have many times used agents which are a Godsend. Where is the property (locality), because without my been rude, will depend a lot on the type of tenant etc.

City letting agents normally are largely better than country agents.
 
You will be more careful of who you let into your house than a letting agency( even a good one). That 'd be my opinion. Nothing to stop you asking for references from there previous landlords and giving them a call, if not first time tenants. Used letting agencies in the past and never again, friends of mine similar experiences. My two pence worth
 
Some people who have used letting agents have expected that they will have to have no more input to the property themselves and incur no more hassle or expense. Unfortunately this isn't always the case and even great tenants on paper can turn out to be a nightmare so nobody including agents can promise a no hassle service. What you can get if you choose a reputable agent is a minimised risk of hassle.
 
basically all a letting agent will do is charge you 4-500 euro to place an ad on www.daft.ie to find you a tenant, something you can do yourself for 15 euro. If you apartment is in good nick (probably too good for renting) you wont be getting hassle from tenants. Use your own instinct to avoid the tenant from hell. a bit of time,effort and organisation over 1-2 weeks will avoid you spending unnecessary money. just my thoughts but i live close to my rental properties and am handy when it comes to the diy.
 
I’ve put a lot of money into the apartment (eg glass tables, leather seats, oak kingsize beds with memory foam mattresses) and so I’m a bit worried about finding the tenant from hell.
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I take it that this is our own apartment that you plan to rent out for a short perod of time? If your plan is to move back in, I would suggest that you don't worry too much about maximising rent, but rather find someone who will look after it for minimal rent (some people even pay to get someone to housesit !). A rented property is never the same 6/12 mths later.

However if you reckon this is likely to be a long term rental, that is different. Personally, I always rent myself if I can - nothing beats meeting someone & chatting to them, so you can go with a gut feeling. An agent just wants to get a name on the lease & they won't be there at the end of the year (or whenever)...you will! If the viewing is impossible for you to arrange, use a agent ( recommended, if poss) for the leg work, but I'd recommend having the final say.
 
In this country the duties of a letting agent are not standard so you need to nail everything down with them in writing at the start. There are two main things they may do: finding tenants and property management.

In detail, you need to decide which things you want to do yourself, and which you wish to outsource.

Here are a selection of things you might want done:
Advertising inc photos
Contract cleaning your apartment prior to letting.
(Some will vene arrange for redecoration)
Viewings
Vetting/checking references from bank / employer / previous landlord
Detailed inventory including state of repair
Contract & deposit

Collecting rent
Dealing with minor problems without reference to the landlord such as electrical and plumbing problems, replacement of broken windows etc.
Finding a new tenant following early termination
Out of hours stupid calls such as police ringing about a party or 'I've lost my door key' etc.

The fee is entirely negotiable and the quality of service depends on who you hire.

In the worst case, you will just have the agent passing messages between you and the tenant. A really bad agent will defraud by overcharging you for unneeded repairs. I delegate nearly the whole thing otherwise I am not saving time and worry. I get a reasonable bill once in a while for repairs. I don't have the time or the desire to deal with tenants directly. My agent doesn't get an extra fee if he has to readvertise within the year. This is an incentive to him to find a decent tenant. Also he knows that a bad tenant will cost him money by wasting his time - so our goals are aligned.

I've had one bad agent in the past but I'm very happy with my current one.
 
does anyone have a contact number for a letting agent on Daft. I had an apartment for rent recently and have deleted the contact for a letting agent that contacted me. Thanks
 
JJ1310 said:
You will be more careful of who you let into your house than a letting agency( even a good one). That 'd be my opinion. Nothing to stop you asking for references from there previous landlords and giving them a call, if not first time tenants. Used letting agencies in the past and never again, friends of mine similar experiences. My two pence worth
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References from past landlords are easily forged. I know a guy who got his mate to type up a Reference. The potential landlord rang him and heard what he wanted to hear.

I suggest that you put a friend into the house for free and get him/her to 'manage' the property in your absense. He/she can pick and chose tenants and you will have peace of mind. I did this with one large rental property. The same girl has lived there for free for almost 5 years and she ensures that everthing is in order including rent payments.

Otherwise, you could place a 2 or 3 month deposit in your house. Viewers will see that the house is in good nick and will be eager to rent from you. If the rent is, say,€1000, then ask for an additional €2000 refundable deposit,
 
I agree about references, wast of time!! Meet tenants (even if using an agent) and get your own impressions, not fool-proof, but I reckon it's the best way.

I suggest that you put a friend into the house for free and get him/her to 'manage' the property in your absense.
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It's a good concept if you have a large property suited to individual renters, but your "friend" is not exactly there for "free". She is working and you are paying her (albeit in lieu). So it's a set-up that works in a large property, but really not suitable for a regular house.
As a side issue - I wonder what the tax-man makes of such a set up??
 
at the higher end of the market a good letting agent imho is worth every penny in achieving a higher rental. Had experience recently with one and they definitely added 25% plus to monthly rent.
 
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