Why hire an estate agent?
General reasons for using agents as a means to procuring tenants:
(a) Interviewing tenants can be very frightening especially for new landlords....agents do this as a matter of course and can generally ascertain a lot more information by experience and asking the right questions...A little homework at the start of the tenancy can save a lot of grief and heartache in the middle of the tenancy if by chance the tenant turns out not to be bona fide.
(b) Agents are very used to dealing with and handling landlord / tenant disputes and can offer independent advice with no agenda except to solve the problem. Most established agencies will agree to solve minor problems included in the service.
(c) Furthermore, the agent can give the landlord 'an arm's length distance' in the event of a problem throughout the tenancy...landlords can sometime be taken advantage of...by an overbearing tenant.
(d) Agents, being a third party, do not have a problem chasing late rents and acting as a go-between. When rents are late agent have an office where the tenant could drop the late rent into the office for the landlord.
(e) Agents have experience of the current open market rental levels and can advise on the best achievable rent applicable, taking into account the condition of the property and market condition.
(f) Agents are used to dealing and negotiating with clients to get the best deal for the landlord...not always the best rent available...but maybe, say... an excellent tenant who will stay say 3 years with reviews built in each year.
(g) Agents are used to seeing all types of property and can often advise on the standard necessary to attract the best quality tenant.
(h) Agents handle all the initial money transactions including rent in advance and deposits...including cheques, bankers orders and foreign transactions....often these take some days to clear.
(i) Some other services generally included in the agency fees are:
* Standing orders will be set up to the landlord's account
* Services such as ESB will be notified of the new tenants
* References will be sought and checked
* A binding lease will be signed by all tenants in the agency office
* Guarantors will be sought, if applicable
* Inventories are normally taken (normally if managed)
* Agents normally move tenants in and take meter readings and provide keys
There are typically two levels of service: 6.5% seems to be the standard in the market for a let only service and 10% for management. The difference between letting and management is that management will take all calls regarding the property during the year and also track the rent.
(j) Multiple agencies run continuous adverts and generally have the largest database of tenants and will also have established links to major firms/relocation agencies enabling them normally to provide a list of quality, professional tenants at the push of a button
(k) Agencies have access to existing tenants already in properties with good track records who for one reason or another want to move ....thus providing a more secure and reliable tenancy.
(l) Agents can provide a management and/or rent collection service with regular inspections and advise the landlord as to the condition of the property.
(m) At the completion of the tenancy, the agent normally advises the landlord of the new market rent, negotiates with the tenant and grants ,extends or renews the tenancy.
(n) Agents who are members of professional bodies such as IAVI or IPAV are regulated and have ongoing training in respect of current legislation and changing areas within the business. In essence, these particular agents are accountable and always endeavor to carry out the letting in a professional and ethical manner. An agency is not allowed by law to hold money unless they are bonded.
(o) Lastly but very important...is that agents spend much time showing the property ...generally after hours...and as often as not are stood up or made wait at length. Many phone calls can be taken on a particular property and sometimes can be very upsetting by over sensitive or demanding tenants. Agents are used to this behavior and take it in their stride.
For more information contact us and we will have an agent contact you.