As you may know, property letting is an extremely popular way of making sales for estate agents. However, for those who are new to the industry, it can be hard to understand what is involved in this process.
Among the most common things that you will encounter during your letting journey are void periods, tenants damaging your property and legal expenses. Fortunately, there are ways to minimise the risk of these happening.
Rent Collection
One of the most important aspects of Glasgow property letting is rent collection. You need to set a date and process that will ensure your tenants pay on time every month.
You should also consider how you want to receive your rent payments. There are several different ways to collect the money, including mail and online.
Alternatively, you can also choose to collect it in person. However, this isn’t always the easiest method for landlords who are far away from their rental properties.
Tenant Find
Whether you’re just getting started as a property landlord or have already established yourself in the market, finding the right tenants is one of the most important tasks. Luckily, this can be achieved with a little patience and planning.
Before advertising your vacancy, make sure you have a clear idea of what your tenant screening criteria are. This will help you to determine what potential tenants are qualified for your rental and avoid discrimination.
In addition, a good advert will attract the attention of prospective tenants and give them an indication of the type of home you offer. High quality photos are also a must, as they are often the only impression a tenant will have of your property.
Tenancy Agreement
A tenancy agreement is a legal document that outlines the terms and conditions of renting a property. It is typically used by a landlord, a company or an agency to lease out their property to tenants.
It should contain the names of all the people residing in the property, including any children or minors who may be living there. It should also specify who pays the rent, maintenance responsibilities, and other important details.
Whether the tenancy is a rental agreement or a lease, it should state the length of the term. A rental agreement creates a month-to-month tenancy that renews automatically until either the landlord or tenant terminates it.
Property management
Property management involves the day-to-day operations of a property, including managing the rental income, handling maintenance and tenant complaints. It can be a very complex task, and the amount of responsibility a property manager has depends on his contract with the landlord.
Property managers must also maintain a positive relationship with tenants to ensure that their needs are met. A good property manager will listen to their concerns and respond accordingly.