Holes in walls and mess are nothing compared to sleepless nights and stress. Finding the right tenant for your property is essential.
You could do it yourself
You’d enjoy 100% of the rent money, but you’re the one getting out of bed at 3am when water is pouring through the ceiling. You can never ‘clock off’. If the power cuts out when you’re sat on the beach in Spain, you either sort it out, or you come home to angry tenants
Online letting agent
This will cost you less money but cost you considerably more time. You’ve got to respond directly to all enquiries, arrange your own viewings, show up to them, do your own inventory, do your own due diligence on tenants... You get the idea.
High Street letting agent
Yes, they’re experienced and boast a big portfolio, but that’s the problem. You risk not getting the personal service you need. You can only ‘forget’ about your property when you’re 100% sure it’s being taken care of properly, and you’re kept in the loop just enough to feel secure rather than bothered.
You need a local agent who actually cares. And you’ve just found one.
Check all the information below before signing anything with any agent. Questions to Ask Lettings Agents in Newcastle (and our answers):
How long does it take you to find tenants?
It takes us on average one week to find you a tenant. While some of the bigger agents boast 5-day turnarounds, we prefer to spend a little extra time making sure we find you tenants who are reliable and long-term. The last thing you want to do is miss out on a month’s rent every six months, are we right?
Will I get paid rent on time?
We may be able to offer you a guaranteed rent scheme. That would mean you’d get your rent on time every month regardless if your tenant isn’t playing ball. Contact us and we’ll let you know if this is available to your property.
Is there an extra cost for guaranteed rent?
Are your management packages flexible?
To see the breakdown of what that covers, look here. If you’d like anything extra, let us know and we’ll have a chat about it. The more properties you have, the more of a discount you can get. We have packages for 10+ properties, 20+ properties, and 30+ properties.
Are you signed up to any professional bodies?
It’s illegal not to be! We are signed up to The Property Ombudsman (this is who you complain to if you’re not happy with us) and UKALA (lettings and management agent additional insurance). We also have PI insurance.
Do you have a code of practice & complaints procedure?
You can find those here.
Do you charge administration fees?
For the full price breakdown see here for property letting and here for property management.
Can I see a copy of your property management contract?
Find that here.
How much does fully-maintained property management cost?
Our fully maintained property management service in Newcastle costs 10% of your rent, up to a capped rate of £50 per property, no matter how big your property is or how much you’re renting it out for. So for example, if your property is worth £350 a month in rent, you’d pay us £35 to manage it. If your property is worth £500 a month, it’ll cost you £50. If your property is worth £900 a month, it will still only cost you £50 per month in management fees as we cap our rate at £50.
Which redress scheme and client money protection scheme are you part of?
The Tenancy Deposit Scheme and UKALA. We have a separate client bank account which is covered by UKALA.
How often do you do inspections?
Before your tenants settle into their new home, we’ll send you a video inventory which clearly shows the condition of your property. When it’s time for your tenants to move on, we’ll do another video inventory and compare the two to check for damage. As standard, we inspect each of your properties every 6 months but you’ll receive a monthly report from us just to let you know everything’s okay.
Who holds the tenant deposit?
If you’re looking to be involved as little in the process as possible, you’ll be looking at our property management service. In that case, we hold your tenant’s deposit as we’ll be doing the end of tenancy condition report and subtracting the cost of any damage from that. All deposits are held and protected under The Tenancy Deposit Scheme.
What monthly fees will I pay?
If you’re looking to let your property with us, you can view our fees here. If you’re looking to be involved as little as possible with your investment, our fully maintained property management service is for you.
I’m worried about expensive maintenance costs. Can I authorise them first?
Of course. Those details will be outlined in our crystal-clear contract, which we’ll discuss with you at step 2 of 4 of the letting journey.
How do I cancel my monthly property management service?
Typically, agents make it difficult for you to get out of their contracts. That’s why we make it easy. True, it’s not ideal for us, but we’ve built our whole service around landlords. Just give us 3 months’ notice and we’ll wish you well.
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