Most residential brokers are sales oriented. These agencies sink or swim on the strength of their listings and sales. Residential renting agencies are concentrated on the business of renting homes and short and long-term rental properties. The rental demand in 2012 is the strongest market in history.
Unlike the residential sales market where demand is low and supply long, the rental market is well-balanced. There is competition. There are many national and international clients seeking residential properties in London suburbs and in outlying areas.
Is there risk?
In any real estate transaction, there is risk. In the rental market, the landlord bears the greatest risk. Experienced rental specialists are familiar with strategies and tools to mitigate risk.
The biggest concern for landlords is the condition of the property when the lease expires. While security deposits are an absolute necessity in any letting agreement, the potential for property damage or deterioration is greater than a security deposit. This is why residential rental specialists can offer excellent insurance packages and excellent tenant insurance programs.
Combining proper insurance reduces the risk of a monumental loss from a disaster like fire or abuse but the most important mitigation tool is retaining a residential specialist to maintain the property. This entitles the agent to periodic inspections inside the property as well as arranging and overseeing external maintenance needs.
Rental specialist maintenance programs
There a number of programs for landlords to select. All reflect varying levels of involvement and responsibility. Before considering these plans, the landlord must understand that even the best tenants often have needs and sometimes do not treat the property like it is their own.
The bottom line is that managed tenants perform more responsibly than unmanaged tenants. The most basic rental management option calls for the agent to list, lease and execute acceptable lease agreements. The agent’s responsibilities are to post the listing on the Internet and in industry systems, show the property, qualify the prospective tenants, collect security deposits and draft a legally binding ease agreement.
The most complete residential management agreement includes pre-listing site preparation, all responsibilities above, round the clock emergency maintenance services, rent collection, rent deposits, accounts payable reconciliation and payment and all external maintenance. In some cases, the agent can manage interior responsibilities such as window washing or carpet cleaning.
There is much to consider when property owners are serious about leasing their properties. Rental properties have value in this marketplace. Protect your assets with residential rental specialists.
Based in the UK, Bannisters specialise in home rentals and property management. For more information, please visit their website: Estate Agents Bicester