In This Guide
Administration
Being a landlord
Buy to let investment
Choosing the property
Finding tenants
Letting property
Lettings agents
Levels of service
1. Levels of service
2. Let only
3. Letting and rent collection
4. Property management
5. Added value extras
6. Cost comparison
Preparing the property
Problem tenants
Tenancy
Levels of service
Letting and rent collection
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This is an intermediate level of service, which builds on the let only activities, but removes the responsibility of rent collection from the landlord. Many tenants get confused between this type of service and full property management, and start addressing all manner of complaints and enquiries to the lettings agent. However, it should be made clear to all parties at the outset who is responsible for what aspects of the property.
Letting and rent collection involves the activities in a let-only arrangement, plus:
This is carried out on an ongoing basis during the tenancy. Money
is paid directly to the lettings agent, normally by standing order
or direct debit, then forwarded to the landlord on an agreed date.
As and when appropriate, the lettings agent will take appropriate
action to chase up and then recover arrears. They are obliged
to notify you when the rent due under the tenancy agreement falls
in arrears by more than 14 days. If it becomes necessary to take
legal action, you will be responsible for arranging your own solicitor
and beginning proceedings against the tenant, though the agent
will normally advise you when they think this is necessary.
The agent will provide regular statements showing rental income
received, fees charged and the overall net payment either to landlord.
Payment will normally be made to you by cheque or automated electronic
transfer direct to nominated UK bank or building society account.
Subject to your instructions, the lettings agent will provide
the documentation and administer any renewal of the tenancy agreement
or extension of the contract.
If you stay with the lettings agent for long enough, they will
provide regular reviews of the rental level payable on your property,
compared against current market conditions. In some areas where
demand fluctuates considerably, rental levels can rise or fall
by as much as 10 or 20 percent over the course of a year, and
any changes need to be incorporated when your property is re-let,
in order to maximise your returns.
If you wish to end the tenancy at an appropriate time, then the
letting agent will usually help with the serving of a termination
notice.
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