When you are in the real estate business, it is very important to consult the right people for help. At times, you have to make difficult decisions to increase your business. One of that is whether hiring an agent is the right thing to do or not, and who will find the right tenant for you.
Regardless of whether you own a property or work as an estate agent, finding the right tenant is the most difficult as well as an important job of all. For most people, their top concern is whether they should be hiring an agent to find a tenant in Weybridge, Surrey or not, and what channels can they use to find the right ones.
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Let us now take a look at some of the advantages and disadvantages of whether hiring an agent is the right decision or not. This is a comparative study, which may help you.
Help Taken by an Agent (Pros):
The agent has detailed knowledge of the area and the property, so his expertise matters a lot. Only an expert agent can answer any question and satisfy the needs of the tenant. He will provide with the best option and help you in any way possible to ensure you find the best property.
If you want to have all the work done in an appropriate way, then contacting an agent is inevitable. The agent will handle all the legal and administrative matters along with any paperwork for the deal.
Like any other mediator, an agent bridges the gap between the landlord and the tenant. As he plays the role of an objective third party, the reviews and responsibilities will be unbiased. The tenants and landlord can communicate through the agent.
As soon as you provide the information about the desired tenants, the agent, such as one from Yooodle, will immediately start the search for the appropriate party and this will result in finding the most suitable ones.
Hiring an Agent (Cons):
You must be happy to read about the pros of an agent, but it is vital that you view the other side of the coin as well. An agent can cost you a fortune, the fee includes; administration fee, inventory fee, tenancy expansion/ renewal fee, an exit fee, and this fee are not fixed. It changes according to the qualification and experience of the agent.
When preparing any type of agreement, the terms and conditions should be in a simple and in an understandable format, and it should avoid unnecessary and complicated wordings. However, some agents intentionally add difficult language so that both the parties sign it without reading it completely. The agent can add any hidden charges, which the parties sign unknowingly.
An experienced agent in a blessing in disguise but if the agent does not properly communicate between the tenants and landlord, he fails to convey any message or find the right tenant for the landlord. If the bridge is broken from different places then the two sides will have difficulty communicating.
The reputation of the person also matters if you are hiring an agent who has a bad reputation and temper in handling the tenants, finding tenants will become impossible. No one will trust the agent, so it is highly recommended that you hire someone who is reliable and can handle everything.
Advantages of Tenant Search without an Estate Agent:
Now we will discuss finding a suitable tenant without the help of an agent. Will it be a useful process? You must think of it as a very hectic procedure, but in reality, it is just the opposite. You can save your money by not hiring an agent and use that extra amount to renovate the property.
When you are showing the property yourself, you can ask the appropriate and desired questions, which interest the tenants. You will adjust well to the tenant’s reaction and the questions asked must be the same for every renter as per the Fair Housing rules.
The property owner will take full interest in the property; he will passionately do everything to convince the tenant to rent the property. The level of passion determines whether he is a good convincer or not.
Giving a tour of the property by the owner gives the upper hand, as he knows every nook and corner of the place. He could show the best area and avoid the defected ones, whereas an agent can only show overall property and not go into the details.
Drawbacks in Not Appointing an Agent:
One can think that showing someone a property without appointing an agent is the correct thing to do but we must consider the drawbacks as well. Every day we teach our children not talk to strangers and never trust them, so how can we let them enter our home? The tenants are total strangers to us and letting them in is very risky. So take precautionary measures to ensure the safety of your property and yourself.
Finding the right tenant by yourself is a time-consuming process as all type of people will come and waste your time. Even at times, you have to reschedule the meeting time and date according to the tenant’s requirements.
When you are not appointing an agent, only a few parties will come and survey the property. These can be your close relatives, or just a few people you feel are reliable and fall into the “safe” classification.
Estate agents are basically salesmen who can publicise your property in all types of markets. These agents can bring a whole lot more potential parties and if you ignore them, you can lose the upper hand in marketing your property.
The purpose of this article was to show you a full picture of both sides of the coin. It is now up to you to decide whether you want to consider hiring an agentin London who finds suitable tenants for you or not.