24th March 2020
Q: What is a rent collection service?
A: The majority of letting agents offer you mainly two types of service:
Tenant Find or Intro Only – this service normally comprises of the agent finding and referencing the tenant. Once they’ve moved them into the property, everything else from that moment onwards is down to you.
Fully Managed – is the most popular and known throughout. With this service, normally the agent will take your property and look after every aspect of your property from paying bills, service charges, finding the tenants, referencing them, inspections etc, basically anything and everything that involves the day-to-day running of your property.
There is a third option, Rent Collection. This is usually where an agent will find tenants and reference them. Once they’ve moved the tenants into the property they will demand the rent from the tenants each month, and if the tenants fall into arrears or a late payment for any reason the agent will have the awkward conversations with them. This allows you as a landlord to remain hands-on as far as maintenance and repairs are concerned.
Just double check with your agent that this service includes deposit protection and negotiation of any dilapidations or damages at the end of the tenancy, as some agents will charge additionally for this at the end of the tenancy.
If you need any other lettings guidance, please do get in touch.
