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Online Residential Lettings

Online Residential Lettings

Many people choose to let residential properties, particularly with the height of the housing market as it is. It can provide an additional or primary source of income for landlords, as well as a potential extra residence should something happen to your existing home. Here at Centrick, we’re experts in everything lettings, so we’re giving you the rundown of everything you need to know about the lettings process:

What Are Residential Lettings?

Residential lettings are when a property is rented out for residential purposes. By definition, residential means ‘designed to live in’, and so residential lettings are the action of renting out a property that is designed to be lived in. Residential properties can include individual houses, lodgings, apartments or hotels.

Having residential properties to let can be a complicated process – it requires a lot of time management, organisation and focus. Residential letting agents can take away a huge amount of that stress by assisting you with advertising, accompanied viewings and tenant referencing to preparation of tenancy agreements, rent collection, resolving maintenance issues and more.

What is a Residential Landlord?

A residential landlord is a person or entity who owns a residential property and then leases it out to tenants in return for rent payment.

Residential landlords are the persons who tenants need to go to in order to rent out their desired property. Landlords typically provide the necessary maintenance or repairs of properties during the rental period, while the tenant or leaseholder is responsible for the cleanliness and general upkeep of it.

What is a Letting Fee?

A letting fee is the amount of money that a landlord pays a letting agency to manage a property. Letting fees for renting in the UK are paid when a tenant moves in and can vary in price depending on the company and location.

Letting agents can provide a variety of options to assist landlords in the rental process. Here are the three most common arrangements:

  • Tenant Find: the letting agent will source a tenant on behalf of the landlord. This typically incurs a one-off cost.
  • Rent Collection: the letting agent will collect rent from the tenant and pass this across to the landlord. The letting agent will chase any rent arrears and handle the legal aspects of deposit protection. This service usually costs a set percentage of the monthly rent.
  • Full Management: the letting agent will handle everything from sourcing a tenant, to referencing and transferring rent to the landlord. However, comprehensive packages come with the added bonus of property management, with the letting agent handling any maintenance issues on behalf of the landlord. This is ideal for the hands-off landlord and will cost a set percentage of the monthly rent, albeit a larger percentage than the rent collection service.

Do Letting Agents Have to be Registered?

All letting agents are required to join the Register of Letting Agents. The purpose of the register is to ensure that all letting agents are suitable to manage a property and have met the minimum training requirements.

Keep an eye out for other forms of accreditation, such as PropertyMark and ARLA accreditation.

Contact Centrick for Online Residential Lettings

Our experienced residential lettings team at Centrick has a thorough understanding of the lettings property market. We always work to achieve maximum rental value and know how important it is to deliver a friendly, thorough and efficient service, from the first contact to letting and beyond. We help with every aspect of residential letting, from appraising and marketing to viewings and rental. Get in touch to see how we can help.

 

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