How to find tenants in Leeds

By

RooftopLiving Team

Posted

23rd March, 2021

Categories

Property Types

How to find tenants in Leeds

The demand for rental properties is on the rise, especially in those areas where there are a lot of job opportunities, universities, and other facilities.

Therefore, the need for property portals (or simply estate websites) is also increasing: here, property owners can advertise their apartments, houses, both new and old, detached or semi-detached, furnished or unfurnished, etc.

The goal is to rent a property to the best tenants using the appropriate means and correct channels. Unlike in the past, nowadays people prefer to look for a place to live using the numerous websites available on the internet. However, there are property owners that would rather go for the traditional rental agency when it comes to finding tenants.

What it means to own and rent a property

The are many reasons behind owning and renting a property. The purchase of a property is the first step toward starting a business or simply having an extra source of income. Landlords should run a rental professionally, conduct a good business according to local laws and regulations.

Choosing to rent a property and starting to make money out of it can be stressful, yet very rewarding. There are a few simple steps that every property owner should follow in order to get the best out of this experience. Once the house/apartment is purchased, it needs to be “set up” for the rent.

This is the very first step to starting this type of business. Maintenance makes the property more attractive to tenants and increases its value. What comes next is very important: assigning a rental price and a list of the landlord’s expectations.

If these two aspects are not carefully planned, renting a house/apartment might become a nightmare. The following step is to rent the property (this phase starts with advertising, running a tenant screening, finding the ideal tenants, and finally, signing the rental agreement).

Owning and renting a property is not only about getting a monthly rent. There is more than that. For example, managing a house efficiently includes regular checks to verify its status and run maintenance when needed.

rental agreement

Doing rental walkthroughs once or twice a year has its benefits: the landlord and tenants can check that everything in the property is working well and communication between both parties is constant and efficient.

At the same time, a walkthrough will help the landlord check on the property’s conditions and deters tenants from causing damage. In regard to maintenance, every house or apartment requires some regular repairs (furniture, plumbing and electricity systems, etc.) and in order for it to be effective while tenants are living in the property, having a list of reliable local contractors, a specific budget for maintenance, etc., will be very helpful. The final and most obvious step in this business (when there is no inconvenience) is to collect the rent.

Why using a local letting agency is the best choice

Using a local agency is the best choice in two specific cases: the first one is when landlords do not have enough time to run the property themselves. A local agency will come in handy. The second frequent case is when the owners lack experience and decide to hire professionals.

A local agency offers several advantages, one of them is a perfect knowledge of the area where the property is situated. Another reason why a local agency is a good alternative to the inexperience of landlords is that it certainly has more marketing resources to help in the process of renting the property. It is also a great choice when landlords have several properties to rent out.

How to choose the best-letting agents in your area

The best way to choose a letting agent in the area is to understand the pros and cons. Legally speaking, letting agents have to abide by the law means they have to work according to a certain code of conduct. In other words, consumer protection is higher.

Agents that do not follow this scheme could face penalties. Letting agents are professionals and, as such, have a thorough knowledge of the legal procedures whereas the average landlord does not. Local agents are more likely to ensure that all legal requirements are met by both property owners and tenants.

Because these professionals have an office, it is easier to get in touch with them rather than landlords chasing tenants and vice versa. In the end, being there at all times and providing all the information required from them is what letting agents are paid for.

Another reason why letting agents are beneficial is that they take care of the “hard work”. For example, in case of maintenance is needed, they will inform the landlord and expedite the whole process, they will facilitate communication between property owners and tenants, etc.

How much do letting agents charge a landlord to find a tenant?

Although letting agents are very helpful and useful, they can also be very expensive. The fees property owners have to pay to let agents depend on the service they provide. Obviously, fees vary from an agency to the other and what landlords are typically paying for is property management, reference checks, and the process of finding tenants.

Letting agents can sometimes offer flat fees or a percentage of the rent. Normally, letting agents tend to charge landlords around three or four weeks’ rent (when the service offered is let only) or about 10 to 20 percent of the monthly rent when the service required is full property management. Again, fees vary depending on the agency, location, competition, etc.

Finding tenants via traditional rental agencies or relying on the internet are both useful solutions. What matters is that tenants are reliable, trustworthy, and respectful.