Whether you’re an investor with numerous rental properties or a homeowner who wants to rent out your home while you’re abroad on a work contract, it may simplify the procedure by employing a professional Rental Management Agency.
“The fees charged by such agents are often around 10% of the monthly rental, but seasoned landlords know that the peace of mind that comes with having a professional handle the lease, manage the tenants, and look after the property while you are away, is well worth the money,” says Pearl Scheltema, CEO of Fitzanne Estates.
How to choose a Rental Management Agency
Besides word-of-mouth recommendations, there are a few things to look for when screening potential Rental Management Agencies and you can read more about this in this article.
Formalise the agreement
After you’ve made your decision, you should be asked to sign a Rental Management Agency agreement, also known as a letting mandate, which covers the agent’s right to let the property on your behalf and specifies how you want the property to be managed and paid your monthly rental.
“Make sure you read this document well before signing it, and do not sign it if any portion is confusing or you do not agree with it,” advises Scheltema.
“Similarly, you should double-check the lease agreement your Rental Management Agency will use to make sure it complies with the Rental Housing Act, the Consumer Protection Act, and other relevant laws impacting landlords and tenants.”
Remember that this paper is a legally binding contract between you and your tenant, therefore you should not sign it unless you are completely satisfied with it.
If you want your Rental Management Agency or tenant to follow any special or additional instructions, you must write them down, date them, and attach them to the lease. Nobody wants to have a disagreement with their tenant or the Rental Management Agency, but it’s always preferable to have things written down.
Let the professionals handle it
However, once you’ve gone through this process and your agent understands exactly what you want done and what you expect from them, it’s time to unwind and let them do their thing.
“A professional Rental Management Agency understands how to find suitable tenants and conduct background checks and credit checks,” says Scheltema. “They’ll also make sure that a sufficient deposit is paid before handing over the keys, and they’ll act quickly and accurately if the rent isn’t paid on time or if repairs are required.”
After all, you’re paying for this service, so there’s no sense in duplicating what your Rental Management Agency is doing.
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