Bath is one of the most popular up-and-coming real estate markets in the UK, which means that plenty of investors have recently flocked to this city in order to buy and let. If you also own a property in Bath and would like to start letting it out, then the first thing you need to decide is whether or not you want to tackle this process on your own.
While it might be fairly easy to find renters in Bath – given the city’s proximity to London and its magnificent historic heritage – it’s not as easy to manage the paperwork and responsibilities that landlords are tasked within Britain. Especially if you own multiple properties in Bath, you might want to consider the help of an experienced letting agent.
What Does It Mean to Be a Landlord in Bath?
Before you can even start your search for renters, you must first bring your property up to an attractive standard and consider your target audience carefully. Both of these steps can significantly increase your financial gain in the long run, which is why you should complete them even though they require a slightly higher initial investment.
Next, it’s time to meet potential renters and set up property viewings. Once you’ve made up your made about the tenants, there are a series of documents and forms to complete and sign. Finally, as a landlord, you are in charge of collecting payments each month, as well as providing maintenance for the property whenever this becomes necessary.
What Does a Letting Agent Do?
The work of a letting agent depends on the kind of service that you wish to acquire. For a fee of up to one month’s rent, the letting agent can help you prepare your property, advertise it correctly, find tenants, and sign the necessary paperwork so that the latter can move into their new home.
If you would like the letting agent to continue to collect monthly rent after the contract is signed, then you’ll likely be charged up to 5% of the rent per month. This type of service will also ensure that you do not have to chase late payments if this ever becomes necessary.
Finally, for a monthly fee between 8% and 15% of the rent, you can access a “full management” service with a letting agent. With this type of contract, the agent will take care of everything from finding tenants to collecting rent, and dealing with any maintenance problems as they occur. This is especially useful for people who have never let a property before, but also for those who let property in Bath, but live in a different city.
At the end of the day, you must ask yourself whether you’re willing to do extensive research on what it means to be a landlord in Bath, as well as to actually manage the property once you find the right tenants. If the answer is no, then expert letting agents such as Pritchards are at your disposal for a customizable service that best suits your needs.