There are three ways that city centre apartments can be let. You can either use a letting agent, who can advertise the property and manage it for you. You can advertise it yourself and manage it yourself or you can use the letting agent to advertise the property and draw up the contract, whilst you manage the property and your tenants’ needs.

Letting Agent

Engaging a letting agent is the easiest way of getting your property into the marketplace. They will have knowledge of the letting market as well as knowledge of the local market. They will also be aware of any rival apartments in the same block, road or estate and will be best placed to establish a rental rate that is in keeping with the current market. They can advertise the property on their website and through local publications. But the real benefit comes from their presence on the high street, which attracts potential tenants to them.

Self-Letting

Managing the apartment’s let yourself can be the most cost effective way of renting the property. But as it takes up a lot of your time, it can also be a drain on your resources, if for you time really is money. This form of letting in a city centre can be difficult because you are setting yourself against estate agents who are established in the marketplace and have the resources. You may be able to offer a lower rent than rival properties on the same estate, but you won’t be able to advertise them as effectively as a letting agent. This form of letting works best if you know some potential tenants, but knowing your tenants has its own pitfalls, as they may expect your relationship to lead to lower rental rates or a quicker response to problems.

Self-Management

Self-management is a compromise between the two established methods, as there are benefits and drawbacks to each. Managing the property yourself will mean that you take the calls from your tenants when something goes wrong, so you will need to have plenty of time on your hands. You will also be responsible for engaging the services of a handyman, if work needs to be carried out, which can take up time. This sort of letting is best for landlords with new properties that are covered by a builder’s guarantee. That way, if the shower unit stops working or the boiler packs up, the responsibility for resolving the problem sits elsewhere.

Final Word

Letting agents in major cities need to make profits from their work, so their fees are not cheap. But if you are engaging the services of Manchester letting agents or agents in another city like London, you will have plenty to choose between. Using an agent also provides the landlord with a middleman who can shield them from tenants’ enquires and provide a buffer when negotiating renewals. They are also best place to deal with contracts and any other legal matters that might occur during the tenancy.

Ben Greenwood is writing on behalf of Shepherd Gilmour, specialist Manchester city centre estate agents.

Ben Greenwood is writing on behalf of Shepherd Gilmour (http://www.shepherdgilmour.com), Manchester estate and letting agents.

Author Bio: Ben Greenwood is writing on behalf of Shepherd Gilmour, specialist Manchester city centre estate agents.

Category: Real Estate
Keywords: estate agents, letting agents, property to buy, property for sale