Using a professional managing or letting agent is ideal when you do not have the time to manage your property/ies. Here are the services you'll receive.
There are generally two types of agents as far as letting goes:
A Full Management Agent takes care of the whole letting procedure, i.e.:
- Advertising your property to let;
- Selecting a tenant;
- Taking care of the lease agreement;
- Collecting the rent;
- Visiting and checking up on the property;
- Managing all the repairs needed on the property;
- Serving any notices and other tenant matters;
- This service generally costs between 10% and 12% (excluding vat) of the total monthly rent amount.
A Letting Only Agent takes care of the following:
- Finding a tenant;
- Setting up the lease agreement;
- You will need to collect the monthly rent and manage the lease;
- This service generally costs between 7,5% and 8,5% (excluding vat) of the total monthly rent amount.
This article originally appeared in Property Power 11th Edition Magazine. To order your copy at the discounted price of R120 click here.