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Expert Estate Agent Speaks: Rental Properties in Leicester

landlordBecoming a landlord can be the smartest move towards creating a substantial passive income for yourself.However, it can also be daunting and overwhelming without the right information and knowledge. While being a landlord comes with a great deal of potential for financial security, it also comes with responsibility and the potential for challenges that can be difficult to overcome without support from a Leicester property expert.

With increasing numbers of university students looking for affordable accommodation in the area, the potential for keeping a good rental property full, with no vacancy periods is high.

Finding a reliable and trustworthy company to work with will help to create a strong foundation for success. You can find a reliable service and a range of property advice at the Estate Agents in Leicester – company website. For first time landlords with little to no previous experience in the field of rental properties, it is wise to work with a full management service that will handle all issues concerning the property. While renting out to students means a constant source of tenants, it also means a high tenant turnover rate.

A full management service will be able to take care of the change-over of tenants as well as showing the property, collecting deposits and rents, chasing any arrears, and full maintenance of the property itself. While these services are necessary for all rental properties, in the case of renting to students they are necessary far more frequently.

Estate agents Leicester branchUsing a good, reliable estate agent reduces your responsibility, liability, and the amount of time and effort you need to put into running your rental property – making that passive income truly passive.

In addition to showing the property to new tenants, a full management service will also vet the prospective tenants for you. Part of their role is to make sure that any new tenant is capable of paying their rent and has a history of being a reliable tenant or lodger.

Vetting prospective tenants yourself can be a challenging and expensive process; and if you do not have previous experience, you are at risk of making errors that could cost you a lot in the long run. Apart from vetting prospective tenants, the estate agent will be able to provide a full inventory compilation, ensuring that the property has been left in its original state when a tenant moves out.

This is a particularly useful service in the case of student tenants, again because of the high turnover rate.

Property to rent in leicesterWhen considering which estate agent to use, make sure that you check that the agent you are planning on using will cover all legal aspects regarding your rental property. They should take care of the drafting and signing of the contracts, as well as marketing the property. It is important to ask any prospective agent how they plan to market your property, and what they include in their contracts.

A full management service should set up payments of rent to your bank account and provide you with the relevant statements. This will help you to keep accurate records of your rental income, and will give you everything you need to complete your tax assessment when the time comes.

Whether you are an experienced landlord looking to reduce the amount of time and effort you put into the renting of your properties, or you are a first-time landlord with no previous rental experience, finding the right estate agent to work with can make all the difference to your success. Take the time to explore fully the extent of the service each agent can provide, and have a list of questions written down before you have your first meeting or phone conversation with each prospective agency. This will help you to compare and evaluate your options more effectively.