Wednesday, 20 August 2008 10:01 am

Rental Agencies

Weigh up the pros and cons of using a rental agency to handle your bookings.  The advantage of handing responsibility over to an agency is that they generally deal with all the practicalities for you - from the booking enquiries and money transactions to the cleaning and maintenance of the property.  This is ideal for owners who don't have the time - or inclination - to deal directly with customers themselves.  The main drawback of using agencies is that they charge a substantial commission for their services, so reducing your profits - sometimes by as much as 25-50%.  Make sure you know exactly what price the agency plans to charge customers - and what commission they plan to take.  Dissatisfied clients who feel they've been overcharged by greedy agents are more likely to cause problems in your property.  Also check exactly what services the agency provides.  Some provide different levels of service, depending on how much you're prepared to pay and on whether you have a local manager handling certain aspects of your rental for you.  Ask whether the agency inspects the property before and after each rental and does this include a full inventory inspection? Do they check tenants into your property and explain how the various major appliances work? Will they organize running repairs & maintenance and provide written reports? Are their staff on 24-hour call-out in case of emergencies? Make sure you know exactly what you're getting for your money - because the cheapest agent isn't always the best or most reliable.  Talk to fellow property owners in the area to see if they can recommend a good agency - or if they can advise you which companies to avoid.

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