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Remember, you don’t have to use an agent for everything. Some decide to pay a ‘letting fee’ and only use their agent to find a tenant and deal with the bond, while others use their agent to manage their property and/or collect the rent. No matter what you decide, ensure their experience matches your needs.
If you do decide to use an agent to manage the property, you can expect some or all of the following services (depending on the agreement you sign with them):
If you use a property manager you will also need to give them written authority to act on your behalf. Any fees you pay your agent and some other expenses are likely to be tax deductible.
It’s important to provide your agent with clear written instructions outlining any matters you want them to handle, and listing your specific conditions/requirements. For instance, before signing any agreement ask yourself these questions:
Once you sign an authority for an agent to manage your property, it binds both you and your agent for the agreed management period, so make sure it contains the right information.
If you decide to use another agent to find your tenants while this agreement is in force, you could be liable to pay a fee to both agents. Make sure you keep a final, fully signed copy of your agreement, just in case things need to be clarified later on.
Remember that an agent can’t be held responsible for the conduct of your tenants. All they can do is use their expertise to help you select a tenant that, based on all the available evidence, seemed to be the most appropriate at the time.
You can find additional information in the publication You and your property manager.