Is it a good idea to use an agency to rent a home? Traditionally, the rent in Spain has been made at a private level, between landlord and tenant, but the dynamism of the market can cause many owners to wonder about the suitability of putting themselves in the hands of professionals, especially if it is the first time they go to rent a house.
The question is not trivial given that at present the figures suggest that it is a good business to buy a house to rent it. According to the Bank of Spain, the total annual return of a home (that is, the rental yield and the added value that would be obtained from its sale) stood at 10.4% in the second quarter of this year, and in the fourth quarter , 1% if we focus only on the lease, some attractive numbers that encourage many investors to get into a market unknown to them.
However, the heating of the rental market can make owners feel a little lost and feel the need to seek advice, explains Toni Expósito, general director of the property network Compracasa, who recalls that during the last 4 years the rents in the big cities have gone up a lot, for example, in Madrid the rise was over 27% and up to 49% in Barcelona “. The rent boom is attributed to “not everyone can buy now, it is very difficult to get so many mortgages with temporary contracts as before the crisis, the salaries are not the same, the mentality is also different and you choose to rent instead of buying, which, together with the growth of holiday rental platforms, has fostered this kind of hotbed in the rental sector “.
Jesús Duque, vice president of Alfa Inmobiliaria believes that more than tranquility, it is the “comfort” the main reason that moves an owner to rent his property through a professional, “since the agency can take care of everything: to choose the better market price, to advertise the house, to look for a tenant, to study its solvency, to draft the contract so that it fits perfectly with the Law of Urban Leases (LAU), deposit the deposit in the corresponding body in each Autonomous Community, etc. And explains that the landlord has different alternatives depending on the degree of specialization required: hire a traditional real estate agency, an agency specializing in rent or, finally, choose one of the companies that are dedicated to managing rentals in a comprehensive manner.
Duque points out that if the landlord opts for a traditional agency, it will be limited to search for a tenant, but can also investigate the creditworthiness of the tenant, consulting the file of defaulters with what the owner of the house will save the inconvenience of receiving calls , show the house or make inquiries about the solvency of the person to whom they rent their house.
If you decide on a rental agency, this will give you additional services such as the preparation of the contract and will handle procedures such as, for example, the contracting of a non-payment insurance. And finally, if you opt for a company that fully manage the lease, you have to know that this type of company guarantees the rent to the owner since they are the ones who pay the landlord for what they charge a percentage.
Advantages and disadvantages
The general director Buycasa affirms that resorting to specialized professionals can have many advantages for both landlords and tenants. The services most valued by landlords are the filter of solvent tenants and the insurance of rent protection in case of defaults, but also not be bothered with after-sales management. “He explains that” the service most valued for the owner is the one of qualification of the tenant, adding the insurance of protection of non-payment of rent is the one that lets you sleep at night “although he reports that more and more agencies are including complementary services such as moving or changing the ownership of services such as light or gas.
In relation to the alleged benefits that can be obtained from tenants, Expósito highlights the fact that “agencies usually have better properties than those advertised by individuals on the Internet.” Remarking that “many properties are not published, as there is a waiting list of qualified tenants previously waiting for a house in most large cities”. In addition, he notes that the agencies select real estate that is in good condition and whoever seeks to rent can save “a lot of time in the search, especially if you live outside or do not have time directly”.
Source : (barcelona apartments)