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Gambia property rental / renting
in The Gambia / holiday villas and apartments
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Villa Rentals In The Gambia :
Renting out your villa or apartment can be both time consuming
and expensive.
There are a number of options and these are discussed in some detail
below:
Letting Agents
Letting and property management agents provide a number of different
types of services to landlords.
The level of service will very often determine the amount they
charge. Charges are usually commission, based on the annual rental
income of your villa or apartment. You should therefore discuss
and compare the charges of different estate agents in your area.
Typically rates vary between 8% and 15% plus VAT. Some agents deduct
the commission upfront whilst others make a deduction as they collect
the rent.
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Introduction Only: The introduction service offered by letting
agents very often gives landlords the most basic of all services
available. It consists of finding suitable tenants for your
villa or apartment, applying for references, preparing the tenancy
the tenancy agreement and collection of the first month's rent
and deposit. The letting agents' charges are deducted from the
first month's rent and deposit. As landlord you will be responsible
for the deposit and for all future property management issues.
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Rent Collection: The rent collection service includes all
the services offered under the introduction only service, together
with a rent collection service. Once rent is collected the letting
agents' rent collection commission is deducted and balance is
paid to the landlord. The landlord is expected to arrange to
inspect the villa or apartment and deal with any repairs under
the terms of the agreement. The issue of notices to quit are
normally dealt with by the letting agent but the landlord will
need to make his or her own arrangements to deal with all aspects
of the tenant moving out.
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Full Management: The fully managed service offered is the most
comprehensive and deals with almost all the issues of property
management required on a daily basis. Urgent repairs will be
undertaken as needed by the letting agent and quotes will be
obtained for other non-essential matters. The payment for any
expenditure will be deducted from rents collected before any
payments are made to the landlord. For landlords who working
or living abroad this service is essential as all matters are
left in the hands of the letting agent
Do it Yourself
The cost of using letting agents can be very expensive and with
a little dedication and effort the majority of landlords should
be able to deal with the proper management of their properties.
Property management involves the following steps:
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Finding Tenants: Letting agents advertise in the local papers
and this is the place to start. Choose a paper that has a large
property to let section. If you look at this section you will
see both letting agents and landlords advertising. The small
box adverts normally relate to landlords who rent out their
own villas or apartments and the content of these small adverts
will give you an indication of what you need to advertise. In
the majority of cases all you need to do is telephone the paper
with the details you wish to advertise and pay by credit card.
The cost of these adverts is relatively small.
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Prospective tenants will need to be shown your villa or apartment.
If they wish to rent the property you should ensure that you
apply for several references to include current employer, bank
and one other from a previous landlord or friend.Once satisfactory
references have been obtained a tenancy agreement needs to be
prepared for signature. A standard Assured Shorthold Tenancy
agreement can be drawn up by a solicitor or you can use preprinted
stationery. If your villa or apartment is furnished you should
prepare an inventory list and this should be checked and signed
by the tenant at the time he moves into the property. This list
will also need to be checked when the tenant vacates the property
to assess the extent of any claims for damages.
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Collecting the rent: Rent collection can be made easier by
arranging for payment to be made by standing order or by collecting
post dated cheques. You should check your bank statements to
ensure that standing orders are received on the due dates. If
payment is not received you must contact the tenant immediately
to see why payment did not go through
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Repairs should be undertaken as and when required and all expense
invoices retained for taxation purposes. Any repair work undertaken
by third parties should be checked before payment is made, although
in some urgent cases this may not always be possible.
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Deal with day to day matters: During the tenancy period you
should inspect the property to ensure that the villa or apartment
is being maintained in a tidy and proper fashion. Any matter
that requires action from the tenant should be advised in writing
as a form of permanent record. If necessary you should follow
up an inspection with a further inspection.
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Arranging tenant to vacate: You should write to the tenant
a month or so before he is due to vacate to explain the procedure
and arrangements to vacate the property. Include the date, time
and indicate that the villa or apartment should be left in a
tidy manner otherwise you may need to make a claim against the
deposit held.
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The inventory list should be checked when the tenant leaves
and missing or damaged items should be identified. The deposit
should be returned as soon as possible once the extent of any
claims has been established. You should be fair and reasonable
with your claims and have sufficient evidence to support the
amount of your claim.
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