Q:

What is the difference between letting property and renting?

A:

Quick Answer

There is no difference between letting a property and renting one. Whereas rent is an American term, let is a British one that means the same thing.

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Full Answer

The landlord must decide whether to let the property himself, or hire a letting agent to work on his behalf. A letting agent markets the property and screens prospective tenants. The agent typically earns commission based on the rent amount.

Once a tenant has been found, the landlord may manage the property himself, or hire a property manager. Many letting agents also serve as property managers, and charge a monthly fee for management services. Property management entails collecting rent, ordering repairs and maintenance, and performing other duties to help ensure that the owner is paid on time and the tenant has a safe, comfortable place to live.

Prime Location advises that a homeowner who is considering letting his property to a tenant should prepare the property inside and out before advertising it for rent. Cleaning up the yard, repairing obvious defects and storing trash cans creates curb appeal. Inside, the landlord should remove unnecessary furniture, if the property is to be offered furnished, eliminate clutter, and perform a deep clean that includes carpets and upholstery. Needed repairs must also be made. UK law has special requirements for a Home in Multiple Occupation, which is a property occupied by more than one party.

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