Whether you are a landlord or a tenant, you will need a letting agent that knows the ins and outs of property management!
It’s not a secret that running a property, and looking for one, is hard work. Letting agents are there to help lessen the heavy load. That being said, it is vital to find the best agent.
Remember that if you wound up with an awful letting agent, it will just end up costing you money and time, as well as the stress that comes with it which is avoidable and not worthwhile.
The right letting agent for you…
A letting agent will help a property owner and tenant with a rental agreement, amongst other things.
For landlords, they should be proactive when it comes to marketing your property, help you match with an ideal tenant, and assist with the tedious paperwork.
The right letting agent is still very much subjective as your choice will depend on what services you require! It’s not the same for everyone!
This guide will help you find that right agent that will save you the hassle and help you market your property in the UK well.
1. Finalise the services you need from your letting agent
Before you ever go looking for THE one, you should run down the specific services you need from them. This way the options will be narrowed down.
You can opt for UK letting agents that are tenant-find only, property management, or both. The deciding factor will depend on you and your availability to personally manage your property, so keep that in mind!
2. Create a list of local letting agents
No need to scour the entire UK for a representative. Filter your search within your property or area. That way you can both meet up and manage the property conveniently.
Make sure that the letting agent is trustworthy. You can do so by checking if the they are members of a professional organisation i.e. National Approved Letting Scheme (NALS), Royal Institution of Chartered Surveyors (RICS), Association of Residential Letting Agents (ARLA).
3. Compare the fees of each agent
Once you have selected your top letting agents, you can then begin to sort out which ones you can afford by comparing their services and fees!
In the UK, letting agent fees vary, but full management will typically cost landlords around 10-15% of the monthly rent collected.
4. Get down to business
When you finally find the RIGHT letting agent for you, talk with them about the things you need to achieve a smooth agent-client relationship. Confirm your desired services such as paperwork, availability, management style, etc. Make a list of these essential services so you can cover the things you need to know!
5. Monitor your letting agent’s work
Even though you are hiring a letting agent to ease the management of your property, do not forget to maintain contact and check in with them and their ongoing management. Monitor your letting agent’s performance; do not just assume that they will do a great job.
Think through your decision
Think twice or thrice and hard! A letting agent can make or break the future of your rental property. After you find a suitable representative, make sure to review your contract and clearly stipulate all responsibilities expected of them.
Remember that the best letting agent will take care of your needs as a landlord and your tenants.