Letting agents and letting agencies provide valuable services for landlords as well as prospective tenants. Most landlords solicit the services of letting agents for faster movement of their properties in the rental market and manage the properties when the tenancy is on.
However, due care must be taken in making the selection of a letting agent error free so that you get the service of highly professional letting agents and will give a hassle-free tenancy business to your property.
Get Accredited Agents
While looking for a letting agent, do make sure that you deal with only the most reliable organizations of repute. The duty of a letting agent is to market a property or properties professionally, get reliable tenants and achieve the highest possible rent for the landlord.
Some tips on what to look for when choosing a letting agent can be timely
Always choose a letting agent who is a member of professional organizations like
- Association of Residential Letting Agents (ARLA)
- National Association of Estate Agents (NAEA)
- Royal Institution of Chartered Surveyors (RICS)
The advantage is such agents are bound by a code of conduct and will be fair in their dealings. Also take personal recommendation or referral from others to find a suitable letting agency.
Requirements of Landlord
Services by the agent vary from person to person and will depend on your requirements — just finding a tenant, or managing the whole rental agreement. The bulk of the leading agencies offers letting as well as full management services. In order to set the terms of hiring, talk and negotiate with agencies and know the services you are getting and what you are paying for.
Most letting agents operate on a ‘no let, no fee’ basis. Therefore more agents in the field will increase the chance of letting the property fast. There are some agents who charge a fee to include a property on their list.
Since there is no mandatory qualification for setting up a letting agency all types of individuals can enter this field. Many sub-standard letting agents are also in the field. So, before signing the paperwork, investigate thoroughly about the letting company by taking more references.
Avoid Trap of Lower Fees
Some agents charge very low fee. But low charges do not necessarily mean that they are the best agents in town. So look for those agents who can provide a comprehensive service and are successful in the local market. Choose the best letting agents in London who let similar properties and get the right tenant with suitable references and achieve the highest possible rental price.
Support the Agent
Give the letting agent as much information as possible about the type of tenant you want. It may a young professional or married couple, a personal or a corporate let or a long-term tenant.
A letting agent charges his Fees on a percentage basis of the rental income. It can vary from five to 10 percent. The responsibilities will include marketing a property, scouting for a suitable tenant, taking references and handling the documentations of the rental deal including tenancy agreement and inventory preparation.
For full management service, the charges will be 15 percent of the rental price. In this the agent has to organise
- Credit checks
- Collect the rent
- Pay the bills
- Inspect the property
- Oversee maintenance work
In managing letting agents, hiring a property management agent or manager is a good idea especially when you are using several letting agents or letting on a short-term basis. Other services can be negotiated with letting or property management agent. Though lower charges are an attraction never compromise on the quality of service.