If you’re a first-time landlord or an experienced landlord wanting to rent out your property but don’t know where to start, read on. Many landlords often just don’t have the time to complete the many details needed when letting their property. This is where letting agents come into their own. They will let you know the services they provide and the best way of advertising your property.
Finding the right letting agent can be a little daunting. Make sure you use a local agent who knows the area where your property is located and one who has excellent references.
How to choose a qualified letting agent
Remember you only get what you pay for, so if a letting agent doesn’t give you a reasonable quote, don’t expect a good service. 10% of the annual rent is usually a good indication of a let only arrangement while a full management service is approximately 10%-15% of the monthly rent.
Some points to look out for:-
– If a letting agent quotes you a really low price, they may add on all kinds of extra charges.
– You are in the driving seat so do a bit of haggling if the price of their services is too high.
– Don’t pay too much up front. Should you discover the agent isn’t all that good, you could be out of pocket.
– For a let only arrangement, try and negotiate a fixed fee for a one-off deal.
– Always read the small print on any contract you have to sign especially when it comes to renewal fees.
Expect a professional service
Remember the letting agent works for you and should always offer a professional service. If you work away from home you need to depend on the agent for absolutely everything relating to your property. It’s very important therefore to have a good working relationship with the agent from the start.
Some things to look out for when searching for a letting agent are:-
- See if they are members of professional associations. This will ensure they are bound by professional codes of conduct.
- Check that their staff are fully trained.
- Make enquiries regarding their tenant vetting process.
- Do they manage the collection of rent and where will this money be held?
With so many things to look out for, do some research before using the services of a letting agent. If there is a wide choice of agents, see which one has been in the area the longest. Generally, reputable letting agents will have more local knowledge.
If you do need any help or advice, get in touch with us. We’re a well-known, reliable letting agency with many years of experience in letting property to students, families and professionals on behalf of landlords across the north east of England. We also offer free property valuation, block letting and management services.
Striking up a good working relationship with letting agents like us will pay off in the long run. After all, you’re renting your property or properties to make a profit.