Help for Landlords to Choose the Right Letting Agents

In this article, we share six simple tips to help landlords choosing the right lettings agents to work on their behalf.

Finding a good letting agent can often be a tough task for landlords. We look at how you can increase your chances of finding the perfect letting agent to help you get the most from your rental property.

The letting agency market

The letting agency business is a very competitive one. There are literally thousands in the UK!

No doubt where you live has several (if not then that’s a gap in the market right there). And with so many different letting agents to choose from finding the right one to let your property can be daunting, bewildering and often stressful.

Whether you want an agency to simply find you a tenant, or find and manage the property, it pays to take your time, do your research and listen to expert advice.

That’s why we came up with these tips to make landlords’ lives that little bit easier.Six things to think about before you instruct a letting agent to market and/or possibly manage your property.

Six things to think about before you instruct a letting agent to market and/or possibly manage your property.

  1. Do they have a track record in renting properties like yours? Ask for evidence of properties like yours that they have let and achieved a good monthly rent on with stable tenants.
  2. Do they have client reviews and testimonials? A good agent will always have previous clients who will vouch for them or have positively reviewed them. Don’t be afraid to ask to meet or speak with these people over the phone.
  3. Do you like them? Depending on what you want from a letting agent you could be working closely with them so it’s important that whoever you choose is someone you like and trust. If in doubt our advice is always to follow your instinct.
  4. Money, money, money. Remember the old saying ‘If you pay peanuts you get monkeys’? Well it’s never truer than in the world of letting agency. Those agents who offer very low fees are often desperate for instructions. Ask yourself why they are so desperate for new business? Is it because they can’t keep current clients happy?
  5. Where do they advertise? Increasingly buyers begin searching on the internet. So, ask the agents where they would advertise your property. It’s also worth asking an agency how its marketing strategy differs from its competitors. What makes it stand out from the crowd? What is their plan to market your property?
  6. What kind of contracts do they offer? Ask the agents about the length of their standard contracts. It can vary wildly from three months up to 18 months – which in our opinion is far too long.

The most important question

Perhaps the biggest question you’ll need to answer is do you want to use the letting agent simply to find a good tenant?

Or do you want them to manage the property? There are pros and cons to outsourcing your property management.

Thanks to Rentila’s easy to use property management software many landlords are discovering they can do without letting agents to manage their properties. This can save a lot of money and puts landlords in control of how their property is treated and maintained.

P.S.

If you already have a letting agency looking after your property, and you are dissatisfied with their service, there are a number of ways to take action. Here’s a link to a good article on the steps you can take.

You’ll still have the chance to think about choosing the right letting agents later…

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