A letting agent represents a landlord and deals with renting out buildings and handling tenants. They are the middle man between the tenant and the owner of the property to ensure everything goes according to plan. From finding the right tenants, completing paperwork or fixing things, a letting agent’s role is to take the stress away from landlords and make the whole experience easier.
There are letting agents that provide a full management service, meaning that they do everything from marketing the property to handling maintenance and collecting rent. There are others that provide a tenant-find-only service, whereby they merely assist landlords in acquiring a tenant and prepare the rental contract. The extent of involvement will vary depending on the nature of the service selected and how much control the landlord is prepared to have over things.
Advantages of Employing a Letting Agent
For most landlords, employing a letting agent is a convenience. It is not simply about giving out the keys — it is about contracts, safety inspections, collecting rent and resolving issues as they happen. A good agent does all of these things properly, which is time-saving and less stressful.
Letting agents also know about the legal conditions landlords have to fulfill. From gas and electrical safety through to deposit protection legislation, the law of letting is not always so simple. A skilled agent ensures that everything is done properly, eliminating the risk of fines or court action.
Marketing is another plus. The majority of agents will have access to leading property sites and be able to bring in the correct type of tenant. They also conduct background checks and references to ensure tenants are trustworthy and can pay the rent. It can lower void periods and minimize the risk of future issues.
What to Look For in a Letting Agent
Not all letting agents are the same, and some are more reliable than others. It’s worth doing a bit of homework before selecting one. Check out their charges, what’s included in the service, and what people think of them online. Trustworthy agents are honest about their costs and explicit about what the landlord is paying for.
It also makes a difference if they belong to an association of professionals, for example, ARLA Propertymark or the Property Ombudsman. These associations have members adhere to certain standards and provide additional protection in case something does go wrong.
Responsiveness is also a big one. If an agent is sluggish at answering questions or evasive at the beginning, that’s a pattern that may be repeated later. A proactive, helpful agent is a game-changer, particularly if there are problems that need to be sorted out urgently or if a tenant hasn’t paid rent.
Is a Letting Agent Worth It?
Whether hiring a letting agent is worth the expense is up to you. If you are a long way from the property, short of time or inexperienced in renting out, an agent is probably going to save you time and hassle. They deal with issues as they arise and keep tenants content, which can be a smoother, longer-lasting tenancy.
But for landlords who like to be hands-on, being in control of things may be more appealing. A tenant-find-only service in such situations could provide the ideal solution.
Either way, it’s worth reading the agent’s terms and conditions before signing on the dotted line. Some have additional fees for arranging repairs or bringing a tenancy to an early end, so always check the small print.
