What Services Do Letting Agents Offer?

 There’s no doubt that letting agents can be helpful, especially if you’re a new landlord or even if you’ve had some prior experience with renting out property. A good letting agent can help to streamline the process, reduce your stress levels and ultimately boost your rental income.

There are a number of different services offered by letting agents, but there are some common features that most will offer – such as tenant-find, rent collection and maintenance management. In order to decide which type of letting agent is best for you, consider your property’s needs and what you want from the service.

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A tenancy find service will involve the letting agent marketing your property and sourcing tenants to move in. This will include taking professional photographs, drafting up floor plans and advertising the property on various websites and portals. Once interest is shown, the letting agent will arrange viewings and conduct referencing checks. They will also draw up a legally binding tenancy agreement and carry out an inventory to ensure that both parties are clear on the terms of the agreement.

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Once the tenancy has started, a letting agent will manage all aspects of the rental – ensuring that rent is paid on time and chasing late payments where necessary. They will also handle all legal requirements regarding the protection of deposits, provide landlords with financial reports and advise on any issues that arise during the tenancy.

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Letting agents have in-depth knowledge of the local rental market and understand how to present properties in a way that will maximise yields. They will also have a vast network of contacts and can arrange repairs and maintenance to suit your schedule. They can also deal with requests from tenants, such as changing locks and arranging for gas and electrical safety inspections.

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Choosing a letting agent can be a daunting task, especially in metropolitan and suburban areas where the number of agents can be overwhelming. However, it’s important to research the agents you’re considering and speak to other landlords to get recommendations. Look for a member of a trade body, such as ARLA or NALS, and check that they work to codes of practice.

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While a good letting agent will do all they can to find decent tenants and minimise void periods, there’s always the risk that you could end up with a bad tenant. Fortunately, good agents will do their utmost to help you deal with a problem tenant and may even be able to offer rent guarantee or legal expenses insurance as part of their service. This will cover any unpaid rent and any costs incurred as a result of the tenant breaching the tenancy agreement. Be sure to check whether this is included in the letting agent’s fees. Otherwise, it will be a separate charge that you’ll need to budget for.

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