Letting Agents

Key Team Members – Letting Agents

Unlike solicitors, letting agents are optional. You can manage your tenants and the upkeep of the property, yourself.

However, in our experience, a letting agent is going to save you a lot of time and by using them, beginners can avoid making a few, potentially expensive, mistakes. 

And if your goal is to grow your property portfolio as fast as possible then using letting agents is going to help you achieve that end, much quicker.

Simply, by clearing the day-to-day management of your properties from your schedule, you will have more time to focus on your end-goals and ambitions, more completely.

There are two main things to think about when you are choosing a letting agent:

  1. Do they have specialist experience, in-line with your investment strategy?
  2. How far away are their offices from your target area?

There isn’t a right or wrong answer to these questions.

Cards-on-the-table, we’ve always found small, local agents, closeby to our properties, to generally deliver a better service.

And yet, this is only an anecdote. The trick is to find a company, with whom you feel comfortable, whatever their size and (to an extent), whatever their location.

But how do you go about finding a good letting agent?

It can be difficult, for sure.

The best advice is to try and get personal referrals and recommendations. Don’t be afraid to pick up the phone and talk to people about their experiences.

But failing that, we recommend looking at associations and regulated bodies such as:

When you are considering a letting agent, you should always ask questions, including, the following:

  1. What areas do you mainly cover?
  2. Do you deal with housing benefit? Working tenants? Students?
  3. Do you specialise in any type of tenant profile?
  4. Do you manage any HMO properties?
  5. What are your let-only and management fees for single and multi lets?
  6. What are your tenant application fees?
  7. Do you change tenant renewal fees during their tenancy?
  8. How do you manage tenants, are they all under one tenancy agreement?
  9. How long have you been running, as a letting agent?
  10. How many properties do you manage, how many staff do you have?
  11. If a tenant doesn’t pay their rent on time what process do you follow?
  12. Who do you register your deposits with?
  13. Are you a member of ARLA?