How Landlords Can Choose Letting Agents

Choosing letting agents is a delicate process that requires much thought if the correct decision s to be made. There are a myriad of considerations that should be undertaken should the rental be successful, not least your own level of input in the process. Hopefully this article will help those first time landlords find the right balance.

The first consideration is the amount of input you intend to have in the rental or whether you would prefer letting agents to manage the property on a permanent basis. If following the former course of action then the agent's management style will not likely be a problem as you will be conducting much of the process yourself. However if you are to entrust your property to the agent, then a detailed look should be taken at how they intend to manage the property and the strength of their tenant screening processes.

Once you have decided to market the property for letting, employing a number of different agents can be advisable. The perfect number is around three; less than three and the marketing of your property will suffer and tenants may not be forthcoming, too many and to many it will seem like desperation and the rent received could well be smaller. When choosing an agent, take a look at the types of properties they market already, if these are similar to your own there is a greater chance that they will have prospective tenants on their books waiting for your type of property.

If a number of letting agents have been employed it is time to invite them to the property so that they are able to give an idea of the monthly rent that could be charged. At this stage it is important not to simply look at who gives the highest figure but instead which agent gives the best reasons for their decision.

If they can back everything they say up with hard facts then they are probably the best choice for an agent and tenant manager. Once all have completed the valuing process select the most appropriate price and ensure that all of the agents market the property for the same price, otherwise confusion can soon occur.

At this point it may be worth asking the agent for the terms and conditions for the tenancy. Typically this will not have to be signed until a tenant has been found but it does give you the option of purveying the contract before the tenancy begins. Paperwork is nobody's favourite task but it is essential that all clauses are read in detail so no hoodwinking occurs once it has all been signed. Despite not signing anything at this time it does not mean that you cannot negotiate the fees, this should be done from the outset to make it clear how much you expect to be charged.

Lettings tend to move relatively fast in comparison to properties for sale and hence the details taken by letting agents are likely to be less exact. That said it is important that the literature gives a good impression of the property and displays its best features. If you are allowing agents to show potential tenants around ensure they have a key each, do however check their credentials and who will have access to the key.

Hopefully this article has made it clear what landlords should expect from letting agents and the services they offer. With a conscientious attitude a good deal should be found and the best service secured.