If you have purchased your first, or your hundredth, property for the rental market then the one thing preying on your mind will be to ensure that the property starts paying for itself as soon as possible. One of the best ways to do this is to enlist the help of a letting agent who will help secure suitable tenants for you.
Letting agents vary massively in size and scope so it is worth identifying what you need to get from them first before embarking on looking for the right company. For example, if your property portfolio extends across multiple locations across the UK, you may want to hire a letting agent that can provide a comprehensive service for all of your properties. Such a letting agent should be large enough to manage all of your properties whilst also being able to provide specialist local knowledge with branches located throughout the UK.
If your properties are all located within the same city (such as Bristol), then I’d definitely suggest finding a letting agent that specializes in properties within that area. They should be able to clearly demonstrate both their knowledge and understanding of the local property market and help you to identify the right sort of tenants for your property.
You should also consider what type of clients the letting agent normally attracts as many agencies target specific rental markets such as students and business professionals. If your property has been specifically designed with a student market in mind (in both proximity to campuses and set up for multiple-occupancy) then you should look for an agency that can directly tap into the student market.
Once you’ve started to narrow down your choice of letting agent, ask them to provide references from other property owners that they’re working for in the local market. Their current clients will be able to advise you if the service they provide is right for you.
The best letting agencies will ensure that both the property owner and the tenants are treated fairly and will act to respond to any enquiries as quickly as possible. You need to ensure that your chosen letting agent has a good history in providing good quality tenants for their other properties and, aside from talking to other property owners, ask for references from current tenants to ensure the letting agency is treating them fairly as well. A good letting agent will ensure that both the property owner and the tenant are provided with a top class service.
You should also enquire about the specific services they provide within their different cost options. Most letting agents will automatically include the price of advertising and regular house checks within their normal pricing scale. However, they will also be able to provide quotations for additional services to meet your individual letting needs.
Letting agents take the hassle out of finding the right tenants for your property. They also take on the responsibility for ensuring that your property is well maintained and let out for the maximum amount of time possible.