What to look for in a good letting agent

If you’re thinking of renting out property for the first time, you’ll need the services of a good residential letting agent. But with so many names to choose from on the high street, how do you begin to pick the agent that’s right for you?

With a raft of legislation to contend with, and new regulations coming on board all the time, you’ll need an estate agent with your interests at heart, who will help you stay on the right side of the law. Your rental property is one of your most important assets and you’ll need to be able to trust your agent to help you protect it properly.

To help you choose the right letting agent, we’ve pulled together eight key questions to ask before you decide which company is best for you.

1 What level of service is on offer?

Before you choose an agent, you’ll need to decide how much of a hands-on landlord you’d like to be. In general, there are three levels of service to choose from:

• Finding tenants
• Finding tenants and rent collection
• Finding tenants and rent collection plus a full property management service that takes care of repairs and maintenance for you.

The third option will cost you more in fees but will take a lot of time and hassle out of being a landlord. If this is the option for you, make sure the agent you choose will be able to provide the levels of service you require. Ask what repairs and inspections are included and whether there is a trusted team of local tradespeople to call upon.

2 What are the fees?

Finding out what you’ll be charged for the service you select is probably one of your first considerations. While you may be able to negotiate a good deal, be careful not to automatically select the cheapest quote – look for best value instead.

It’s also important to check the small print of your contract for any hidden fees and penalties – for ending the contract early, for example.

Make sure you are clear on everything you will need to pay and what it’s for. If renewal fees are charged for setting up a new tenancy with an existing tenant, find out how much they will be and consider whether they are reasonable costs for the work involved.

3 If you don’t understand the contract, ask!

Make sure you understand the agent’s terms of business and all clauses in your contract properly before you sign. If you’re unclear about anything, ask for clarification and consider taking legal advice.

The same goes for the tenancy agreement, if the agent is drawing this up for you.

4 Is everything legally compliant?

If the agent is managing the tenancy for you, there are certain things they must do to comply with the law. These include safeguarding your prospective tenant’s deposit in a government-backed scheme, so make sure you ask which scheme the are using.

By law, letting agents must also belong to a national approved letting scheme, which will resolve any disputes with tenants. The approved schemes are the Property Ombudsman Scheme, safeagents or the Property Redress Scheme(PRS).

It is also a good idea to choose an agent which is a member of a professional body; ARLA Propertymark, the National Association of Estate Agents (NAEA) or the Royal Institution of Chartered Surveyors (RICS).

5 How good is their reputation?

You’ll need to do a bit of digging to find out more about the agent’s reputation. First look at how long they have been operating as it’s often safest to go with a well-established company.

If you can get a personal recommendation from a landlord who has used them before, perfect! Take time to search online for reviews too.

6 How is their customer service?

Think about how you’re treated by the agent and how well they respond to your questions and enquiries. If they aren’t returning you calls now, how will the levels of service be once they have your business? Consider how professional they seem and how on-the-ball the staff appear.

Look at their opening times too – will they be available when you or your tenants need their help or advice?

It’s also worth asking about the resources they have available – look at the quality of the tenancy agreements, inventory forms etc.

7 How well will they market your property?

Take a close look at their website, advertisements and other marketing materials. Are they presenting other properties in the best possible light? Are they using high quality photographs and are the details well-written and informative?

Find out which portals the agent uses to promote properties, such as Zoopla or Rightmove and whether they have a well-positioned office on the local high street.

It’s also worth asking how long, on average, they take to find tenants for their properties.

8 Are they local?

You should also investigate their local knowledge. Find out how long their staff have worked in the area and whether they really know the local market well.

Your decision

Before you decide, it’s certainly worth speaking to several companies operating in your area. While it’s important to ask all the right questions, don’t ignore your intuition – if something doesn’t feel right it probably isn’t. Remember you’ll need to have a close, ongoing relationship with the company that will probably last for some time.

At Kubie Gold we are an independent firm of local estate agents operating in north west and central London. If you are looking for a letting agent to manage your proper, talk to us today to find out more about how we can help.