What is a Letting Agent?
Private landlords can manage their properties independently. Or they can hire a letting agent to help them let out their properties.
What does a letting agent do exactly? How can a letting agent help you let out your property?
In this article, you will learn the responsibilities of a letting agent, how you can use an agency to rent your property and why you should hire a letting agent to help you manage your property.
How Does a Letting Agent Work?
A letting agent manages a property on behalf of the landlord. The letting agent handles the tasks related to the rental property. However, the tasks of the letting agent depend on how much the landlord pays them and on the arrangement with the landlord. Landlord fees depend on the level of service the landlord needs.
Here are the three main responsibilities of letting agents:
Find new tenants and arranges to let out the property – A letting agent advertises a rental property to attract new tenants and arranges to let out the property. The letting agent takes photographs, promotes the rental property, and organizes viewings.
Once they find new tenants, they do credit checks, contact references, collect the deposit, write a tenancy agreement and oversee the inventory.
Collect rent – A letting agent can collect rent from tenants on behalf of the landlord. Some landlords do not like collecting rent from their tenants. The letting agent acts professionally when collecting the rent. They can help the landlord avoid dealing with their tenants.
Full Management – A letting agent can handle the daily running of the rental property. The letting agent can facilitate renegotiations, cover renewals, and take care of repairs and maintenance. They can even solve issues, such as tenancy deposit scheme disputes. The agent acts accordingly on behalf of the landlord.
Why Use a Letting Agent?
It is easier for landlords to use a letting agent. Landlords do not always live close to the properties that they want to let out. It is, therefore, helpful for these landlords to hire a letting agent to help them manage these properties.
A letting agent provides landlords with efficiency, professionalism, and expertise. It is not always easy to deal with the questions and problems of tenants. A letting agent can deal with these questions and problems.
In addition, the letting agent understands the current legislation, so they help landlords adhere to the current legislation.
Letting agents can give you peace of mind and help you manage your rental property. Seasoned landlords and new landlords do not have to manage their property. Letting agents can manage their rental properties on their behalf to reduce their stress. Some of the readers in Wimbledon are looking for an estate agent. If you are looking for a professional agent see ‘Estate Agents in Wimbledon Village‘.
Letting agents ensure the landlords comply with the legal laws and regulations. It is much cheaper to use a letting agent in the long run. It is even easy to use a letting agent than to do the work yourself.
You must understand the current landlord regulations if you want to manage your rental property on your own. In addition, you need to live near your rental property. You will have to deal with the questions and problems of your tenants. That is why you need to know reliable experts, such as electricians and plumbers, who can fix problems in your rental property. A qualified letting agent can handle all these problems on your behalf.
How to Choose a Letting Agent?
Once you decide to hire a letting agent, you need to choose the best one. The best-letting agents have Client Money Protection (CMP) and are members of a professional body, like the Association of Residential Letting Agents (ARLA). The Client Money Protection (CMP) covers the landlord’s losses if the letting agency goes bust.