How to choose letting agent

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    How to choose letting agent

    Hi. I am just getting ready to rent my property out for the first time.
    I am planning on getting a few letting agents around, seeing what they say, what they can offer (planning on going for the full management option), their prices etc.
    But is there anything in particular that I should be looking for/asking about/checking their information about?
    I've been reading some Google reviews of local agents and they all have bad reviews (although it's mostly from tenants rather than landlords but still...)
    Thanks!

    #2
    See the link below on how to select a letting agent.

    https://forums.moneysavingexpert.com...mment_67759939

    Comment


      #3
      I would visit them and have a chat about their approach, charges etc. The monthly charge is important, as is how they charge for deposit protection (this can vary quite a lot). Ask about their approach to repairs etc and choose one which fits with what you want AND offers good value.

      Remember the charges aren't everything but they will significantly impact your bottom line but having an agent who you can work with is also important.

      Good luck

      Comment


        #4
        If I could go back in time, I'd advise 'the old me' to do swot up on all the regulatory stuff and do everything myself. These forums are a great place for info, as is the Moneysaving Expert website. Find the relevant tradesmen (personal recommendation is best) too.

        I've found that if you get the property in top condition it looks good on the photos, looks good on the viewings, and will let quickly. If you then keep it that way by tackling any maintenance issues ASAP, your tenants will think you're great and you'll hardly hear from them. I now use the OpenRent website to find tenants, they also sell (individually) the services you don't want to do yourself.

        I've always self-managed, right from day one. I've always felt that giving up 6-12% of your rental income (plus other occasional fees) for the services of an agent does not represent value for money. I've also heard a story about an agent using tradesmen (for repairs & maintenance) who add a mark-up (percentage for the agent) to their invoices. The management agreements can be punitive to exit, one poster on here recently quoted 12 months' commission as an exit fee.

        I'd only ever use an agent if:
        1. I really didn't want to deal with tenants
        2. I didn't have much spare time to self-manage
        3. The property was too far away to be practical
        4. The property was in a really crappy area (attracting lower-end tenants) and they were the sort of people I wouldn't want to deal with

        Anyway, that's my opinion. However, I don't expect that everyone on this forum will agree with me.

        Comment


          #5
          The downside of managing yourself is the 3am phone call when water is pouring through the ceiling! Or the one when you are poolside with a cocktail!

          Each to his own

          Comment


            #6
            Thankfully, that kind of thing has never happened to me (I would guess that keeping properties well maintained reduces the risk a bit). In all that time, I reckon I've saved myself over £15,000 in management fees.

            I hope that by posting this comment, I haven't jinxed myself

            Comment

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