Whilst it is possible for a landlord to manage the affairs of their property for themselves, many more choose to find estate agents or letting agents to work with. What seems a straight forward process on face value is not necessarily the case but, once a solid working relationship is established, things do become a good deal more straightforward and save much time and expense.
Deciding what exactly is needed from the agent is the most important part, and there are three main services which tend to be offered in this regard. Full management allows the agent to market, let, collect and on pass rent, and deal with maintenance issues. The other two levels tend to focus only rent collection or tenant finding.
It is also possible to tailor a service to suit, and the costs of each service will vary dependant upon how involved the agent will be, though these should always be negotiated. The agency fees should also be negotiated and, once again, these can come at different levels dependant on the size of a portfolio in the instruction, the length of tenancy, and so forth.
Working with local estate agents to let a property is usually preferable to working with a nationwide company. However, it is always important to check that they are registered with a trade association such as the Association of Residential Letting Agents (ARLA), the National Association of Estate Agents (NAEA), and the Royal Institution of Chartered Surveyors (RICS), and that their membership is valid.
Asking for a personal recommendation is a good way to seek reliable endorsement but even then things should be further researched. To find estate agents or letting agents that have a proven history of successful tenancy, it is good to check their credentials with Meet My Agent. An independent a free service, we provide a forum for landlords to rate and review their own experiences for others to consult.
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