A letting agent is a facilitator for an agreement between the owner and the tenant who will rent a place. It is important to know a letting agent’s experience and qualifications to make sure you are dealing with a reputable one. One has to understand what letting agents do to be able to find the perfect one for the job.

What Letting Agents Do

Introduction. A letting agent looks for a possible tenant to introduce to the owner. In other times, the owner doesn’t want to meet a tenant personally for privacy reasons.

Collection. An owner gives the letting agent a commission. The rate ranges from 1-3% of the total rental fee. The agent is responsible for collecting the fee from tenants.

Management. The agent takes care of communicating with the tenant, arranges schedule for maintenance and checkup as well as looking after the contract. Commission rate usually ranges from 5 to 10% of the annual rent.

Importance of Letting Agents

Market knowledge. An agent is more knowledgeable about the real estate market than any other person. A good agent can advise you of the right moves that concern your property.

Convenience. The agent takes care of all the hassles in renting. He is the one who fronts with the buyer and takes care of the demands and concerns of the buyer.

How To Choose

Look for organisations and get a list of their qualified agents. When searching for organisations, go for the one that has been in the industry for a long time. You may also pick someone who has a list of reputable clients.

Ask other landlords about their experiences. Do not be shy to ask if they have referrals.

Research on an agent’s or an organisation’s background before closing the deal.

What To Ask

Ask the agent how frequent is their scheduled inspection for the unit. Together with this, verify if there’s an extra charge for unit inspection.

Do ask how soon does the rent money can be transferred to your account. Ask if the commission will be deducted already before depositing the money.

Probe from agent what they will be looking for once they visit the unit to be rented.

In terms of maintenance, ask if the agent has his own group of people or they hire someone only when the need arises.

If they do have their own work team, ask the agent if the work team is part of a qualified organisation of builders. Confirm with them if you prefer affiliated workers.

Do ask the letting agent how soon he can respond if there is an emergency or something that needs immediate attention. It is advisable that an agent can attend to the unit and tenant’s needs.

If there are cases wherein a repair is needed, confirm with your agent the usual procedure. There are owners who prefer to receive a copy of the quotation before they allow changes in the unit.

When it comes to choosing a letting agent, it is also important to look for someone who you can get along with. Do not just zero in on the experience. Trust your gut-feel when it comes to picking the agent who you will entrust your property with.

Author Bio: No matter where you live in the UK, letting agents locally will help you find the letting agent near you.

Category: Real Estate
Keywords: letting agents, letting agent