Letting agents

Choosing to lease your property through a letting agent in order to secure a rental agreement for your property is a good precaution against problem tenants. Every letting agent offers landlords a different range of services, but generally you can expect a minimum charge of 10% to find you a suitable tenant. You may also find that some letting agents charge a further 15% if you wish them to oversee the property management.

Before choosing to instruct a lease of your property through a letting agent first consider how the loss of income will affect your finances long term. If you are relying on the total of the rental income to pay the mortgage, for instance, you may need to consider becoming a private landlord to save on the letting fee.

If you are choosing to go down the letting agent route, ask other landlords about their experiences with the letting agents you are considering and compare fees and service level between different letting agents before deciding which one to go with.

Most letting agents work on a “no rent, no fee basis”. In order to guarantee your property is rented put your property on as many letting agents’ books as possible. The most reputable agents will charge you for this service but in the long term paying this is usually a good investment as you are more likely to get a rental agreement.

Once instructed a letting agent will visit your property to assess the potential rental income. The final amount is agreed between landlord and letting agent who can then act as the middle man between landlord and prospective tenant while finalising the terms of a Tenancy Agreement. Finally, make sure you are given all the correct paperwork from the letting agents before allowing anyone to inhabit your property.