Finding The Right Letting Agent

As it becomes more difficult to purchase a property due to tougher lending criteria from banks and too many debts elsewhere, renting property is enjoying a boom. And according to the experts this is set to continue, good news for landlords, especially as the average rent is also rising.

Although it is possible to simply advertise your property for rent in the local paper, there is little support should things go wrong and finding the right kind of tenant can take some time.

This is where a good letting agent can be a godsend. However picking the wrong letting agent can lead to either the property standing empty for long periods of time or even worse, a tenant from hell.

Lettings agents can either be stand-alone operations, local firms or part of a national network of agencies. Alternatively, they can be an off-shoot of an estate agency. Either is fine providing the agent has the connections and the commitment to market your property effectively.

Letting agents tend not to charge until they are able to find a tenant for the property so it can be possible to commission more than one agency. However, this isn't always a case of the more, the merrier as too many agents can hamper the marketing. But for properties in hard to let areas, it may be a consideration.

One question to ask a prospective letting agent is how they intend to market the property and where. A prospective landlord will have an idea of the type of person he is aiming to reach - this may be the student market or single professionals and it is important that the letting agent is able to market the rental in the right way as well as the right area. Examples include putting up a 'To Let' advertising board, adverts in local newspapers, space on the letting agent's website or other online portals.

Letting agencies have differing approaches to vetting tenants with some insisting on performing full credit checks and others taking up references from employers and previous landlords. It is therefore worth asking the agency how they check prospective tenants.

Letting agencies can handle both short and long term leases and the fees they charge are usually a percentage. For the landlords which only require assistance finding a tenant, charges usually start around 10% of the rental rate achieved and cover the marketing costs, finding and checking a tenant - which may or may not include references - as well as drawing up the tenancy agreement and making an inventory.

Some landlords, especially those who have a full-time job elsewhere, prefer the agency to have a longer term involvement in the lease and are willing to pay for a full management service. This includes collection of the rent, payment of any bills as well as regular property inspections and organisation of any maintenance work required. This type of service is slightly more expensive and rates in the market start from around 15% of the rental rate agreed.

For more information about a letting agent please visit http://www.hamptons.co.uk or contact us at our London Office:

Hamptons International Lettings

1-4 The Plain, Oxford OX4 1AS

01865 723 557