If you are looking to rent out a property you own, you may feel it is a good idea to appoint a letting agent to deal with the day-to-day running of your investment. Let’s look at some tips to help you when it comes to choosing an agent.
Check the services on offer
If you are an absentee landlord, you will need a letting agent that provides a full property management service. This will include maintenance and dealing with any issues the tenants raise. Naturally, the letting agent will also conduct the search for tenants.
What are the fees?
Although you will be looking closely at how much a letting agent will cost, don’t make it the key driver of your decision as to which agent to appoint. Make sure you look at the depth of the service, as the cheapest option may end up with you being disappointed.
Compliance
Make sure the letting agent is fully compliant with the tenancy deposit schemes available in the UK. A property redress scheme is the next thing to look out for and ideally membership of an organisation that promotes best practice. Finally, data protection schemes are important.
Is the agent located close to the property?
The agent may need to carry out inspections or fix tenant’s problems; therefore, it is important they are local, especially if you can’t visit the property easily. If you are in Somerset, for example, you will find letting agents Bridgwater such as https://www.sykesmoore.co.uk/lettings/letting-agent/.
The 2024 Autumn Budget saw Chancellor Rachel Reeves announce an immediate stamp duty hike for homeowners and landlords purchasing second properties.. This will impact buy-to-let investors and affect the rental market.
Safety of tenants
Ensure your letting agent is aware of the requirements relating to the safety of the tenants. They should be able to advise you, as the owner, on things such as fire doors, gas safety, and EICRs.
Marketing
Check how the letting agent intends to market your property. Remember that the longer it is empty, the more losses you will accrue.
