It is essential to look for a letting agent from a reputable agency. The key factor to success is to come across one who will professionally market your property.

You need to carefully pick what you select for when looking for a professional letting agent that can enable you to rent the property securely to an adequate tenant and for the optimal return.

How do I choose my letting agent?

The market of residential property has considerably expanded in recent years with the strong growth of buy-to-let as well as the increasing attractiveness of rental property as an investment. According to the ONS or Office of National Statistics, around 20% of all households in England (approximately 4.5 million households) were actually renting out in the private sector in 2016. The industry has now more than doubled its size since the 80s and 90s and there are 2 million more households in the private sector than there were in 2000.

The majority of landlords will appoint a letting agent to handle and manage the rental and the choice here is extensive. There is a large amount of letting agencies and most of estate agencies also operate letting divisions. Since the letting agent will be responsible for key long-term financial matters, it is utterly vital to select the right one as these agencies are not regulated and there is no statutory standard for fees or for services.

Finding a reliable letting agent is key

It is always prudent to pick an agent who is a member of a professional agency, such as the Association of Residential Letting Agents, the Royal Institution of Chartered Surveyors or the National Association of Estate Agents. All are bound by their code of practice. You can also search for a letting agent in your local area, simply by searching for it on your usual search engine. For instance, if you live in Thame, simply search for something like letting agents Thame and you will find many relevant results about professional letting agencies in the area.

Personal recommendations are also a fantastic way to find a great letting agent. Ask for advice from the people you already you know who has experience with local letting agents.

What can you expect from the letting agent

The services offered will certainly vary from agent to agent and everything will depend on your own requirements. For instance, do you need an agent to find a tenant, or do you actually need an agent to manage the entire rental agreement from start to finish?

Most letting agents will offer both full management services and letting, but talk to many of them before; negotiate and understand their terms before making a decision. Ensure you know the services you will be getting and what you will be paying exactly. Ask about newspaper adverts, online ads on their website and on other portals, magazines etc.

Cost

Fees are generally a percentage of the income over the letting term, typically starting from ten per cent of the rental price agreed upon. This covers costs of marketing the property, finding a suitable tenant, getting references and preparing a the agreement as well as inventory.

When it comes to a full management service, fees to be expected start from fifteen per cent of the rental price agreed. The agent will organise credit checks, pay bills, collect the rent monies, inspect the property and oversee the necessary maintenance work. You can also opt for a property management agent, who will be particularly useful in case you are using multiple letting agents, and especially if you are letting on a short-term basis.