Looking to rent out your property? A host of benefits await you, including a stable income from your property investment. Unless you’re lucky enough to have an excess of time on your hands, and are already well versed in the property market that you’re planning to let within, a letting agent is the sensible choice. They’ll save you the stress of advertising your property in the right channels to reach the audience most likely to engage with what you’re offering, and take care of securing a tenant and managing the property on an ongoing basis.
But choosing the right tenant isn’t always easy. There are plenty of agents out there who talk the talk, but don’t always follow up on their promises, leaving you with an empty property that’s costing you money instead of making it, or a tenant that’s a headache instead of an asset. Here are our six top tips for choosing a letting agent to make the most out of your investment.
1. Advertising presence
Before even walking through the door of a letting agent, take a look at their advertising in the local paper and online. Are their ads attractive? Appealing? Well placed? This can tell you a lot about how effective they’ll be at letting your property.
2. Good communication
When you first open communications with an agency, and any time thereafter, they should get back to you promptly whenever you contact them. You should get the sense that they’re giving your property the attention it deserves, and you the respect that you’re due as a client.
3. Vacancy fill rate
During an initial call-round of the potential letting agents in your area, ask them about the rate at which they’re filling the vacant rentals that they’ve already got on their books. Although not a failsafe measure, this should give you some idea of how effective they are at securing tenants.
Don’t be afraid to ask around for feedback on how others have been treated by a letting agent that you’re considering, including both tenants, owners, and landlords.
5. Full service
Any letting agent worth their salt will be able to offer you a range of services in regards to your property. This should go from the simple service of advertising your property for you, all the way through to full management so you need little to no input in the process.
6. Your instinct
You’ll get a sense of whether a letting agent is trustworthy, experienced, and reliable as soon as you walk through the door of the agency or speak to them on the phone. Don’t hesitate to walk away if you don’t feel like they’ll provide you with the level of service that you deserve.