Top tips for choosing a letting agent
Many landlords are happy to manage their properties by themselves, but there are those who would rather employ a letting agent. There are agents across Scotland, so how do you choose which one is best for you?
Here are some considerations.
1. Decide what level of service you need
There are different levels of service offered by letting agents. Your choice will depend on how much support you think you need and how much you are willing to pay.
Each agent will have their own packages but here is a guide to the types of services offered.
- Let only is likely to cover marketing your property, viewings, tenant credit and reference checks, tenancy agreements, inventory, collection of deposit and placing the deposit into a tenant deposit scheme.
- Full management will usually cover all of the services for a let only but will also deal with ongoing management of the property. This will cover the transfer of rental income and arranging repairs and maintenance on your behalf.
Some agencies also offer guaranteed rents if your property is empty. You will need to make a judgement as to whether you will actually benefit with this type of arrangement before signing up.
2. Ask for a breakdown of fees
Some services will have a fixed price, others may be a percentage of rent. Some have upfront fees or additional services for an extra charge. Make sure you understand the options available to you and the costs associated with each before selecting an agent.
3. Think about the type of tenant you are looking for
Your target customer will also influence the agent you choose. Some are specialists in short-term lets, so think about how long you want to let your property for. Others are experts in student lets, so consider whether you are offering your property as an HMO.
4. Opt for local knowledge
Choose an agent that knows your area, especially if your rental property is not close to where you live or somewhere you don’t know well. They will know the typical rental values of properties in your area and will have the network of contacts for local tradespeople too. This will be helpful if you decide to have an agent manage the maintenance of your property.
5. Choose one that advertises on the key property portals
s1homes.com is Scotland’s biggest property site so you want to make sure to choose an agent that advertises on the website. We also have a tool for landlords to help find a letting agent in your area.
6. Ask around
It is always good to get recommendations from other people, particularly if you are new to being a landlord. Speak to friends, family and colleagues to get a view on their experiences. Speak to a few different agents to compare their services and pricing before making a decision.
To find a letting agent in your area, visit s1homes.com