How to Choose a Letting Agent: 7 Questions to Ask
Choosing the right letting agent is an important decision. Your property is a valuable asset and entrusting someone else to manage it for you isn’t something to be taken lightly.
Working with an expert letting agent can help save you time and even money. Plus, you can rest assured that you’re managing your property in the right way and leaving yourself less open to risk.
If you’re thinking about working with a letting agent, here are our tips on how to choose a letting agent and the best questions to ask them before you commit.
1. Are You Regulated?
One of the first things you need to check when speaking to a potential letting agent is whether they are registered as part of a government-approved letting agency redress scheme.
Working with an unregistered letting agent can result in fines for landlords, so it’s always best to check.
2. Are You Part of a Client Money Protection Scheme?
Just like the previous question, you also want to ensure the agency is part of a client money protection scheme – particularly if they will be handling tenancy deposits and dealing with rent collection.
3. What Are Your Fees?
Of course, asking about fees is a given. But some letting agent fees are hidden in the fine print and may only crop up in certain situations.
For example, some letting agents charge a commission if you want to sell your property to a tenant in the future (since they introduced you and are therefore responsible for the sale).
When inquiring about fees, make sure you ask about all charges you could be liable to pay – not just the standard stuff.
4. What Marketing Strategies Do You Use?
A good letting agent is always on the hunt for new ways to market their properties. Depending on who your target market is, modern forms of marketing (like blogging and social media) can be highly desirable.
Make sure you ask how your letting agent will market your property to see if it’s the right fit for you.
5. Do You Know the Local Area?
Naturally, having a local letting agent has its benefits. Someone that knows the area well can market your property to potential tenants much more effectively.
Quiz the person you speak to about what’s nearby and ask to see their published local area guides.
6. How Long Does it Take to Fill Vacancies?
Every landlord wants to fill voids as quickly as possible. And finding a good tenant usually takes time.
Regardless, a good letting agent will have the facts on the average time it takes them to fill vacancies, so make sure you ask for the figures.
7. What Are Your Opening Hours?
When your letting agent is available to speak to you is important. You need someone that can work around your lifestyle and be ready to answer your questions when you have time to speak.
While most letting agents in a local area have standard opening hours, some may be open or available out of hours, too.
Enquire With Warren Powell-Richards Today
At Warren Powell-Richards, we are your local letting experts. If you’re thinking about working with a letting agent to help manage your property, our friendly team are happy to answer all your questions.
Give us a call today or browse our letting agent services at wpr.co.uk.