Renting For The First Time Guide For Tenants
- September 27, 2023
If you own a rental property in the UK, finding a good letting agent is essential to ensure the smooth running of your property investment. A letting agent can help you find tenants, manage your rental property, collect rent, and handle all the paperwork associated with renting out your property.
However, with so many letting agents available in the UK, it can be challenging to find the right one. In this blog post, we will explore how to choose the right letting agent in the UK, including the use of the National Approved Letting Scheme, client money protection schemes, and other essential factors.
A good letting agent can help you maximize your rental income, minimize your risks, and save you time and hassle. A bad letting agent, on the other hand, can cause you numerous headaches, such as finding bad tenants, failing to collect rent on time, and not handling maintenance issues promptly. Therefore, choosing a good letting agent is essential to ensure the success of your rental property investment.
One of the ways to ensure that you are choosing a good letting agent is to look for a company that is a member of the National Approved Letting Scheme (NALS). NALS is a government-approved accreditation scheme that sets standards for letting agents in the UK. NALS members must adhere to a strict code of practice and meet specific criteria, such as holding client money protection and professional indemnity insurance.
Deciding on the services you need from a letting agent is an important step in finding the right letting agent in the UK. Here are some of the services that letting agents typically offer:
This service involves advertising your property, arranging viewings, and finding a suitable tenant. Once a tenant is found, the letting agent will carry out reference checks and draw up the tenancy agreement.
With this service, the letting agent will collect rent from the tenant on your behalf and transfer it to your account. They will also chase any late payments and deal with any rent arrears.
This is a comprehensive service that includes tenant find, rent collection, property inspections, maintenance issues, and dealing with the end of tenancy. With this service, the letting agent will take care of everything related to the management of your rental property.
Letting agents have access to a variety of marketing channels to advertise your property. They can also provide professional photographs, floor plans, and virtual tours to showcase your property in the best possible way.
Letting agents can handle maintenance issues on your behalf, such as arranging repairs and dealing with emergency call-outs.
Letting agents can carry out thorough referencing checks on prospective tenants to ensure they are reliable and can afford the rent.
The letting agent can provide a tenancy agreement that complies with all legal requirements and protects your interests as a landlord.
This scheme protects the money that you pay to the letting agent for services such as rent collection and management.
Letting agents can carry out regular property inspections to check that the property is being well-maintained and to identify any issues that need addressing.
The letting agent can register the tenant’s deposit with a deposit protection scheme to ensure that it is protected throughout the tenancy.
When deciding on the services you need from a letting agent, it’s important to consider your own circumstances and requirements as a landlord. For example, if you live far away from your rental property, you may require a full management service, whereas if you live nearby, a tenant find service may be sufficient. Consider your budget and the level of involvement you want in managing your rental property.
Once you have identified the services you need from a letting agent, the next step is to research local letting agents. A good starting point is to search online for letting agents in your local area. You can also check local directories, ask for recommendations from friends or family who have used a letting agent before, or visit high street estate agents.
When researching letting agents, it’s important to consider the following factors:
Reputation: Check online reviews and ratings for the letting agents you are considering. Choose a letting agent with a good reputation for providing excellent service and being reliable.
Accreditation: Look for letting agents who are members of a professional body such as the National Approved Letting Scheme (NALS) or the Association of Residential Letting Agents (ARLA). This will give you peace of mind that they operate to a certain standard.
Fees: Check the fees charged by the letting agent for the services you require. Make sure you understand what is included in the fee and if there are any additional charges.
Services offered: Make sure the letting agent offers the services you require, such as rent collection or property management.
Communication: It’s important to have good communication with your letting agent. Look for an agent who is responsive and easy to get in touch with.
Experience: Look for letting agents who have experience in the local market and have a good understanding of the local rental market.
Legal knowledge: Make sure the letting agent has a good understanding of the legal requirements of renting out a property, such as tenancy agreements, deposit protection, and fire safety regulations.
Maintenance: Check if the letting agent has a network of reliable contractors who can quickly and efficiently carry out any necessary maintenance work on your property.
Marketing strategies: Look for a letting agent who has a good marketing strategy for your property. This will help to ensure that your property is let quickly and at the best possible price.
Once you have a shortlist of letting agents, you should contact them to arrange a meeting or phone call to discuss your requirements in more detail. This will give you a chance to get a better feel for the letting agent and decide if they are the right fit for you.
Yes, there can be extra letting agent fees for landlords. Some letting agents may charge additional fees for services such as property inspections, arranging repairs and maintenance, renewing a tenancy agreement, and conducting background checks on prospective tenants.
It’s important to carefully review the terms of any agreement with a letting agent and ensure that all fees are clearly outlined upfront. This can help avoid any surprises and ensure that you are fully aware of the costs associated with working with a letting agent.
Property management services can provide a range of benefits to landlords who are looking to rent out their properties. Here are some pros and cons to consider:
Choosing between a big or small letting agency depends on your preferences and requirements. Both types of agencies have their pros and cons.
A big agency may have more resources and a wider reach. They may have a larger portfolio of properties and a bigger team to handle different aspects of property management. This could mean they have more experience and knowledge to help you find tenants quickly, deal with maintenance issues efficiently, and manage the property effectively.
On the other hand, a small agency may offer a more personal service. You may have a dedicated point of contact and a more hands-on approach. This could be beneficial if you prefer a more tailored service or if you have a unique property that requires special attention.
To ensure that the estate agency you choose is trustworthy, here are some steps you can take: