Are you a landlord, and do you need help managing your property investment? Why not invest in a letting agent?

A letting agent is a facilitator that manages properties on behalf of private landlords. Therefore, you don’t have to worry about your investment when it’s in their hands. You may click this site for more on property investment.

A letting agent in the picture now begs the question: How do you know who to give the job to? What selection criteria do you use?

Worry not, as this article will guide you appropriately on the selection process. Read on to find out how you should choose the letting agent to manage your property investment.

• Services Offered

The first step before enquiring about the services offered is understanding your needs. Outline the activities you need your letting agent to do for you, including the don’ts. Consider including your expectations of the agent regarding your working relationship.

Once you’ve laid out all your needs, you can now vet the services the agent will offer.

Ask the agent about the services they’ll provide for your property. Will they fully or partially manage your property? Will they do rent collection on your behalf? Are they going to be in charge of your residence’s maintenance and repair needs? 

As you compare the services against your needs, consider enquiring about your property investment’s legal and marketing aspects. Will they handle them for you? You want to get an under-one-roof letting agent who’ll meet most, if not all your needs, instead of hiring several people to handle your different needs.

• Costs

Although you shouldn’t base your choice of a letting agent solely on costs, it’s an essential aspect to look into.

When considering costs, you need to compare the price an agent presents against the services they’re offering. None should supersede the other; the number of services they’ll offer should be worth the money they’re asking for from you. Ask the letting agent to give you a breakdown of the lump sum cost. A suitable agent should be able to justify their fees.

As you do this, enquire if there are any other costs you’re going to incur as you continue working together, such as administration costs or tenant referrals, or if these costs are included in the asking price. If not, are the extra costs reasonable? It’s much better to hire an agent whose fees are all-inclusive rather than one requiring additional costs, which will be expensive in the long run.

Select a letting agent whose costs aren’t too high or too low, match the services offered, and are within your budget.

• Experience

Experience is crucial when it comes to property management.

It’s essential to seek a knowledgeable letting agent. With experience, the agent will have mastered the art of property management, and you won’t need to monitor them as they know what they’re doing.

Likewise, an experienced letting agent will have grown a network that will allow them to find tenants for your property easily. This is advantageous because you don’t want to hire someone to look after empty houses.

Ensure you also choose a letting agent with experience managing your kind of property in terms of size and your target tenants. If yours is a dormitory, have they worked with students previously?

In general, hire a letting agent with many years of experience managing your kind of residence.

• Accreditation

Most professionals have professional bodies that regulate their activities. These bodies aim to protect the agent’s clients’ rights regarding service provision, even as they safeguard their members. Moreover, professional bodies have a code of conduct that members of the profession have to adhere to.

Besides professional bodies, consider enquiring if they are members of government regulating bodies of their profession. An additional government membership is crucial because the government solely aims to protect the public rather than the letting agent. There’s minimal chance of bias with a government regulating body if an issue arises between you two.

Therefore, it’s much better to work with a letting agent with accreditation from a regulating body, government or not, rather than one without.

• Insurance

Insurance coverage is vital for property managers as tenants can easily sue the agent.

Enquire if the letting agent has insurance coverage. Does their insurance cover the type of risks that are likely to occur in their line of duty? The cover should go beyond general liability. Choose specific ones with better coverage, such as professional indemnity or estate agent insurance covers. Specific covers will better safeguard the letting agent, putting their interests at the forefront.

Conclusion

Choosing a letting agent for your property doesn’t require much from you. The tips mentioned herein are easy to implement in your selection process. Their simplicity doesn’t impact their effectiveness; hence, you’ll end up with the right letting agent for your property investment.