articles have been written, videos published and presentations
made to the UK landlord on what typical services an
Online Letting Agent provides.
case you missed any of the above communications, the
below article explains in simple terms what they do.
letting agents are letting agents that work for Private
Landlords online. They generally do not have a ‘shop
fronts’ with associated overheads, company cars
or excessive expenses. The online letting agent invest
part of these savings into technology, well qualified
agents that can administer all the marketing, Tenant
enquiries and paperwork a normal High Street agent
can. The biggest and only difference where you make
substantial savings is the property viewings are normally
taken on by the Landlord or an associate/relation
or even the current tenant of the property.
from physically being present at viewings, using an
online letting agent offers the landlord complete
peace of mind knowing that virtually all other aspects
of letting is being taken care of in a professional
manner. It also means that the landlord need have
little or even no experience of letting out property
can be handled by the online letting agency.
an online letting agency is appointed to take control
of a landlord’s property the agent takes on
a range of responsibilities which include advertising
the property, securing and referencing the tenant,
drawing up the tenancy agreement, rent collection
and can arrange rent guarantees.
UK’s leading online letting agencies offers
a wide range of services namely:
The property can be professionally advertised on a
variety of well known property websites including
Findaproperty, Rightmove, Zoopla, Primelocation, Gumtree
Once a tenant has been secured for the property a
comprehensive referencing process will be undertaken
by the agent. This will include a credit check which
will show whether the tenant has any CCJs (County
Court Judgements) against them, has any outstanding
payments or has made late payments in the past. The
tenant’s bank account will also be checked and
tenant’s employment history will be looked into
to ascertain facts such as contract type, their position
within the company, their salary and length of time
they have been in employment.
tenant’s previous addresses for the previous
six years will be checked against the voter’s
role and past landlords will be contacted to ensure
their were no problems with the tenants such as late
payments or damage to the property.
tenant’s affordability will also be calculated.
This is done by multiplying the rent payments of the
property to be leased by 30 and then matching this
figure against the tenant’s annual income.
up the Tenancy Agreement
the credit and employment checks have come back clear
a tenancy agreement will be drawn up. Once the document
has been drawn up a copy will be sent to the landlord
for approval. At this stage the landlord has a chance
to add any other clauses which he feels apply to his
The next part of the leasing process
is securing the deposit for the rental property. The
tenant will be sent a request for the agreed deposit
amount which is usually the equivalent of one month’s
rent. The deposit will then be paid into a secure
holding account and both the tenant and the landlord
will receive a confirmation certificate.
are required, by law, to be paid into secure holding
accounts and failure to do so could result in the
landlord having to pay a fine of three times the amount
of the deposit.
The first month’s rent payment
will usually need to be made in advance. A standing
order will then be set up to ensure prompt payments
for the rent are received each month.
of all rent payments made are sent to the landlord
every month. These will also show the Letting Agent’s
fees so that the landlord has a clear indication of
his rental income.
Some online letting agents offer their clients a Rent
Guarantee so, even if the tenant ceases to pay the
rent, the landlord will still receive any monies due.
online letting agent usually monitors all accounts
and receives alerts when rent payments are due. Should
a payment not show up on their system then the tenant
will be contacted and a payment will be requested
over the phone via debit or credit card.
the tenant is no longer in a position to make their
monthly rent payments the Letting Agent’s insurers
will cover the costs of the rent payments to ensure
the landlord isn’t out of pocket.
cover can be up to £10,000 worth of rent payments
per month for up to 12 months as well as providing
up to £25,000 in legal expenses cover.
should be noted however that the landlord will only
be entitled to the Rent Guarantee and legal cover
if the tenant satisfies all comprehensive Tenant referencing
An inventory is vital when letting
out a property and documents the condition of the
property as well as any furnishing, appliances and
white goods included. The landlord can do the inventory
himself using an inventory template from the Letting
Agent or can request the Letting Agent to undertake
the inventory on his behalf for a small, additional
If the landlord is unavailable or already out of the
country then arrangements can be made to check the
tenants into the rental property at the commencement
of the tenancy agreement. Again, this would be for
an additional fee.
you are a landlord and would like to know more about
how an Online Letting Agent can help you, visit lettingaproperty.com
or call them on 0844 567 0578 to find out more.