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Information > Letting Agents
lettingaproperty.com Finding Tenants for UK Landlords
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Where Can You Find the Best Tenants?

There are many options available for a Landlord to let out their property. Traditionally, a Landlord would put a card in a shop window or use a Letting Agent which, many Landlords have found to be very useful as an Agent may also offer information and guidance on the majority of letting procedures and can be a permanent point of contact for the Tenant and Landlord.


In recent years a new type of Web Based Letting Agent has appeared. Some work in the same way as the High Street Agent, whereas others, allow the Landlord to upload their own details and act as an advertising platform.

As there are so many options available to a Landlord, we have decided not to list High Street Agents as you all know where they are! Instead we have listed Web Based Letting Agents and also national chains.

lettingaproperty.com Finding Tenants for UK Landlords

 

A Letting Agent can form a buffer between the Landlord and Tenant, serving as an intermediary and releasing the Landlord from some or most of their workload. Landlords who don’t use Agents need to take special care in choosing their Tenants or they can lose a lot of money.

It is a risky business to put a postcard in a newsagent’s window and then accept the first tenant who agrees to pay the rent quoted.

 

There are many specialised Letting Agencies whose only or main business is providing a letting service for property owners. There are national chains of Agents as well as smaller local companies.

Most high street Estate Agents also handle property to let alongside their main sales and some will have a dedicated section or department. These Agents are not listed on this directory as you know where they are in the high street.

Many PROPERTY SOURCING COMPANIES also have their own Lettings Department so that they can offer you a complete sourcing service from start to finish.

The services offered can vary a lot but most Agents will off a full, all encompassing package of services and also shortened, tenant finding service.

The BASIC tenant finding service should include

  • Evaluating the property
  • Advertising to find a suitable tenant
  • Checking references
  • In addition, it may also include
  • Tenant check in
  • Preparing and completing the AST
  • Preparing and completing the inventory
  • Receiving the deposit
  • This service is usually charged at a one off fee based on one months rent. It is often collected from the tenant when they pay the first months rent up front. Subsequent rent is paid direct to the Landlord.

For the full management service, expect most if not all of the following

  • Comprehensive tenant finding service as before
  • Arrange for safety inspections and required certificates
  • Collect rent
  • Make regular inspection visits
  • Deal with complaints
  • Pursue unpaid rent
  • Arrange routine maintenance and organise repairs
  • Conduct end of tenancy inspection and tenant check out
  • A full management service will cost between 8-15% of the monthly rental charge. The rent is usually paid to the Agent who will deduct their fee before passing the balance to the Landlord
  • The main advantages of using an Agent are; it is considered the easiest option to get started, it can reduce the Landlords workload, the Agent can provide advice and information, direct contact with the tenant is avoided, it may reduce personal worry and stress

The biggest disadvantages to using an Agent are that the charges can be significant and there is no guarantee they know what they are doing

Some Landlords will see their dreams of a steady rental income shattered due to the actions of a third-rate LETTING AGENT. It is not enough to just hand over the keys and expect the money to roll in. Every year Landlords loose money on LETTING AGENTS who are inefficient or unprofessional, not to mention the mismanaged Tenants who fail to pay their rent.


There are many good Agents out there and the following questions may be helpful

  • How long have they been in business?
  • Are they a member of a recognised industry body?
  • Re the staff trained to industry standards?
  • Do they carry out tenant reference checks themselves or do they use a referencing company? Can you see some samples?
  • Are they up to date on legislation affecting landlords?
  • Do they have professional indemnity insurance?
  • Do they have a detailed knowledge of the market in the area where your property is located?
  • What are their fees? Can they show you a list of all charges?
  • What is their policy on holding rent and deposits on your behalf and are they a member of the voluntary Tenants Deposit Scheme?

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