‘All estate agents are the same, right?’

Clearly not, they all have different styles, target different market segments and vary in their philosophies.  This can be quite pronounced within the sales market, where agents’ philosophies can often be ciphered by just looking at the quality of their photographs.

When deciding to let out a property, people’s first instinct is to contact their local agent.

‘Sure I walk past them every day’

While the local estate agent, may walk like an agent and talk like an agent, can they truly call themselves a property letting and management agent?  In truth most if not all sell property and offer a basic letting service, but few can offer a full letting and management service.

You must use a specialist letting and management agency when letting out your property.  Choosing an agent that does lettings as an add-on to their sales service can be a recipe for disaster.  If there is a bump on the road of the very uneven terrain of residential lettings, they most likely won’t have the resources or expertise to deal with the issue and leave you to deal with the problem yourself.

Since the 2004 Residential Tenancies Act and all of its subsequent amendments, renting out residential property has become much more complex than it once was.  To deliver a successful letting service, you need a team of specialists, working across;  accounts, compliance, maintenance, inspections and sourcing of tenants.

Sourcing of tenants

Get this right and your chances of a successful, stress-free tenancy increase dramatically.  Let’s face it, we’ve all made mistakes and a seasoned letting and management agency will have seen it all and learnt from theirs.  They will be able to pass on their experience to their clients and save them from learning the hard way.

Compliance

Up until recently, the idea of having a compliance team in an estate agent would have been unheard of.  Now they are an essential part of the service, ensuring every step along the way is adhered to correctly and importantly any notice of changes is valid.  For example, if a rent increase is implemented incorrectly, then it will be invalid, with all future increases invalidated, compounding a costly mistake.

Maintenance

This is an ever-evolving part of management; trying to fulfil the rights of the tenant, and meet the needs of the landlord whilst keeping a team of maintenance contractors motivated.  Selecting the correct course of action through knowledge and experience is crucial in meeting the tenants’ needs, reducing the landlords’ costs and saving the contractors time.  A specialist letting and management company should have an experienced maintenance coordinator, supported by a reliable team of sub-contractors.

Inspections

Knowing when to do inspections and what to look for will save the client time, money and stress.  An experienced property manager will understand the rights of the tenant and adopt a pragmatic approach to resolving issues.  Monitoring the condition of the property and advising on when issues should be addressed play an important part in maximizing rental income and minimising costs.

Accounts

If you meet your accountant every year with a shoe box full of receipts, it’s time to find a good letting and management agency.  They should ensure rent is collected on time, expenses are accounted for and annual account summaries are prepared.  This makes managing and measuring your investment simple

Ok, now that we have described this mythical creature; the agency that specialises in the letting and management of residential property.  How do we find them?  Your local agent may well specialise in letting and management but don’t assume this.

An online search may be a good place to start.  Have a look at their ‘about us’ section.  Are there many staff? Do they have job titles relating to the above headings?  If there are only one or two administrators, this may be a red flag.

Arranging a meeting at your property should give you a good feel for the company.  Present a few different scenarios and see how they would handle them.  Do they know what they are talking about?  Do you feel reassured?

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