How to pick a letting agent to manage your property

Julie Brownlee, Fsp Invest, 13 May. 2015

Tags: letting agent, how to pick a letting agent, property, property investor, investing in property,



If you invest in property to rent out, one of the first things you need to consider is the management of it.

Are you going to find a tenant yourself? Are you going to collect rent? And are you going to deal with any issues your tenant has?

Or would you rather employ a letting agent to take care of this for you?

If you’ve decided to opt for the latter, here’s how to go about picking a letting agent…



How to find a letting agent


If you’re looking for a letting agent to take over managing your property, speak to other property investors you know. They can give you the lowdown on the good guys and not so good guys out there from their experience.

If you don’t know any likeminded property investors, make a list of ones in your area. Then you need to check them out. You may find that some letting agents are part of an estate agency.

Make a list of things you want to know about and the kind of services they provide. Once you meet with them, you can find out the fees they charge for what you’re looking for.

From this and meeting the letting agents, you should have a good idea of which one is best for you.


What do you want from your letting agent?


You can opt for full management to just finding a tenant for your property with a letting agent.

But focus on well-managed letting agencies that have your interests at the top of their agenda. And if you use them to find tenants, make sure they have a thorough screening process for tenants.

Management fees can cost you up to around 10% of your rental income. Paying between 6% and 7% is about average.

So there you have it. How to pick a letting agent to manage your property.

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