How to succeed and get the best results for your Letting Agent
Someone said to me the other day that a letting agent they felt was nothing more than a necessary evil. I thought the comment was harsh and it is also one I don’t agree with. A good letting agent really can be worth their weight in gold. The trick is making sure you choose one who is able to deliver results and knows and understands what you, as the landlord, want.
You need to develop a good relationship with your letting agent and taking the time to work with the best one is essential to your continued success. Having a good letting agent will increase returns and reduce your overall stress.
Letting Agents Skills
Some property investors choose to manage their own property and when you are just starting out or have a small portfolio then yes, why not. But as business takes off this is usually a waste of time and not to mention a headache so a letting agent will ultimately become a good choice for you. I don’t want tenants ringing me in the middle of the night or when I am on holiday with my family, in fact I, like many investors, do not want to deal with my tenants on a regular basis at all. This is a business transaction and as such, it should be smooth and as seamless as possible.
Lettings agents charge but saying that, they are worth the expense to release and free your mind for other things and remember they are also tax deductable so really, they are very cost effective. You may also need more than one letting agent dependant on where you have your property so get in the habit of interviewing letting agents so when you need or want to expand you know what criteria makes a good one.
One of the easiest things to do is get a letting agent who you know is good at what they do so ask other landlords for referrals and if you don’t know anyone then check quality review sites like agentright.com to get unbiased reviews from landlords there. If they have taken the time to recommend then the letting agent is probably a good bet, the same applies if the letting agent has too many complaints, steer clear and save you the headache.
I tend to get a shortlist of lettings agents and then speak with them and run through some fact finding questions to make my final choice. I am sure you can think of your own questions to ask them but I do make sure I visit each of them in person. Nothing beats that face to face experience. You can tell a lot by how organised the letting agent is, how much time and attention they give you and also you get first hand experience of their people skills.
Letting agents reviews and referrals
Ask them for referrals, if they are doing a good job then they should have some clients to hand who can vouch for them. They might need to check to get permission but I rarely take no for an absolute answer. Plenty of people talk a good game but in property, delivery is where we make the money and my letting agents are selected on performance first and foremost.