Finding the right letting agent

Q. What is the best way to choose a letting agent for renting out my property?
Mr. J. Maltby
 
If you stick to the following guidelines when selecting a letting agent you can't go too wrong. Referrals are always the best route to finding the right agent. Why not ask around other investors or landlords to share their good or bad experiences with agents?

Write down exactly what you are expecting from the agent as services vary from agent to agent. Approach several agents and then negotiate on charges. Before "shaking hands" with an agent check out exactly what you are getting for your money. Always get the agreed terms in writing.

Ask your agent about their marketing strategy - where else will your property be exposed? The shop window will not be enough to guarantee a fast track to a signed tenancy agreement. If you opt for a "find a tenant only" (finders fee) service you could instruct several agents and increase your chances of letting your property. This is also a great way to see how proactive agents are for future reference.

 
Be clear about the profile of tenant you are looking for - student, professional, family, etc. Whether you're looking for families, students or professionals as tenants, a large majority are coming from "out of town" so ask the agent what Websites they will use to market your property.

Then go and see how that website performs within major search engine listings. Do exactly what a tenant would do and conduct your own web search. Think about what your potential tenant would type into a search engine to find your offering. People use several different permutations when searching. Type in some typical phrases like "apartments to rent in sheffield" or "sheffield rental property" and see who is listed on the first page of results.

Do not make your decisions purely based on price. Judge agents on experience, professionalism and local knowledge. The slickest offices don't always translate to the slickest operation, with exception to Foxtons in Chelsea. Try to find an agent who has a track record in letting property similar to yours.

On average, a finders fee will equate to around 10% of the first 6 months rent, a full management service will range from around 10% to 14% of the monthly rental. Should an agent offer you full property management for under 10% don't forget to review the level of service that they provide. Most agents will be members of a professional body, organisations like the Association of Residential Letting Agents (ARLA) or the National Association of Estate Agents (NAEA).

If all else fails - have a go yourself by advertising your property and getting a tenant on board. Good luck!