Getting a letting agent is a great way to alleviate all the stress of managing your property and screening tenants; however, choosing a letting agent isn’t as straightforward as you might think. And if you have ever asked yourself: “how do I vet letting agents near me,” then this post is for you, because in this post, we have researched and gathered 8 things to consider when choosing a letting agent for your property.
1.License
You first want to ensure that the agent needs to be licensed. You do not just want to trust anyone based on what they’ve said or just because they have a social media account. You must take the necessary steps to ensure that the agent is part of a regulated body to prevent you from being scammed.
If you are a property owner in the UK, then you need to ensure that the agent you are working with is a member of the government-approved redress scheme ; this ensures that you are protected should things go south. Also, you need to query any previous clients they have worked with to find out more about the agent’s reputation.
2.Money Protection Scheme
Another thing to ensure is that the agent needs to be a part of a client money protection scheme. This scheme ensures that property owners are compensated if a letting agent isn’t able to repay an amount due. Therefore, before working with any letting agent, ensure that they have a money protection scheme license from the UK government.
3.Fees
Compare the fees provided by an agent to the fees of other agents to ensure that they are competitive. Often, an agent charging a cheap fee might be an indicator that they provide poor quality service. Also, an agent charging a fee that is too high might be an indicator that they are trying to rip you off, therefore, you need to ensure that the fees they charge are reasonable and nothing out of the ordinary. This might not always be the case, but then you want to be vigilant when such situations arise.
4.Online Credibility
You must choose an agent who has a strong online presence with high engagement. This is because the higher the online presence of a letting agent, the higher the chance of getting you tenants.
5.Tenant Vetting Procedure
You need to also inquire about the agent’s tenant vetting process. This will give you a fair idea as to the kind of tenants they will be renting your property out to, and with this, you can decide if their type of tenant is what you need.
6.Local Market Knowledge
Ensure that the agent you are hiring knows the local property rental market, as well as regulations guiding the letting market.
7.Inspection and Reporting
In addition, you need to inquire about how the letting agent conducts their property inspection, how often they conduct their inspection, and their report methodology.
8.Maintenance Agreement
Finally, ensure that you and the agent sit down to discuss their maintenance procedure and agreement. With this, the idea is to understand how they will resolve any maintenance issues.