Choosing the Right Letting Agent 1st Mar 2017There are a lot of letting agents to choose from these days so how do you pick the best? How do you find out who you can trust with what is arguably one of your biggest assets?
Choose a dedicated letting agent who specialises in lettings only. Many estate agents turned to lettings when the recession hit and sales dropped. For a while now their interest has been firmly back in sales, with the lettings arm of their businesses becoming side lined as a result. There is a wealth of regulation and legislation surrounding the Private Rented Sector (PRS), and unless this is kept abreast of and fully adhered to, then landlords could find themselves (not their agent) in very hot water.
It can definitely be argued that in life you get what you pay for. This is particularly relevant when it comes to services. There are a lot of letting agents out there offering highly competitive management fees, however these letting agents cannot possibly meet their overheads AND offer a quality service. The day to day management of your investment property will be compromised. Also beware as budget letting agents recoup fees by adding on all sorts of miscellaneous extras charges. In the lettings industry cheapest certainly is not best.
In differentiating between letting agents (there are a lot to choose from), then it would be wise to choose an agent who knows the local market. Wouldn’t it be great to find an agent who will keep you informed about how this market is performing, who can explain rental yields and capital growth to you, and who can make sure you are getting the best you possibly can from your investment?
If you decide to expand your portfolio, it would be helpful to talk this through with your letting agent in order to make sure you buy the right property, in the right location, at the right price. It would be even better to find a letting agent who could advise you on your funding strategy, and who could visit potential investment properties with you, or at least look at the particulars and give an informed opinion as to whether to buy that property or not? And then could advise on what works need to be done to the property in order to achieve the best rent. Imagine if the agent already had a list of suitable pre-qualified rental properties which would make sound financial sense as an investment.
Once you have chosen your investment property, do you have time to deal with everything that follows? From refurbishments and improvements, to safety compliance, to advertising and finding tenants, to doing all of the correct legal paperwork, to deposits and rents, to managing the property on an ongoing daily basis (for a list of what’s involved please see accompanying newsletter article on The Key Place fully managed service). If not then engage the services of your local agent who gave you all of the great advice in the first place.
The Key Place works frequently with investors at the start of their rental journey, helping them to identify the best property that makes the most of their investment, and then staying with them right through to letting and managing their property.
If you would like to explore how The Key Place can help you with your property investments, or should you require any advice about investing in your local market, wish to enquire about our Investment Analysis Reports, Property Sourcing, Residential Lettings or Property Management services, please get in touch now.
The Key Place is one of Scotland’s leading letting agencies, managing properties throughout Edinburgh & the Lothian’s, Central Scotland and the Scottish Borders. We are members of industry lead bodies. Please contact us now if you would like any advice on your rental property.