You have reached the decision to select the right letting agent to look after your ‘Buy to let’ (BTL) rental property or properties. For the purpose of this blog, I am assuming that you are seeking an attentive, personal & professional service from your agent. Your reason for appointing an agent could be many, but you want to hand it over to a letting agent who will guide you, continue your good work, or help in areas to enhance the management to ensure you have happy tenants.
Choosing which company to proceed with can be difficult. Distinguishing between the various number of agents that claim to hold all the characteristics that make for the best-letting agent with the happiest landlords and tenants.
Let me help you by providing you with some insider, expert things to look for and key questions to ask as you make your selection process. These tips will help you avoid the common problems I hear landlords (and tenants) experience time and time again. With my guidance, you should avoid the many problems, before it is too late.
The location
Where the letting agency is based is important as your agent should be within easy striking distance to react in emergency situations or to facilitate problem-solving during or between tenancies. Convenient office location alone doesn’t mean that they are the right agent for you. Ask how they might approach a routine fault such as topping up boiler pressure. Will they automatically call an engineer, incurring costs, or do they have robust processes in place such as knowledge to talk through the issue with the tenant remotely or are they prepared to visit the property in person to resolve?
Does size matter when selecting the right letting agent?
Yes it does, the bigger the letting agent is not always better or more secure. It happens all too often that when a letting agency grows to have several hundred properties within its portfolio, they are not correctly structured internally to support landlord or tenant needs effectively. Landlords can be lost in the numbers, not receiving the care and attention they deserve. Remember to ask how many properties they have under management and how they are structured to manage the portfolio and your investment. Who will be looking after your property or will there be many different people involved in the process? Find out about the people working within the business. How long have they been with the company? High Staff turnover is very common due to an unorganized, overloaded, stressful working environment.
The staff & their experience
This is a crucial element. This also ties in with how the letting agency is structured. Many agents have inexperienced and in some cases unqualified staff, titled Property Managers managing landlord portfolios in excess of 100+ properties, without the right support from senior colleagues. This results in poor tenancy management and often confusing communication between landlords and tenants. With experience comes the ability to foresee problems and avoid them. Missed early warning signs can lead to rent arrears and problematic tenants.
Eye for Details
It might seem like an obvious thing to do but look at the available properties listed on the agent’s website. So many property adverts have poor or single images that are blurry and/or years out of date. It does make you question, what other basic yet key elements are being missed. Such shortcomings are a telltale sign of poor internal structure, lack of direction, and passion to do what is best for their clients. Find an agent who pays attention to the details to ensure your property attracts the right tenant and achieves the best rental price.
Are you a frustrated landlord who is unnecessarily involved with resolving problems with their properties because your current agent is not acting? are you feeling lost within their numbers and unappreciated and not listened to? Are you finding that your calls or emails are unanswered or poorly responded to? Are you being overcharged for maintenance or for costs that could be avoided? These are problems that are all too common but should not be tolerated or settled for. Landlords can do and expect better. There are reliable, caring, diligent, and professional letting agents out there but you must get into the details as outlined above to avoid the agents that will give you problems.
Find an agent who thrives on exceeding expectations, who has a passionate & knowledgeable team, who has the experience and a track record of delivering terrific results for clients, and who is prepared to share this information to showcase that they do more for their clients and customers.
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