Choosing an Effective Letting Agent

Published on Saturday, 16 January 2010

Choosing an Effective Letting AgentMost owners of land properties make use of a letting agent to help them in managing their properties.  Letting agents usually do three kinds of services. First, the agent looks for a tenant and provides the tenancy agreement once the deal has been agreed upon. Second, some agents take care of collecting rental fee and are given a small percentage as payment. Third, other agents make a lot of money offering full management of the property.    In the third type of service, they take care of finding a tenant, collecting the rental fee and maintaining the property until the lease has expired.  Fees range from 5-15% of the annual rental cost.   How to choose a letting agent   In order to choose an affective letting agent, you need to exert a little effort.  This is to make sure your property is in good hands and you wouldn't want to be scammed or taken advantage of.   1. Look for an agent that is duly recognised or is a member of trade associations.  These associations provide trainings for members and have strict policies to be followed.  You will gain asset protection and professional insurance should something go wrong.   2. It's always best to know what's going on in your area.  Interact with your neighbours and maybe they can give you ideas on how and who to choose a letting agent.    3. Do your own research and not rely on other people's opinions.  Sure it can give you some inputs but don't just take their words for it.  Ask as many questions as you can when talking to potential letting agents.  Find out if they are familiar with dealing a property like yours.  Learn how they market properties and deal with other clients as well.   Keep your mind open to be able to assess the agent properly.  Don't be shy to ask questions.  It's their job to entertain questions and answer them honestly.