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  • Should I Use An Estate Agent To Rent My Property In London?

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  • 1.5 M
  • 2 M
  • 2.5 M
  • 3 M
  • 3.5 M
  • 4 M
  • 4.5 M
  • 5 M
  • 5.5 M
  • 6 M
  • 6.5 M
  • 7 M
  • 7.5 M
  • 8 M
  • 8.5 M
  • 400
  • 500
  • 600
  • 700
  • 800
  • 900
  • 1 K
  • 1.2 K
  • 1.4 K
  • 1.6 K
  • 1.8 K
Dated:
Nov 13, 2022
Read Time:
Topic:
Estate Agent

Should I Use An Estate Agent To Rent My Property In London?

Another Tough Decision

When you do your own letting and work, you stay in control of your property and any repairs and so on. But, you are also spending a lot of time doing all that extra work which may cut into the time you have for other activities.

Hiring a letting agent frees up your time but this benefit may cost you more than you are willing to pay. It is a tough decision to make and either way you go you will find some good points and some negative ones.

Agent For Rental Property

There are plenty of property management or letting agents in London. The hard part is going through all their information to find some of the best in the land. That takes time.

But before you start looking you should be aware of all the duties that a letting agent does for you. Here is a brief list of those duties:

1. Let Only Agencies

• Promoting the rental property • Recommending rental rates • Collecting rent and security deposits • Finds tenants • Carries out reference and credit checks • Draws up tenancy agreements • Conducts inventories

However, the day-to-day duties and tenant-landlord relationship are on your shoulders.

2. Rent Collection Agencies

• Finding tenants • Collecting rent from them • Chasing up any late payments

Everything else is on your shoulders.

3. Full Management

They do everything for you including getting tenants to re-lease with you. They are as their name says, a full-service letting company that takes the burden of renting off your shoulders.

When it comes to making the decision if you will be a private landlord or hire a letting agency, remember that their duties will be your responsibility if you decide against hiring an agency.

As you can see, there is a lot of work involved when you do it yourself. The other downside to this decision is that you may not know all the laws governing landlords and tenants.

You could get yourself into a pickle if you make the wrong decision.

How To Rent My Property With Estate Agent

There are several steps involved but not so many that it is a complicated process. It just takes a little time, like looking for a tenant to rent your property. Once found it is a matter of paperwork

Step #1. Get A Valuation Of Your Property From Your Lender

This helps you know the rental amount that is best for your home. This report also helps you vet prospective letting agents and keeps them honest.

Step #2. Make Sure You Can Rent Your Home

Some mortgage companies and contracts do not allow renting for any reason. If not, you can talk with your lender and change the contract so you can rent it out.

This is usually a problem when you own a condo, an apartment, or a house in an HOA and gated community.

Step #3. Contact Different Letting Agents In Your Area

Each agency will have a contract that lays out all the terms and conditions. Make sure to read that contract to make sure there are no loopholes or other problems.

Also, make sure to read reviews or contact former clients of those letting agencies to make sure they are as good as they claim to be.

Step #4. Check Their Fees Out

The fees will be different depending on the letting agency as well as the service they provide. It can go as low as 10% and as high as 20% of the monthly rental fee.

Step #5. Sign On The Dotted Line

When everything looks right to you, sign the contract and let the letting agency handle the worries.

Why Should Use An Estate Agent To Rent My Property

There are some very good reasons why you should go this route. Those reasons do include removing responsibilities and worries from your shoulders. There are a lot of other compelling reasons why this is a good idea.

1. They Know The Value Of Your Home

That knowledge helps them set the right monthly rental fee. Not only that, their knowledge of the area around your home helps them select the right tenants to move in.

2. They Have A Database Of Potential Tenants

This resource cuts down the waiting time to find the right renters. While marketing your home, they can turn to this database to see if some great tenants would love to live in your area.

3. They Vet Prospective Tenants

This is a time saver for you as the right letting agent will do background checks to make sure applicants are qualified. Plus, they have top-notch criteria each prospective tenant must meet.

That criterion ranges from checking with friends and relatives to checking their lifestyle, employment, and more. Their job is to filter out unqualified tenants. That saves you a lot of headaches.

4. They Know The Tenancy Laws

This is a bonus as you may not be aware of the complicated details that govern how property is rented and managed. Plus, you may not know all the eviction rights a tenant has.

On top of that, there are duties you need to fulfil you may not know about. Like the how-to-rent checklist or the right-to-rent certification. These little details can get you into some hot water if you forget to comply with them.

Some Final Words

When it comes to this big decision, you would be better off using a letting agent to work with you. Our company has had over 10 years of hands-on letting experience. We can help you navigate all the laws, regulations, and hassles that come with renting out your property.

All you have to do is call our office. We have professional letting agents ready to help answer all your questions as well as find you the perfect tenants. It just takes one phone and you are on your way to let us handle all your renting worries for you.

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