What does a letting agent do for a landlord?

If you’re a landlord you can be as involved as you like with the day-to-day duties of renting out a property. Some landlords want to be engaged in every aspect of the tenancy while others want to have as little as possible involvement. And if you decide not to do the work yourself you can appoint a letting agent to do it for you. Your letting agent will find tenants, check out references, secure deposits, maintain the property and more, taking the burden of responsibility away from you.

What does a letting agent do for a landlord?

Managing properties requires a lot more than just getting someone to move in and pay the rent. There’s all the paperwork such as tenancy agreements to be signed, references to be checked and health and safety protocols to be observed. Letting agents do all or some of that work for you. It may be that you enjoy some aspects of letting, like getting to know your tenants and collecting rent but then you might want someone to help find tenants, or you may wish to hand everything over to the letting agent, it all depends upon how much time, experience and inclination you have to do the work.

One point worth mentioning is that every letting agent is different, so while they have services in common there are others that they may not do, or charge for as extras. Geographic considerations are also key and this is one area where keeping it local is definitely an asset.

What services do letting agents offer? How do they help?

Find tenants

If you are letting a property you need tenants. A letting agent is there to secure the right people for your property. To do this they will take professional photographs, advertise in online property portals and use conventional advertising. Once prospective tenants have been found, the letting agent will arrange and attend viewings, check references, set up tenancy agreements which are legally enforceable and create an inventory of the property.

You can just opt for this service alone which means they’ll find you a tenant to rent the property, but the ongoing aspects of the tenancy such as rent collection, maintenance, property inspections and deposit disputes will be something you take on yourself.

 Collect rents

This is another service your letting agent can provide and it involves collecting and protecting the deposit, ensuring rent is paid on time and chasing up arrears if the rent isn’t paid. They can also serve notices or advise the landlord if rent isn’t paid.

 Fully managed

When you appoint a letting agent to completely manage your property or properties they will do everything for you from finding the tenant, collecting rent, organising maintenance, making regular inspections, sorting out any disputes or rent arrears. It is important to remember that while the letting agent deals with the management of the property, the legal responsibility still remains with the landlord. It is you who is always responsible for the property.

10 things your letting agent will do

• Find tenants
• Reference tenants
• Collect deposits
• Prepare the property for viewings
• Book and attend viewings
• Look after contracts/agreements
• Collect rent
• Inspect property
• Organise necessary maintenance
• Sort out disputes

Why should a landlord appoint a letting agent?

You may be wondering why you should pay someone to look after your property, after all, renting is pretty straightforward isn’t it?

The answer is that renting properties can be very time-consuming and you have to be on call 24/7. Also unless you understand the law surrounding tenancies and can keep up to date with changing legislation, appointing a letting agent is something you should seriously consider. If you only let one or two properties you may just want to use the letting agent to find tenants but if you have a portfolio of properties then a letting agent will be a great asset. Good letting agents are also experts in the latest legislation, regulation and laws in the private rental sector, meaning they will ensure your property and any tenancy agreements will be legal and follow legislation.

Another reason to appoint a letting agent is if you own properties that are not close to where you live, or maybe you spend quite a bit of time working away or abroad. Under these circumstances, it would be difficult to manage properties effectively.

Thinking of hiring a letting agent?

If you are a landlord with properties in Wrexham, Chester and the surrounding area, Grow Property has the legal know-how, expertise and superb local knowledge to manage your properties with total professionalism, so please don’t hesitate to get in touch with one of our property experts if you want to find out how we can help.