If you’ve never been in the situation of having to use a letting agency such as HoldenCopley, you may well wonder what one actually does. Well, the reality is that they actually do quite a bit more than many people think.
First and foremost, a letting agent’s job is to find suitable tenants for the property’s landlord. As part of this process, the letting agent first needs to ascertain the property’s recommended rental value. Once a rental figure has been agreed upon, the letting agent will start to market the property. This might be through newspaper adverts, postings in local shop windows or on property rental websites, as well as sometimes directly contacting possible tenants who might already be on the letting agents’ books waiting for just such a property to become available. This marketing usually involves taking professional photos and drawing floorplans of the property too.
It is also usually the letting agent’s job to show would-be tenants around the property and then act as a mediator in any negotiations about the rent or what is going to be provided in the property. The agent will provide the tenancy agreement for both the landlord and tenant to sign, which is the contract that contains details of the rights and responsibilities of both parties involved. They can also create an inventory of the property for accurate and fair deposit deductions at the end of tenancy too.
These are the basic functions that a letting agent will carry out, but there are also other things that many of them will do too as part of a fully managed service.
These additional services can be beneficial for landlords who may live a long way away from the property or don’t want to be personally involved with looking after the rental property’s upkeep. The letting agent will correspond with the tenant directly throughout the tenancy, organizing maintenance, inspecting the property, inventory creation, and any deposit disputes. The legal responsibility for the property remains with the landlord, of course. Still, the letting agent can take care of many everyday things that a landlord would otherwise find time-consuming.
- So, these then are some of the services that can be provided by a letting agent:
- Lettings advice
- Finding tenants (including marketing the property)
- Referencing tenants
- Collecting/protecting deposits
- Property preparation
- Booking/attending viewings
- Negotiating contracts/agreements
- Arranging property maintenance/repairs
- Carrying out property inspections
- Inventory creation/deposit disputes
- Rent collection
If you’re ever in the fortunate position of having property to rent out and thinking about using a letting agent, you now have a little more idea of the sort of services you can expect them to offer.