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 landlord of the property. As part of this process the letting agent first needs to ascertain what the recommended rental value of the property. 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 job of the letting agent to show would be tenants around the property and to then act as a mediator in any negotiations about the rent or what is going to be provided in the property. In addition, the agent will also 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 very useful for landlords who may live a long way away from the property or just don’t want to be personally involved with looking after the upkeep of the rental property themselves. So, the letting agent will take care of corresponding with the tenant directly throughout the tenancy, organising maintenance, inspecting the property, inventory creation and any deposit disputes. The legal responsibility for the property still remains with the landlord, of course, but the letting agent can take care of many of the 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:
Finding tenants (including marketing the property)
Arranging property maintenance/repairs
Carrying out property inspections
Inventory creation/deposit disputes
So, 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 that you can expect them to offer.