_Letting agents
_Letting agents
A letting agent is an agent that will take on the letting of a property that is to rent on behalf of a landlord.
What does a letting agency do?
There are different types of letting agent. Some letting agents are employed by a landlord to rent the property only. This means that the letting agents only responsibility and cost to the landlord is the renting of the property. The letting agent will take on the cost of advertising of the property, will be in control of who views the property and is responsible for securing the letting agreement with the tenant and securing the deposits, first month's rent and the handing over the keys. The letting agency will also usually charge an admin fee to the client for credit checks and paperwork. Once the tenant has the keys and is moved they will then deal with the landlord directly if there are any issues with the property or they have any questions.
Another type of letting agent is one who offers a managed service. This means that the agency will take on all of the duties listed above but will also manage the property. The tenant will deal solely with the agency from start to finish. If there are any issues with the property then it is the agents that are contacted. Very often in this case the tenant will have no contact with the landlord at all.
Why does the landlord not rent the property themselves?
The letting agent specialises in what they do. They are able to advertise properties to a much larger potential customer base than a single landlord will be able to. Because agents often have a larger number of properties to rent meaning they can use the advertising money much more cost effectively. Some landlords rent a number of properties and do not have the time to try and rent the property themselves and others do not live in the area and have very little local knowledge so employ somebody who has.
What type of properties do letting agencies take on?
Anything and everything. There are agencies that specialise in certain markets be it top end or low end but most letting agents have a large selection of properties ranging from a few hundred pounds per month to a few thousand.
Why do homeowners rent rather than selling, surely that is easier?
Not necessarily. There are a number of factors that dictate the decision. Investment is the most common; a homeowner can buy a property for a nominal fee, do the property up and rent out generating a profit in just a few years. The market may dictate that sitting on the property for a while will increase the value and they can sell for a lot more in the future so rent it out while it is increasing in value. Alternatively like we are experiencing now, many people cannot buy a house so by renting it out means that there is income while the market recovers.
A letting agent is an agent that will take on the letting of a property that is to rent on behalf of a landlord.
What does a letting agency do?
There are different types of letting agent. Some letting agents are employed by a landlord to rent the property only. This means that the letting agents only responsibility and cost to the landlord is the renting of the property. The letting agent will take on the cost of advertising of the property, will be in control of who views the property and is responsible for securing the letting agreement with the tenant and securing the deposits, first month's rent and the handing over the keys. The letting agency will also usually charge an admin fee to the client for credit checks and paperwork. Once the tenant has the keys and is moved they will then deal with the landlord directly if there are any issues with the property or they have any questions.
Another type of letting agent is one who offers a managed service. This means that the agency will take on all of the duties listed above but will also manage the property. The tenant will deal solely with the agency from start to finish. If there are any issues with the property then it is the agents that are contacted. Very often in this case the tenant will have no contact with the landlord at all.
Why does the landlord not rent the property themselves?
The letting agent specialises in what they do. They are able to advertise properties to a much larger potential customer base than a single landlord will be able to. Because agents often have a larger number of properties to rent meaning they can use the advertising money much more cost effectively. Some landlords rent a number of properties and do not have the time to try and rent the property themselves and others do not live in the area and have very little local knowledge so employ somebody who has.
What type of properties do letting agencies take on?
Anything and everything. There are agencies that specialise in certain markets be it top end or low end but most letting agents have a large selection of properties ranging from a few hundred pounds per month to a few thousand.
Why do homeowners rent rather than selling, surely that is easier?
Not necessarily. There are a number of factors that dictate the decision. Investment is the most common; a homeowner can buy a property for a nominal fee, do the property up and rent out generating a profit in just a few years. The market may dictate that sitting on the property for a while will increase the value and they can sell for a lot more in the future so rent it out while it is increasing in value. Alternatively like we are experiencing now, many people cannot buy a house so by renting it out means that there is income while the market recovers.