subject: The Valuable Role Of Letting Agents In The Uk Property Market [print this page] We have all heard stories of the tenant from hell. The one where they don't pay and you can't get them out of your house, or the damage they cause or careless way they take care of property. It is for these and many other reasons landlords today rely on the valuable service of letting agents. But not all tenants are badly behaved, and their letting agent is often a vital ally in many aspects of managing the property.
The primary job of finding and vetting potential tenants is the basic service that letting agents provide. They will also arrange the tenancy agreement, which is a legally binding document that formalises the contractual arrangement between the parties involved, protecting the landlord's property but also the interests of the tenant.
This not only brings the security of a steady income to the landlord, but also provides reliable management of the property as a benefit for the tenant. If, for example, the heating is not working, there is a plumbing leak or if the tenant loses their keys, the letting agent is often the person who answers the calls and deals with the problem, as the landlord may be out of the country.
For example, a land-owner may have a 20-acre property which he rents out for the summer months while he cuts the hay on his farm. Without a letting agent, he would spend a large part of his days being interrupted by having to answer calls about "how does this work" and "where can I find this" and "the umbrellas on the terrace don't work." A letting agent would be able to handle all these matters for him.
Another essential skill that the letting agent brings is knowledge of the market. This important information will bring the landlord the right tenant for the right property, which is important for continuity of income and a happy, well-placed tenant. If you are renting to students or to financial consultants in the City, the letting agent matches the tenant to the appropriate flat or apartment.
However, there are many questions to ask before asking a letting agent to manage your property. Are they part of a certified and recognised professional organisation? How long do they hold your money before it is transferred to your account? Will they do the whole package: finding, vetting, collecting and arranging payment, managing and having reliable tradesmen for repairs, or just partial service? How often do they visit and check up on properties and what do they charge?
Letting agents provide an important role in the property market, and with recent statistics showing more and more properties coming on the market to rent, it is a role that is greatly needed. For renting your house, apartment, flat, shop or office, the letting agent provides a hassle free business arrangement. Tenants also get a valuable set of services from letting agents, depending on the arrangement between the landlord and their particular letting agent.
