Working out how to choose a letting agent is an important decision. Your property is a valuable asset, and entrusting someone else to manage it for you isn’t something to be taken lightly.
Working with an expert letting agent can help save you time and money. Plus, you can rest assured that you’re managing your property in the right way and leaving yourself less open to risk.
If you’re thinking about working with a letting agent, here are our tips on how to choose a letting agent in Tower Hamlets and the best questions to ask before you commit.
Seven Questions to Ask Letting Agents About Rental Properties
So let’s jump straight in with the seven key questions you must ask any letting agents, especially once you have a rental property in mind.
1. Are You Regulated?
One of the first things you need to check when speaking to a potential letting agent is whether they are registered as part of a government-approved letting agency redress scheme and the national approved letting scheme. Working with an unregistered letting agent can result in fines for landlords, so it’s always best to check. Working with an accredited agent like City Realtor can provide you with the expertise and professionalism you need to achieve your goals. City Realtor has Propertymark accreditation. They collaborate with members to establish professional standards through regulation, recognised qualifications, industry-leading training, and mandatory Continuing Professional Development. Propertymark ensure that all landlords, tenants, buyers and sellers receive professional services.
2. Are You Part of a Client Money Protection Scheme?
Just like the previous question, you also want to ensure the agency is part of a client money protection scheme – particularly if they will be handling tenancy deposits and dealing with rent collection and other property management tasks for you. City Realtor is fully compliant as members of The Property Ombudsman and The Tenancy Deposit Scheme.
3. What Are Your Fees?
Of course, asking about fees is a given and it’s a question we expect you to ask. When enquiring about fees, make sure you ask about all charges you could be liable to pay – not just the standard stuff. A professional letting agent will be completely transparent with these numbers, and that will allow you to compare agents which is crucial. We are totally transparent about our fees and display them all on our website. However, at City Realtor, we recognise that every landlord’s needs are unique. That’s why we offer customisable packages to fit your specific requirements.
4. What Marketing Strategies Do You Use?
A good letting agent is always on the hunt for new ways to market their rental properties. Depending on who your target market is, modern forms of marketing (like blogging and social media) can be highly effective.
Make sure you ask how your letting agent will market your property to see if it’s the right fit for you. At City Realtor, we believe in a rounded approach to marketing, and are happy to discuss our process with you. Call us on 0207 790 7702 for a chat!
5. Do You Know the Local Area?
Naturally, having a local letting agent in Tower Hamlets has its benefits. Someone who knows the area well can market your property to potential tenants much more effectively. Our dedicated and knowledgeable team have years of experience in the area – and the industry!
6. How Long Does it Take to Fill Vacancies?
Every landlord wants to fill voids as quickly as possible, but finding a good tenant usually takes time.
Regardless, a good letting agent will have the facts on the average time it takes them to fill vacancies, so make sure you ask for the figures. Here at City Realtor, we are completely transparent with these figures, and you can speak with us about them at anytime.
7. What Are Your Opening Hours?
When your letting agent is available to talk is much more important than you might think. You need someone who can work around your lifestyle and be ready to answer your questions when you have time to speak.
While most letting agents in a local area have standard opening hours, some may be open or available out of hours, too. The City Realtor team work specific hours, but we are always willing to be available when called upon by our clients and answer all queries promptly.
You may also be interested to read 8 Things Every landlord Should Know
Need expert landlord advice?
If you’re a landlord thinking about working with a letting agent to help manage your property, our friendly team at City Realtor would love to hear from you.
Require a valuation, or searching for property management services in Tower Hamlets? Contact us on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.
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In the meantime, here are the answers to the most frequently asked questions on this topic.
Frequently Asked Questions About Letting Agents in Tower Hamlets
What factors should I consider when selecting a letting agent as a landlord?
When choosing a letting agent, consider their reputation, experience, and fees. Look for agents with positive reviews, a proven track record in your local area, and transparent fee structures.
Are there any regulatory requirements I should be aware of when hiring a letting agent in the UK?
Yes, ensure the letting agent is a member of a recognised redress scheme and complies with the law, such as deposit protection regulations. This helps safeguard your interests and those of your tenants.
How can I assess a letting agent’s ability to find suitable tenants for my property?
Evaluate their marketing strategies, tenant screening processes, and vacancy fill rates. A reliable letting agent should have effective advertising methods and thorough tenant vetting procedures to secure quality tenants for your property.
What services do letting agents typically offer, and how do I choose the right level of service for my needs?
Letting agents offer various services, including tenant find, rent collection, and full management. Assess your preferences, time availability, and budget to determine which service level aligns best with your requirements as a landlord.
