How to choose your letting agent
Your investment property or portfolio is often you most important asset after your own home, so choosing the letting agent you ask to look after it for you can be one of the most important decisions you make. Given the number of agents in the marketplace how do you decide which is the best for you?
Here are some useful guidelines to follow
- Research the options available to you and make a shortlist of those agents you would like to meet. A good place to start is to ask friends for recommendations, or look online for reviews on websites such as www.feefo.com
- Arrange to meet your shortlist of agents (around 3) at the property so that you can ask about the services they offer and they can appraise the property for you.
- Make a list of questions to ask all of the agents so that you can weigh them up against each other. Try to include their fees but also how they operate to see what value you are getting for what you are paying them.
- Ask how they source their tenants and whether they have any potential tenants for you in mind. A good agent should be able to suggest potential tenants to you.
- Ask them to value your property then and there. Some agents will like to think about the valuation and report to you later, but any agent worth their salt should know their market inside out. It is a good idea to research this yourself before their visits so that you know a rough valuation.
- After their visits, assess all of the information. It is important to remember that the cheapest agent is not always the best. They are looking after your prized asset and sometimes a lower fee or a higher valuation is a false economy.
- Make the decision you are happy with. Sometimes you will discard all of the information and go with your gut. Above all you need to be able to trust your agent and have a good rapport with them. This can be more important than any differences in fees, expected rents, or service levels.
If you follow these guidelines, you should choose the right agent for you, but if you need any help then do contact us at email@example.com
Do you need some advice on how to find your investment property? Why not read our guide on where is the best place to invest in property?