What does being a letting agent involve?

Letting agents are relied on to make the letting process easier for landlords and tenants.

As a landlord, there is a long list of obligations that must be fulfilled to remain compliant with the law and provide an excellent service.

Landlords do not have to go through the lettings process alone. Instead, letting agents are available to ensure that the legalities and property marketing involved with the process are handled at a high standard.

Here, we break down exactly what being a letting agent involves.

Why letting agents are relied on 

Being a letting agent is centred around having inside knowledge and expertise in the lettings industry as this allows them to keep landlords informed and compliant.

Landlords reach out to letting agents because they require their additional help with managing their property portfolios. 

Landlords may not live close to all their rental properties so this is where letting agents can step in to ensure the let runs smoothly in their absence. These professionals often live close to the property and are on call to carry out any appropriate work.

Letting agents have the time to deal with any queries or issues a tenant may be experiencing in good time and a professional manner. These professionals know local electricians and plumbers, too, therefore they can resolve any issues efficiently.

Last but not least, one of the key aspects involved with being a letting agent is the knowledge of current regulations in the property industry. There are over 150 pieces of legislation for landlords so keeping up with these without an expert can be tricky.

Help with day-to-day tasks

Being a letting agent is very hands-on as they manage every aspect that the landlord would typically cover. Of course, depending on circumstances and the agreement between both parties, this can be altered but for the most part, the letting agent takes the lead.

Day-to-day tasks of a letting agent include managing the property such as any queries about the property, maintenance work, and repairs.

Letting agents are also tasked with handling inventories as well as any financial disputes that might arise. Although the letting agent takes the lead, legal responsibility still falls on the landlord.

They also conduct the referencing, checks, and tenancy agreement for the tenant and landlord to sign.

Increase chances of having good tenants

One of the main responsibilities involved with being a letting agent is dedicating a lot of time to finding suitable tenants for the rental property.

Part of this process involves producing marketing adverts, taking property images, and making floorplans.

Letting agents must have an excellent reputation and network so that the properties they distribute across online and traditional marketing channels generate great results. Being a letting agent means you will be relied on to get good reach and target the right market. 

These professionals not only arrange property viewings but they attend them, too. Therefore, in-house knowledge about homes is vital as they must inform prospective tenants about the home and show it in the best light.

Letting agents must be able to dedicate those hours often used for leisure to work since evenings and weekends are the most common times for viewings. Exceptional organisational skills are essential as sticking to a tight schedule is necessary to fulfil the role.

Overall, landlords pay for the services that letting agents provide because they help to free up time and reduce stress. As the lettings market continues to reform and go through a period of change, more landlords will call on these seasoned professionals for their expertise. 

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