As a landlord, how do you pick a letting agent? (Our top tips on what to look for)
Choosing the right letting agent for you and your rental property makes all the difference in your experience of being a landlord. Each landlord will have different needs and wants from their letting agent; likewise sometimes the type of property will dictate what type of letting agent will suit you. But the real question is how to do you go about picking the ideal letting agent for you?
How experience impacts your choice of letting agent
For landlords who have dealt with property for a long time and feel they are seasoned landlords or property investors, then experience may help answer this question. And possibly bad experiences
may guide your list of requirements. If you have experienced poor service from letting agents then you are likely to tar all agents with the same brush. This is not often fair to all the other agents you have yet to try, but I do understand this mentality.
Bright Star Lettings was born from years of seeing the frustrations directed at letting agents from many landlords and tenants alike. I wanted to create something better; something more personal and people focused. The story of how Bright Star Lettings developed as a business is based very much on the what we heard from landlords and tenants alike and their experience of dealing with other letting agents. There was a feeling from tenants that they were being ignored and frustration from landlords who felt that they weren’t getting the service they were paying for.
What services do you need from your letting agent?
We have previously done a blog looking at various different service levels and how you decide which level of service is appropriate for your rental property. You can check out that blog here. But assuming you know what level of service you need; how does this impact your choice of letting agent?
The question here becomes what is most important to you as a landlord? If you are an experienced and confident landlord you may feel you only care about choosing the letting agent that will give you the best deal on “tenant-find only” services and will fill your property with the first tenant they find, or the tenant that will pay the most regardless of other factors. In which case you may prefer a large national provider.
Or as a landlord your requirements may focus on finding a letting agent who can provide you with a hand-holding service; an agent who will educate you, impart knowledge and who will guide you through developing your property portfolio.
Have your needs changed?
Perhaps as a landlord your needs are changing and what you want from a letting agent has changed. There is no denying that the pandemic has had an impact across the board, and rental
properties are just the same. The government chose to weight things very much in favour of the tenant without really realising the impact on the landlord. From 6-month notice periods to breathing-space orders, it all had an impact and not a positive one.
We have spoken to many landlords who have just reached out for support. These are experienced landlords who have always managed their own properties and had no issues. But the COVID effect has meant that the goalposts have been moved and they just haven’t known what to do. This might be why so many rental properties have been sold. A combination of market demand, higher sale prices, reduced rental income security, and freedom from the hassle of managing property, for some landlords this has been a no brainer and they have sold up and moved on.
But for many landlords we have spoken to, there is still a desire to remain within the property market even if it has meant changing some of their practices and processes. For these landlords, we have worked with them to ensure that they are getting the most out of their rental properties while experiencing the least hassle. This is a fine balance and different landlords will have more or less tolerance for the hassle side of things. But our job as a letting agent is to find that sweet spot for them and work with them to create a sustainable property portfolio, whether that be 1 house, 20 flats or 5 HMOs, or any other combination of rental properties.
Is it time for you as a landlord to re-assess what you want from a letting agent? Do you feel that you get the right help at the right time? Are they ticking the boxes for you?
At Bright Star Lettings, we pride ourselves in being a bit different; going that extra mile, being more flexible with our services, working with landlords to help them get the most from their rental properties. We are on the side of the landlord and at the moment, someone has to be.