Our top tips on how to choose the best letting agent for your rental property

Renting a property can feel like a headache at the best of times and that is before you even start to consider what type of agent will be right for your rental property. Choosing an agent is important, but how do you separate the good agents from the bad? You shouldn’t just pick the first agents you see, here is a guide to how you can choose a list of agents and also how to narrow them down to pick the best one to suit you.

Finding a letting agent

First, a shortlist needs to be created. But it’s not as simple as picking a few names.

A good starting point is to ask people you trust like your friends and family. They may have used agents in the past and will be able to talk about their experiences. They’ll be 100% honest and give you an honest truth too.

Then it is worth looking at online reviews of agents, check out social media platforms, review platforms and look at the testimonials on agent’s websites. Consider what factors are important to you, what are your priorities? look at the list of possible priorities below and consider which one is most important to you.

1. Renting out the property as quickly as possible
2. Finding an ideal long-term tenant
3. Getting the highest rental value possible
4. Personal service from the agent
5. Letting agent fees

Letting Agent Fees

The fees a letting agent charges will depend on the service they are providing so it is worth considering what type of service you want. For example, fully managed compared to tenant-find only. Check out our blog on choosing this here.

However, for most agents a tenant-find only service will be based on a fixed fee that you pay once the service is complete. Whereas a fully managed option will include a monthly fee plus commission as a percentage of the rental value.

At Bright Star, we offer an alternative to both these options with our ‘’Pick and Mix’’ service. This allows you to choose which services you would like included in your package rather than having to choose between all or nothing. Click here to find out more about our ‘’Pick and Mix’’ pricing.

Expertise and knowledge

Many agents will have specific areas of expertise, so it worth considering this when choosing an agent. Ideally, you want to choose an agent who is experienced with your type of property. For example, some agents specialise in student accommodation or HMO’s. Whereas others might be known for being good at renting out unusual or quirky properties.

At Bright Star, our expertise comes from our wealth of local knowledge and connections with complementary businesses. This means we can support our landlords with an in-depth understanding of the rental market on a street-by-street basis. We are also able to help our landlords to find trustworthy tradesmen and other property service providers.

Narrowing down the shortlist

So now you’ve narrowed down a shortlist of agents it’s down to you to pick your favourite of them. These should all be high quality, reputable agents if you have looked into them in detail. You can invite all agents to your property to discuss their offer and conduct a valuation of the property. This is a good opportunity for you to ask them some further questions to help find the best letting agent to let your home, such as:

• Speed of rental and what their record is of achieving the monthly rent value.
• The reasons behind the property valuation
• Are they members of an accredited independent ombudsman service?
• Are they a member of ARLA? – psst we are ALRA accredited!!
• Will the property be the sole responsibility of one agent or shared in the office?
• What would they do if they are struggling to let the property?

After this, you are in a good place to select an agent. But take your time don’t rush your decision!

Common bad agent tactics to watch out for

Beware of letting agent valuations! They may just suggest that they can let your property for a higher valuation than expected to get your custom. But then after you have signed up, they drop their valuation. A lot of agents can do this when selling or renting a property so watch out for this trick!

Don’t forget to check how much the agents cost! They will usually charge a percentage of rent between 0.75% to 3% + VAT. Fees should be inclusive of VAT when advertised but double-check this!

Finally, make sure you consider what type of relationship you want with your letting agent, if you have multiple properties you rent out or are looking to develop a property portfolio it is worth making sure you choose an agent you like and gel with.

In summary

Make sure you shop around for the best letting agent for your needs.

Make sure you get along with your Letting agent and that you trust them. They will be the first point of contact for any potential Letters, so you need to make sure that they will represent you and your property well.

Remember to read the contract carefully, if you don’t understand something, ask. A good agent should be more than happy to answer any, and all questions you have. If you are not happy in any way do not sign the contract.

Finally, if you have any questions at all please just give us a bell, we are always at the end of a phone or email to advise and support our landlords.