Letting Agents

The big question for any new landlord is whether to use letting agents.

So, what do they do? Well, they charge generally 10% of the annual rental to introduce a satisfactory tenant, then they can charge a further 10% for managing the property on a monthly basis which deals with things like collecting the rent, and attending to either your or most likely the tenants requests and getting things fixed when these are needed. They are middlemen who work for both parties.

As every landlord now has to arrange to have the tenancy deposit either insured or be lodged through a tenancy deposit scheme, again these agents can arrange this for you.

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Letting Agents

So, now that you're in business, you can decide if you want to do all the above yourself, or if you don't want to, then you can arrange with an agent to do the job for you.

This is a pretty specialised area and so a great resource for further details are through the ARLA site and depending on where you are in the country, they can provide details where their members are.

Whether to employ an agent or not depends on you: how busy you are, whether the properties are local to you, how many you have and do you have the right level of expertise. For some with many properties, they may employ someone to do this for them, others will have the time to do this themselves and for those that don't, an agent is just that person...

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