What Does a Letting Agent Do?

Not many people have heard of a letting agent. They often get confused for real estate agents, so we are here to break it down.

Real estate agents are for people who are trying to sell their property. Letting agents work with landlords who are interested in renting their property. Let’s take a deeper look at understanding the role of letting agents.

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Letting Agents Role in Rental Properties

A letting agent’s primary role is to find tenants for the property on behalf of its owner. The process starts when the agent visits the property to determine the rental income. This visitation or the valuation is usually done for free.

The landlord and the agent agree on the rent and start to advertise the property. Advertisements can include taking relevant photos and adding details to different property websites.

Typically the letting agent will show the property to prospective tenants that they are in contact with. The tenant and the letting agents can negotiate the price or any furniture provided before coming down to an agreement.

When both parties have agreed on the price, the legal contracts can begin. There’s usually a tenancy agreement and a legal contract for both parties to sign.

Letting Agent Services

Through the process, you were able to see a few of the letting agents’s responsibilities. Here is a specific list of responsibilities you can expect.

Communicate with the landlord about the rental price
Discuss how an ideal tenant might look like
Market the property
Prepare the property for viewings
Communicate with potential tenants

Some letting agents will offer extra services at an extra fee.

Extra Services

One example of extra service is known as “tenant vetting service.” This service includes checking references, check credit, and more background information.

The tenant vetting service is helpful because you can verify more suitable tenants. You want to avoid choosing someone who hasn’t paid rent at previous places.

Another service can be an inventory check. This service results in a complete list of the condition and contents of the property.

What to Look for in a Letting Agent?

The role of the letting agent seems pretty straightforward, so you might assume it’s going to be easy to find an agent. It is very easy to find agents, but you want to make sure you work with someone you can trust.

You don’t want someone who will give false information to potential tenants just to get their job done fast. We recommend asking agents questions before you are ready to commit to one.