How to find a good letting agent, Buy to Let Mortgages and more
If you’ve bought a property solely for investment but feel you don’t have the time to manage it all by yourself then you may have considered seeking help from a letting agent.
It’s important you know what to look out for when it comes to deciding who will manage your property, as they will be managing one of the biggest investments in your life.
Mosaic Mortgages have put together some questions you should ask yourself when it comes to choosing a good letting agent to manage your property and its tenants.
Do they have a generous portfolio?
It’s usually a good sign when a letting agent has a decent sized portfolio. According to industry experts, a healthy portfolio should consist of 100 or more properties, preferably comprising a good selection.
It’s also a good sign if the letting agent rents out its own properties, as they will probably understand your needs as a landlord more.
Is the agent a member of an accreditation scheme?
Ensure that the agent is a member of some sort of trade association, as this will deem them accountable. The agent should be a member of any of the following to prove they are accountable:
- The Property Ombudsman
- The Association of Residential Letting Agents (ARLA)
- National Landlords Association (NLA)
Do they have a good network of tradesman?
It’s always encouraging to know that a letting agent has a good, reliable network of tradesman that they can call out, should your property need any repairs or maintenance.
Besides, it’s more than likely that you’ll experience some form of maintenance problem whilst letting your property, whether it’s a minor drain problem or a whole-house ventilation problem.
Are they subscribed to a rental portal?
Make sure the letting agent is subscribes to a major rental portal, otherwise they’re likely to be missing out on a lot of potential tenants.
If they are subscribed to a rental portal, the more people will be likely to see and have an interest in your property, as more people use major rental portals to fulfil their search nowadays.
Do they have a good reputation?
Your decision may be based on recommendations and good reputation; and so it should be. If the letting agent has a poor reputation then you may be setting yourself up for disaster, as they could be completely inexperienced and may not cater for your requirements at all.
What happens next?
If you find a letting agent you are completely happy with then they should get the ball rolling quickly. They should regularly update you and keep you informed of any interest shown in your property. Ask whether you can meet prospective tenants so that you can get a feel for the type of tenants you could be potentially renting to.
Letting agents should also keep you informed of any problems with the property and ask for your approval before any work is carried out. If you encounter a problem with your property then make sure the agent acquires quotes from at least two or three different tradesman so that it works out cheaper for you.
Buy to let mortgages
As a specialist provider of buy to let mortgages, Mosaic Mortgages can offer truly independent buy to let mortgage advice and can search the entire buy to let mortgage market to find you the best scheme to suit your unique requirements.
View our Buy to Let Mortgages guide for more information.
Mosaic Mortgages can also offer whole of market Landlords Insurance advice to source you the most comprehensive policy for your particular requirements.
Find out more about our most competitive landlords insurance policies.