A ‘letting agent’ is a term used in the UK to describe an organisation which acts as a middleman between private landlord and tenants of properties. A letting agent can be expected to attend to a number of administrative tasks to accommodate the needs of both parties, such as drawing up tenancy agreements and communicating with all concerned to arrange viewings, repairs and payments. Letting agents are particularly useful for landlords seeking to adopt a less ‘hands-on’ approach towards private letting, and are paid in the form of commission for their services, mainly in the form of a percentage of the rent paid from tenant to landlord. In the Manchester area, the demand for tenancies equates to a constantly-flowing customer base.
A high ROI
A letting agent will advertise properties on behalf of the landlord and use their expertise to target potential tenants. Some letting agents also double up as estate agents, dealing with the buying and selling of properties, though staff are usually assigned to deal with either lettings or purchases exclusively. Nonetheless, letting agents can exist completely outside the field of estate agency.
Letting agents provide services that are particularly useful for landlords who are new to the market and perhaps lack the experience, time or expertise to deal with tenancies directly. The buy-to-let system is particularly appealing such investors, often allowing them to pay off mortgages via the income that a tenancy will bring to proceedings. Landlords usually opt to ignore their own personal tastes and requirements when it comes to styling and furnishing their homes, in order to appeal to the widest range of potential clients possible.
Working hard on your behalf
When targeting and identifying a client base, the expertise of a letting agent will most likely eclipse that of an inexperienced landlord or landlady. A reputable letting agent will be on hand to advise property owners of the best ways to attract tenants based on factors such as the location of the property and the rates that the property can be expected to generate. They will place advertisements on behalf of the landlord and usually attend viewings in their place too, using their powers of persuasion and knowledge of the market to sell a tenancy to an interested party. Meanwhile, as most tenancies are occupied on a short-term basis, especially when highly-transient communities as found in cities like Manchester are considered, a high quality letting agent will seek to ensure that a steady flow of tenants is maintained, with as little downtime as possible coming to the fore as tenants move in and out of a Manchester-based property.
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