Estate Agent OR Independent Letting Agent?

There has been a significant increase in Estate Agents, who did not previously offer residential letting services suddenly opening a Lettings Department to try and supplement their monthly income.  But beware………

Estate Agents often select junior staff members to create their new letting facility and a “Letting Department” suddenly appears.  Many of the letting tasks will be outsourced to third parties, for example, reference checks, inventories and check-ins / check-outs will be created and performed by third party inventory clerks, with the associated additional charges passed back to the Landlord of course!

The Letting Agent often has no letting qualifications, no letting experience, no knowledge of tenancy law and no shame that they are providing, at best, a third rate service to an unsuspecting Landlord.

The problem is that the General Public don’t understand the difference between a Letting Agent and an Estate Agent. They think they are the same thing as they both deal in property.

Landlords need to be very wary of these “hard up” Estate Agents that have moved into residential lettings as a side-line as they do not have a thorough understanding of the complex legislation surrounding the renting of property; a detailed knowledge of the local lettings market; trusted relationships with local handymen and property maintenance companies; and the interpersonal and negotiation skills to handle all of the issues that the Landlord and the tenant will raise throughout the lifecycle of the tenancy.

Also bear in mind, Estate Agents usually earn their sales fee when the property is sold (and this is automatically paid to them by the solicitor during sales process). The Letting Agent is paid a management fee that is deducted from the tenants rent for every day that the tenancy continues. If the tenant doesn’t pay the rent – the Letting Agent works “for free”.

So, letting a property and therefore generating a fee requires a very different skill set to selling a property to a purchaser and being paid by a solicitor.  The Letting Agent will need to have strong, but tactful, negotiation skills to ensure that the rent does not fall into arrears and that the Landlord maintains the property to an acceptable and safe standard.

The Letting Agent has to collect the rent and mediate between the Landlord who wants to maximise the investment income by not spending any money unless he has to and the Tenant who always has a list of jobs that they would like the landlord to pay for.

Letting is not a business you can easily dip in and out of when it suits. There is a lot at stake, not least the safety and well-being of the tenants as well as the success or failure of the Landlord’s investment. Getting it wrong and making errors can have terrible consequences for Landlords, including huge legal expenses, loss of rent, extended void periods, loss of tenant’s deposit money and penalties for not complying with legislation.

If you have never let your property through a Specialist Lettings Agent then you might not realise that you are missing a trick.  Transfer your property to an Independent Specialist Agent and you will receive a value for money service and the TLC your property investments deserve.

Call The Letting Company today and we can help you transfer your property/ies to us, hassle free!!

Thelettingcompany.co is a website owned and managed by Richard Gibbs trading as The Letting Company and our VAT number is 876269571.
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