The rental market is continuing to enjoy great success in the UK. As home ownership has become a more tenuous prospect for millennials and urban workers, landlords are spoilt for choice when it comes to finding tenants. However, this boom in the marketplace has been reflected by a surge in letting agents, all vying for your cash and claiming they know how to manage your portfolio best.
So, what should you look for when sniffing out the right lettings partner? Some factors should take priority in the search, which is why we’re clarifying a few key considerations:
Chartered surveyor status
Many landlords are unaware of what a chartered surveyor does, never mind how they can be endemic to your peace of mind. Letting agents with RICS (Royal Institute of Chartered Surveyors) approval are part of a select group of qualified chartered surveyors, trained to protect your property and audited to ensure your funds are safe.
This is a blessing, because such experts can guide your pricing and help you get the best out of your investment. As one of the few letting agencies in Greater Manchester with RICS status, Summermere offers support with the state of your portfolio, seeing what deficiencies must be addressed and how much, honestly, your residency is worth.
Good local knowledge
Letting agencies come in multiple shapes and sizes. On one hand you have the large, nationwide branches that spread themselves thinly over a huge range of territories. Most can’t seriously claim to understand a particular area well, as their catch-all model is rolled out to disparate locations, prizing uniformity over a tailored property service.
Local agencies, meanwhile, operate within a single area – either a town or region. They’ve likely been working from the ground up in these areas since their inception, which means they have an intimate grasp of how the market fluctuates. In real terms, this means they can advise you on what demographics you should be targeting, what amenities are expected, and the rental price you’re likely to secure in the area.
An extensive service
Some letting agents do no more than display your ad on their website, with a pinch of physical marketing to complement it. The next stage up is a tenant handling provision, whereby the agency will show people around the property, review contracts, and perform background checks before pen is put to paper.
The third level, however, encompasses both of these roles, as well as property management, which will save you massive amounts of hassle should anything need repairing or resolving. Everything is catered for, from finding local contractors in the event of a plumbing issue to inspecting your property on a regular basis. Essentially, these services bear the brunt of your responsibilities for as long as you want them to.
Looking for a letting specialist that ticks all the boxes? Contact Summermere to see what makes us a trusted choice for properties in Prestwich; really, there’s no merit in settling for second best, when the market is this lucrative…