If you pay someone to manage your rental property, it is worth asking a simple question every now and then: what am I actually getting for my money? A good letting agent often earns their fee quietly, dealing with problems before they ever reach you. A poor one, on the other hand, can end up costing far more than they charge.
From staying on top of legislation to managing repairs and communicating with tenants, property management should make life easier for landlords.
So, what should you expect from your letting agent, and what are the warning signs that you might not be getting good value?
What should a letting agent actually do?
A full property management service should cover the whole life of a tenancy, rather than simply finding a tenant and disappearing once they have moved in.
Depending on the service agreed, your letting agent should:
- Market your property effectively and thoroughly reference prospective tenants.
- Manage relevant compliance requirements, including gas and electrical safety, EPC requirements, deposit protection and Right to Rent checks.
- Collect rent, follow up promptly on arrears and maintain clear records.
- Carry out regular property inspections and report the findings back to you.
- Coordinate repairs and maintenance using trusted contractors and deal with day-to-day tenant queries.
- Keep you informed about changes to legislation and help you understand your responsibilities as a landlord.
A good letting agent should take much of the day-to-day pressure of managing a rental property off your shoulders, while keeping you informed when your input or a decision is needed.
What does ‘fully managed’ really mean?
It is important to understand the level of service you are paying for because not all letting agent services are the same.
Tenant-find only: The agent markets the property, finds and references a suitable tenant and sets up the tenancy before handing management back to the landlord.
Fully managed: The agent remains involved throughout the tenancy, managing areas such as rent collection, maintenance, inspections, tenant communication and compliance.
Neither option is inherently right or wrong. Some landlords are happy to manage their own property once a tenant is in place, while others prefer the reassurance and convenience of full management.
What matters is knowing exactly what is included in your agreement and receiving the level of service you are paying for.
What are the signs you are not getting value?
Sometimes the clearest way to recognise a good letting agent is to consider what should not be happening.
Slow or unanswered communication is an obvious warning sign, particularly when a tenant has reported an urgent issue. Inspections that are repeatedly promised but do not take place should also raise questions.
Compliance gaps can be particularly serious. Certificates and legal requirements need to be monitored carefully, rather than being allowed to quietly lapse.
Maintenance is another important area. Repairs that drag on can frustrate tenants and potentially turn relatively minor problems into more expensive ones.
Good property management should be proactive, organised and consistent.
What should you ask your letting agent?
If you are reviewing your current property management service or choosing a letting agent for the first time, there are a few straightforward questions worth asking:
- How often will you inspect my property, and will I receive a written report?
- How do you help keep landlords informed and compliant when regulations change?
- How quickly are repairs and tenant queries usually handled?
- What exactly is included in my management fee?
- Are there any additional charges I should know about?
The answers should give you a much clearer idea of the service you can expect.
Frequently asked questions
What is the difference between tenant-find and fully managed?
A tenant-find service generally involves marketing the property, finding and referencing a tenant and setting up the tenancy before responsibility returns to the landlord.
With fully managed lettings, the agent continues to manage the tenancy, including areas such as rent collection, maintenance, inspections, tenant communication and compliance.
What should be included in a management fee?
For a full management service, landlords can typically expect services covering areas such as marketing and referencing, rent collection, inspections, maintenance coordination, tenant communication and support with relevant compliance requirements.
Services and fees can vary between agencies, so always confirm exactly what is included before signing an agreement.
How do I know if my letting agent is any good?
Look at how well they communicate, whether inspections take place as promised, how efficiently maintenance issues are dealt with and how they support you with your responsibilities as a landlord.
Ultimately, a good letting agent should be solving problems, keeping you informed and making owning a rental property easier to manage.
Are you getting what you pay for?
Property management should provide landlords with more than convenience. It should provide confidence that the property, tenancy and important responsibilities are being properly looked after.
If you are unsure whether you are getting value from your current arrangement, or you are choosing a letting agent for the first time, we are always happy to talk you through what good property management should look like.
Know a landlord who might be wondering whether they are getting value from their agent? Please share this article with them.
About the Ethical Agent Network
We are proud members of the Ethical Agent Network (EAN), a national group of independent estate and letting agents that have been independently assessed against standards covering honesty, service and community care.
Membership cannot simply be bought. Agents must meet the network’s required standards, giving landlords and sellers another indication that the agency they are dealing with has been independently assessed.
If you would like to know more about the Ethical Agent Network or how we manage rental properties for our landlords, please get in touch.
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