Letting property as an investment can be rewarding, both emotionally and financially; many landlords choose to follow the private route although with the use of letting agents the process can be made far easier. Choosing letting agents however can be difficult, with a myriad of considerations to be made, care should always be taken not to use the first agent that comes along. Often agents will happily state how they will be able to get numerous people to look round the property within a week, take these promises with a pinch of salt and always take a detailed look at any contractual agreements.

It is always advisable to contact many letting agents and ask them to look at the property and give an idea of potential rents. By getting many agents round it is possible to build up a decent average rental price. By obtaining all of these estimates in writing it is possible to draw direct comparisons and make a decision based on hard facts. Remember that the highest rent does not always relate to the best service, ultimately evaluating the service in its entirety is the best course of action.

When utilising letting agents there are a number of responsibilities that they must fulfil; firstly it is essential that the agent conducts an in depth study of the property; it is impossible for anyone to value a property over the phone or from photographs. Secondly agents will normally want to know the motives for renting, it is important to let them know the circumstances, they are acting in your interest so giving agents an idea of the bigger picture can be beneficial.

Letting agency services should also provide essential advice and assistance when it comes to landlord responsibility; part of this is to assist the landlord with the production of an EPC (Energy Performance Certificate), now a legal necessity. An agent should also be able give information on health and safety regulations such as fire extinguishers and the importance of legitimate gas and electric connections.

Once a number of agents have visited the property and set out a rental schedule it is usually time for the laborious and somewhat uninteresting paperwork. As with anything related to property there is a plethora of forms that must be filled in. At this stage it is vitally important to read any contracts carefully, it is too easy to become disenchanted with these legalities but remaining focussed on exactly what is being signed and what clauses are involved is precisely what needs to be done.

The contracts will undoubtedly contain information on the level of management the agents will provide. This is ultimately down to personal preference as some landlords like to have a great deal of input whereas others do not. The level of the management should relate to the price although this is not always the case.

Fundamentally an agency can completely manage a property, employing contractors to carry out work, inspecting the property on a regular basis and only ever contacting the landlord in an emergency. This form of all encompassing service is ideal for many landlords although understandably some prefer to take a more active role in the management of their property.

It is hoped this article has outlined the role of letting agents and how landlords can make best use of them. These key responsibilities are necessary should the rental period be successful, it is only through a detailed research method that the right agents can be found, helping landlords to earn revenue from their property portfolio.

Property expert Thomas Pretty looks at how landlords can select letting agents and secure a great service.