When choosing a letting agent, always try to get three agents round to value your property. Agents don’t charge for valuations, so try to get 3 as a minimum. Valuing property is not an exact science and many factors are taken into consideration. Agents should be knowledgeable about what is on the market, how long it has been on the market and what has let. Ask them for a report with comparable properties which are on the market now. Don’t automatically go for the agent who suggests the highest rent. If you have to reduce the rent later, you may already have lost several weeks’ income.
Preparation is key to success
Preparation is key, so you should inform your mortgage lender and your insurance company that you intend to rent out your property. They may decide to impose conditions on the types of tenancy you may have, or even that they will not allow it! By finding out early you will have time to remortgage or find a different insurer if need be. If you call we will be pleased to put you in touch with local professionals who can give you more advice about this.
The most important factor in choosing your agent is being on the market with someone you can relate to personally; someone who is very active in the local market; and someone who is keen to let your property. Ask the agent how often they will give you feedback and what level of communication you can expect. If the property remains untenanted after four weeks it is important that it does not go stale on the market, A good agent will come up with new marketing initiatives such as fresh photographs, premium internet listings and new descriptions.
Get the word out
Always have a board put up outside your property, and tell your friends, colleagues and neighbours. Word of mouth is such a powerful tool. You never know who might live just round the corner, waiting for your house to come to the market.