Location of letting agent
When selecting a letting agent in Milton Keynes, it’s best to choose one located in the same area as your rental property. A good letting agent has in-depth knowledge of the local market dynamics. This includes rental prices, market trends, and demand for various property types.
Beyond assisting you, they should also be able to address potential tenants’ questions about the surrounding areas. For example: transportation options, nearby amenities, and proximity to quality schools. Choose a letting agent in Milton Keynes with a solid history in the area, who knows the neighbourhoods like the back of their hand.
Think about what service level you require
Letting agents typically offer three service levels: tenant find, part managed, and fully managed. Tenant find involves obtaining tenants, managing initial paperwork, and possibly collecting rent. However, day-to-day property management remains your responsibility. Part managed includes tenant find services along with additional support to make property management easier for you. Fully managed services encompass tenant find, rent collection, and handling various maintenance issues, as well as conducting regular property inspections.
To decide on the appropriate service level, consider factors such as your available time, desired level of involvement, proximity to the property, prior experience in property management, and access to reliable contractors for maintenance. Opting for a fully managed service can provide peace of mind. This applies especially if you are frequently away or prefer minimal involvement.
Check your letting agent’s fees
Price should be a consideration when selecting a letting agent, but it should not be the sole determining factor. Look for a letting agent in Milton Keynes who is transparent and upfront about their fees.
While fees may vary, a reasonable estimate is around 10% of the monthly rent for tenant find and 15-20% for full management, depending on the specific circumstances. It’s essential to choose a letting agent who provides competitive pricing for their services. However, be cautious if an offer seems too good to be true. Quality service and a solid track record are worth investing in.
Does your letting agent have marketing skills?
Every day your property sits vacant, you lose potential income. A good letting agent takes proactive measures to find tenants promptly. Inquire about whether the letting agent already has a database of potential tenants who might be suitable for your property. Additionally, check if they list properties on popular platforms like Rightmove and ask about the turnaround time for listing your property.
Assess the quality of their current property listings—do they include comprehensive details and attractive photographs? Look for a letting agent in Milton Keynes who understands local marketing strategies. This ensures your property receives maximum exposure to your target audience.
Reputation matters
A letting agent’s reputation speaks volumes about their professionalism and ability to deliver results. Look for agents with a strong portfolio of positive client reviews and testimonials from both landlords and tenants. A reputable letting agent will be known for finding quality tenants, addressing issues promptly, and ensuring timely rent payments. Prioritise agents who have established a solid reputation within the Milton Keynes community.
Legal compliance and financial protection
Verifying the legal compliance of a letting agent is crucial for safeguarding your interests. Check if the agent is registered with the Property Redress Scheme and Property Ombudsman Service, as it is a legal requirement. Additionally, inquire about the agent’s compliance with government-approved protection schemes for tenant deposits. These have been mandatory since April 2019. A reliable letting agent should also have professional indemnity insurance and hold client money in an FCA-authorised bank, ensuring the utmost financial protection for both landlords and tenants.
Next steps
Choosing the right letting agent in Milton Keynes is essential for maximising your rental property’s potential while ensuring peace of mind. Once you have identified a suitable letting agent, carefully review the contract and retain a copy for future reference. Your letting agent should provide you with important paperwork received from tenants, as well as receipts or invoices for any maintenance work organised. By following these guidelines and conducting thorough research, you can select a letting agent who will expertly manage your property and help you achieve the best return on your investment.
