Letting property - deciding which estate agent to use

Sbob53912

Hi all,

I’m about to let out my first property and have narrowed things down to two local letting agents. I’d be interested to hear what factors experienced landlords would prioritise.

Both agents are offering a rent collection service at around the same monthly cost and both have valued the property at broadly similar levels.

Agent A

• Long-established local agent.
• Larger branch network.
• Slightly lower setup costs.
• Has suggested marketing at around £1,800 pcm.
• Communication has been professional and responsive.

Agent B

• Smaller agent with a very strong presence on the development where the flat is located.
• Claims to have a lot of applicants specifically looking in the development.
• Has suggested trying £2,000 pcm for a week initially and then reducing if there isn’t enough interest.
• Slightly higher setup costs.
• Has mentioned relationships with local employers and corporate tenants.

As a first-time landlord, I’m trying to work out whether it’s better to go with the larger established agent or the agent that seems to know the development inside out.

In your experience:

• Is there any downside to trying a higher rent for a week or two?
• Does an initial overpricing risk putting off potential tenants or making the property look stale?
• Or is it sensible to test the market first and then adjust if required?

For those who have rented out flats before, would you place more value on:

1. A larger established agency?
2. An agent with very strong knowledge of the specific development/local market?

I have read all the terms of business and am happy with what I have negotiated with both. Any advice welcome please.

Many thanks

sherlock228

I would place more value on being allowed to talk to existing landlords of both agencies to get some real feedback

you have not given any real factors on which to make a decision. Agent A's list is basically their own marketing flannel.
what you want to know is whether the people that you will be dealing with are actually competent and knowledgeable.
Just because A is has more branches does not mean it recruits better staff

GrumpyDil

Given the new rules you can't increase a rental price however many interested parties you have so an element of me says put it on at the higher price and if it doesn't get any interest in a couple of weeks reduce it slightly.

In terms of which agent to choose for letting there my experience is that there is not normally any element of sole agency etc so nothing really to stop you from letting both list it and whoever finds a suitable tenant first gets the business.

Sbob53912

https://forums.moneysavingexpert.com/discussion/comment/82037249#Comment_82037249

Thanks. I have met with the lettings managers from both agents, who visited the property and have negotiated on fees wjth me since. I’ve read through their terms and stuck them in chatgpt which threw up some additional questions to ask.

Agent B is 12 weeks sole agent. Nothing in the other one about sole agency.

I have not spoken to existing landlords, however I can see there are numerous flats in the area up with both agents. I can see that agent B’s tactics are always price high at first, whereas the other agent goes in with perhaps a more realistic initial price.

Sbob53912

Thanks for the advice!

sherlock228

https://forums.moneysavingexpert.com/discussion/comment/82037274#Comment_82037274

never lose sight of the fact the agent works for the agent's own benefit.
You may pay them, but they do not work for you.
This board is littered with stories of agents that know nothing or those who do not care about holding the hands of novice LL.

poseidon1

The first port of call for any novice landlord should be subscription membership to NRLA, and accessing their tuition resources -

https://www.nrla.org.uk/

Inserting 'letting agents' in their website search engine will throw out far more useful information than you could ever obtain from this forum.

However, retaining the services of a half way decent letting agent is just one small aspect of a new landlord's learning curve.

Albermarle

• Does an initial overpricing risk putting off potential tenants or making the property look stale?

In most areas there is high demand for good rental properties ( many threads on here about people having difficulty securing a rental property ). So even with a high price, you will probably still get interest and offers. However the quality of tenants is as important as a good price. Someone who was a bit desperate or dodgy might be more likely to accept a higher than market rate rental cost ( and then maybe not pay it).

Have you asked the agents about their vetting procedures, and how involved in that would you be ?