Letting agents are professional organisations that manage the rented properties of private landlords. Their day-to-day business covers a wide range of services from:
- Advertising the property and carrying out viewings;
- Reference checking and advice on applying for properties including tenant rent guarantee schemes;
- Holding fees, deposit collection and tenancy deposit registration;
- Rent collection and management of arrears;
- Dispute management and deposit refund management;
- Legal advice;
- Maintenance;
Letting agents will charge the landlord for their services - usually a percentage of the monthly rental value of the property but it is normal for the tenants to be asked to pay an admin fee for managing their details, such as reference and credit checking and managing their holding fee/deposit.
They may also charge a retainer, especially in the case of student lets, which is often a percentage of the rent to ensure that the property is secured for them during any period where the property may be empty.
Letting agents often come under the same branch as an estate agent, due to the nature of their services, however many agents deal exclusively with residential lettings.
Letting agents often have particular expertise of their surrounding local area and will be able to give general advice on the rental market