A good letting agent makes buy-to-let investment largely passive. A poor one costs money and creates legal risk. Here's what to check.
Fee structures
- Let-only: agent finds tenant and takes first month (8–12% of rent). You manage everything after.
- Rent collection: adds monthly rent collection service (10–15%).
- Fully managed: handles tenancy, repairs, rent collection and inspections (15–20%).
Regulatory requirements
Letting agents must be members of a redress scheme (Property Ombudsman or Property Redress Scheme) and since 2019, must belong to a Client Money Protection scheme. Check both before signing anything.
Questions to ask
- How do you reference tenants?
- How quickly do you respond to maintenance issues?
- What is your void period average?
- Who handles out-of-hours emergencies?