What do letting agents do for their monthly management fee?

In a time where purses are tightening, it's sometimes good to understand what value your letting agent brings for your management fee. Especially with the increasingly tricky legislation, and the up coming changes brought about with the Renters Rights Act.

I was browsing LinkedIn the other week and I saw a fellow Propertymark agent based elsewhere in the country, list to a connection what it was a letting agency does for its management fee, and while I am not the orginal author of this, I believe that there is merit in its purpose in showing what we offer so here goes -

• Right-to-Rent checks (and subsequent follow ups)
• Legally compliant tenancy agreement (continuously updated)
• Statutory document serving (How to Rent, certificates etc.)
• Deposit registration
• Organisation of inventory & condition report at the start of a tenancy
• Key handover
• Rent collection
• Monthly rent statements
• Rent arrears chasing
• Maintenance request handling
• Quote sourcing
• Contractor coordination
• Emergency and out of hours response
• Routine inspections with photos
• Managing tenancy breaches
• Maintaining landlord compliance numerous legal obligations
• Monitoring legislation changes ensuring compliance and updating clients
• Serving possession and rent increas notices
• Guidance on possession/legal grounds
• Professional contacts to support possession and legal claims.
• Safety certificate management (Gas/EICR etc.)
• AML and KYC checks and continuous mainteance
• Managing deposit disputes
• Minimising landlord legal risk
• Year-end tax statements
• Managing landlord float/reserve
• Rent review & increases
• Market rent advice
• Processing contractor invoices
• Landlord online portal access
• Financial audit trails
• End of tenancy notifications
• Organising check-out inspection
• Advising on and managing deposit deductions
• Re-marketing to minimise voids
• Client Money Protection (CMP)
• Regulated code of conduct (Propertymark)
• Redress scheme membership (PRS)
• Professional indemnity insurance
• Ongoing training & compliance CPD
• Rent guarantee insurance option and management of claims
• Legal expense cover option and management of claims
• Licensing support (HMO/selective)
• Access to insured contractors
• Property improvement advice
• Yield/ROI guidance
• Mid-tenancy negotiation (pets, changes etc.)
• EPC upgrade guidance & contractor coordination
• Specialist legislative expertise
• Shouldering the burden of day to day responsibilities and tenant challenges.

It's tough being a landlord and our aim is to support by providing you these day-to-day services and hopefully providing value to you in doing so.

We're always happy to discuss any of the above with you - please call us on 01202 554470.