Are you looking for a short term lettings agency to manage your London property? Not sure what to look out for?
In this article, we’ll be taking a deep dive into what makes for a great short term lettings agency and how you can cut down costs and raise profits on your rental properties.
Why Hire A Short Term Lettings Agency?
Short term letting agencies are great for people who want to turn a profit on their second property without having to take on another full-time job or dedicate huge amounts of time and effort to learning about the letting industry. They’ll take a percentage of your profits and in return, they’ll run your property as a short term vacation rental at no extra cost to you.
As if that wasn’t great enough, as experienced lettings experts, they’ll almost certainly be able to raise profits enough to pay for themselves at no extra effort to you. There really is no reason not to hire one for your second home.
There’s just one problem. How do you know if a short term lettings agency is right for you?
How To Tell If A Short Term Lettings Agency Is Legit?
If there’s one thing that’s almost a universal positive about living in the 21st century, it’s that the internet has made it easier than ever to find out more about a company – whether they want you to or not. A good short term lettings agency should have plenty of positive reviews in their name from other happy clients. Likewise, a bad one can easily gain notoriety and if you have a bad experience with a lettings agency it’s important to put the information out there for just that reason.
But aside from looking them up, you can also learn a lot about a company from the way they conduct themselves and their sense of professional practice.
What Makes For Good Practice?
As a rule, if you want to judge a business – any business – up front, look at how well they communicate. Do they listen to you? Do they give you accurate information about the property they’re managing?
Perhaps even more importantly, do they communicate well with each other? It’s one thing for a lettings agency to let you down in terms of information but if those problems seem to be coming from inside the company then it might be a good idea to find someone else to manage your properties.
When To Move On
At the end of the day, whether or not a short term lettings agency is working out for you comes down to one simple question: are you making good profits? If they’re doing their job properly then you should be making more money than you would otherwise. If not, then it may be time to move on.