OK, so what does a letting agent or property management company
actually do? Well, they actually do quite a bit more than many people think.
Perhaps most importantly a letting agent's job is to find a suitable tenant for the landlord of the property. As part of this process the letting agent first needs to ascertain what the recommended rental value of the property. Once a rental figure has been decided upon the letting agent will start to market the property, which might be through newspaper adverts, postings in shop windows or on property rental websites as well as sometimes directly contacting possible tenants who might be on the letting agents' books waiting for a property to come onto the rental market.
It is also usually the job of the letting agent to show would be tenants around the property and to also act as a mediator in any discussions over the rental figure or what is provided in the property. In addition, the letting agent will also supply the tenancy agreement for both the landlord and tenant to sign. This is the contract that contains details of the rights and responsibilities of both parties involved.
Many estate agents will act as letting agents and will also offer property management services to landlords. These can be very useful for those landlords who may live a long way away from the property or just don't want to be personally involved with looking after the upkeep of the property themselves.