How to become a Residential Letting Agent
- Price: £5.99
- Published: February 2016
- Type: Business Opportunity Profile
- Format: PDF
- What qualifications and skills are required?
- What are the key market issues and trends?
- Trading, commercial and legal issues
- Further information
Residential letting agents typically provide various levels of service to residential landlords, ranging from 'let only' to full property management. Depending on the service level, agents are responsible for valuing and marketing properties, vetting potential tenants, arranging tenancy agreements, dealing with deposits and collecting rent. They also arrange property repairs, maintenance services and statutory inspections, and inspect properties at the end of tenancies.
Although agents are engaged by landlords, they are subject to various legal requirements intended to protect tenants. For example, agents must place damage deposits in government-backed deposit protection schemes.
The majority of residential letting agents belong to the Association of Residential Letting Agents (ARLA). ARLA is a divisional body of the National Federation of Property Professionals (NFoPP), which acts as a voluntary regulator for the property sector, including the residential letting industry.
This profile provides information about starting up and operating as a residential letting agent. It describes the skills required, the training available, the current market trends and some of the key trading issues. It also explains the main legislation that must be complied with and provides sources of further information and support.