Letting agent

Letting agents schedule appointments with clients in order to show and lease real estate to prospective residents. They assist in marketing the property for rent through advertising and community out-reach. They are also involved in daily communication and administrative tasks.

Letting agents typically do the following:

• advise clients about the letting process
• set up viewings and show potential tenants around the property
• select responsible, reliable tenants
• prepare tenancy agreements and inventories
• check tenant references
• make sure all aspects of the letting meet legal requirements
• meet landlords and advise on rents
• arrange for maintenance to be carried out
• work with solicitors, builders, cleaners and suppliers
• handle any problems with the property.

Workplace size for letting agents can range from a one-person business to a large firm with numerous branch offices. Many agents have franchise agreements with national or regional real estate companies. Under this arrangement, the agent pays a fee to be affiliated with a widely known real estate organization.

Some letting agents work in a typical office environment, while others work out of their homes. In both cases, letting agents spend much of their time away from their desks, showing properties to customers, traveling to see properties for sale, and meeting with prospective clients.

Many letting agents work more than 40 hours per week. They often work evenings and weekends to accommodate clients’ schedules.

Many letting agents spend a significant amount of time networking and attending community events to meet potential clients. Although they frequently work irregular hours, many can set their own schedules.

Some letting agents work part time and may combine their real estate activities with other careers.

The following job titles also refer to letting agent:

leasing broker
estate agent
rental agent
real estate agents
estate agents
leasing consultants
rental agents
leasing agents
real estate leasing specialist
letting consultant
leasing agent
real estate leasing specialists
real estate leasing consultant
real estate leasing consultants
real estate agent
leasing consultant
letting consultants

Letting agents must complete some real estate courses to be eligible for licensure.

As the real estate market becomes more competitive and complex, some employers are preferring to hire candidates with a college degree. Some community colleges, colleges, and universities offer courses in real estate. Some offer associate’s and bachelor’s degree programs in real estate, and many others offer certificate programs. Courses in finance, business administration, economics, and law also can be useful.

Brokers intending to open their own company often take business courses, such as marketing and accounting.

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

• the nature of the work performed in an occupation in relation to the characteristic tasks and duties
• the level of formal education required for competent performance of the tasks and duties involved and
• the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Letting agent is a Skill level 3 occupation.

These occupations, although different, require a lot of knowledge and skills similar to letting agent.

real estate surveyor
property appraiser
real estate investor
real estate leasing manager
real estate agent

These occupations require some skills and knowledge of letting agent. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of letting agent with a significant experience and/or extensive training.

housing policy officer
election agent
programme funding manager
property developer
renewable energy consultant

This knowledge should be acquired through learning to fulfill the role of letting agent.

• Office administration: The paperwork processes related to the administrative areas of an office environment. The activities or processes may include financial planning, record keeping and billing and managing the general logistics of an organisation.
• Real estate market: The trends concerning the buying, selling, or renting of property, including the land, buildings, and natural resources encompassed within the property; the categories of residential properties and properties for business purposes which such properties are traded in.
• Advertising techniques: The communication strategies intended to persuade or encourage an audience, and the different media which are used to achieve this goal.
• Property law: The law and legislation that regulates all the different ways to handle property, such as the types of property, how to handle property disputes and property contract rules.

These skills are necessary for the role of letting agent.

• Collect property financial information: Collect information concerning the previous transactions involving the property, such as the prices at which the property had been previously sold and the costs that went into renovations and repairs, in order to obtain a clear image of the property’s value.
• Coordinate events: Lead events by managing budget, logistics, event support, security, emergency plans and follow up.
• Identify customer’s needs: Use appropriate questions and active listening in order to identify customer expectations, desires and requirements according to product and services.
• Inform on renting agreements: Inform landlords or tenants of a property on the duties and rights of the landlord and tenant, such as the landlord’s responsibility for the upkeep of the property and the eviction rights in the event of a breach of contract, and the tenant’s responsibility to pay rent in a timely manner and avoid negligence.
• Prospect new customers: Initiate activities in order to attract new and interesting customers. Ask for recommendations and references, find places where potential customers can be located.
• Use office systems: Make appropriate and timely use of office systems used in business facilities depending on the aim, whether for the collection of messages, client information storage, or agenda scheduling. It includes administration of systems such as customer relationship management, vendor management, storage, and voicemail systems.
• Liaise with advertising agencies: Communicate and cooperate with advertising agencies in transmitting the goals and specifications of the marketing plan. Liaise to develop an advertising and promotional campaign that represent the aim of the marketing plan.
• Provide information on properties: Provide information on the positive and negative aspects of a property and the practicalities concerning any financial transactions or insurance procedures; such as location, composition of the property, renovation or repair needs, the cost of the property and the costs related to insurance.
• Fix meetings: Fix and schedule professional appointments or meetings for clients or superiors.
• Coordinate advertising campaigns: Organise course of action to promote a product or service; oversee the production of TV advertisements, newspaper and magazine ads, suggest mail packs, email campaigns, websites, stands and other advertising channels
• Compare property values: Obtain information on the value of properties comparable to a property which is in need of valuation in order to make more accurate appraisals and assessments, or to set or negotiate the price at which the property can be sold or leased.
• Perform property market research: Research properties in order to assess their usefulness for real estate activities, using various methods such as media research and visitation of properties, and identify the potential profitability in the development and trading of the property.
• Organise property viewing: Organise events in which prospective buyers or tenants of a property can visit the property in order to assess whether it is suitable to their needs and to obtain information, and organise plans to liaise with the prospective customers in order to secure a contract.

This knowledge is sometimes, but not always, required for the role of letting agent. However, mastering this knowledge allows you to have more opportunities for career development.

• Building codes: The set of guidelines that determine the minimum standards for buildings and other constructions in order to protect public health and safety.
• Concurrent estate: The concept in property law which stipulates the rights and duties of two parties co-owning a property, and the various ways in which co-tenancy is possible.

These skills and competences are sometimes, but not always, required for the role of letting agent. However, mastering these skills and competences allows you to have more opportunities for career development.

• Communicate with customers: Respond to and communicate with customers in the most efficient and appropriate manner to enable them to access the desired products or services, or any other help they may require.
• Check construction compliance: Determine whether a construction complies with laws and regulations.
• Advise on property value: Provide advise to those that own a property, professionals in real estate, or prospective clients in real estate on the current monetary value of a property, the potential of development in order to increase the value, and other relevant information concerning the value of the in the future developments of the real estate market.
• Attend trade fairs: Attend exhibitions organised to enable companies in a specific sector to demonstrate their latest products and services, study the activities of their competitors, and observe recent market trends.
• Examine credit ratings: Investigate and look for information on the creditworthiness of companies and corporations, provided by credit rating agencies in order to determine the likelihood of default by the debtor.
• Obtain financial information: Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.
• Prepare inventory of properties: List all the items present in a property building which is leased or rented, in order to have a contractual agreement between the owner and the tenant.
• Write work-related reports: Compose work-related reports that support effective relationship management and a high standard of documentation and record keeping. Write and present results and conclusions in a clear and intelligible way so they are comprehensible to a non-expert audience.
• Manage contracts: Negotiate the terms, conditions, costs and other specifications of a contract while making sure they comply with legal requirements and are legally enforceable. Oversee the execution of the contract, agree on and document any changes in line with any legal limitations.
• Examine the conditions of buildings: Monitor and assess the conditions of buildings in order to detect faults, structural problems, and damages. Assess general building cleanliness for grounds maintenance and real estate purposes.
• Plan marketing campaign: Develop a method to promote a product through different channels, such as television, radio, print and online platforms, social media with the aim to communicate and deliver value to customers.
• Collect customer data: Collect customer data such as contact information, credit card or billing information; gather information to track down purchase history.
• Develop professional network: Reach out to and meet up with people in a professional context. Find common ground and use your contacts for mutual benefit. Keep track of the people in your personal professional network and stay up to date on their activities.
• Present reports: Display results, statistics and conclusions to an audience in a transparent and straightforward way.
• Communicate with tenants: Communicate in a positive and cooperative manner with the tenants of a property or part of a property, such as apartments and sections of commercial buildings, in order to facilitate efficient procedures in terms of rent and other contractual agreements as well as to ensure their satisfaction.

3334 – Real estate agents and property managers

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References

1. Letting agent – ESCO
2. Real Estate Brokers and Sales Agents : Occupational Outlook Handbook – U.S. Bureau of Labor Statistics
3. Letting agent | Explore careers | National Careers Service
4. Featured image: Photo by Kindel Media from Pexels