What to expect from your managing agent

What to expect from your managing agent

The National Landlords Association describes letting agents as "a valuable resource" and says the "purpose of a letting agent is to alleviate stress for the landlord and to ensure that their property remains a savvy and profitable investment." Which sounds ideal in theory. However, as anyone who has experience of letting agents as a landlord knows, not all provide the same level of value and service. If you're looking for support with your rental property, what should you expect from your managing agent and what is a fair price to pay for their services?

The issue of cost

As a landlord you've most likely entered into the rental market as an investment. So, naturally, you're looking to see the best possible return on renting your property out to tenants. Part of getting the best return is not losing a large chunk of income in letting agent fees. Different agents charge different percentages when it comes to what you pay - the market average tends to be somewhere between 12% and 17%, which can take a significant bite out of what you're earning. However, there are letting agents in Hackney (and further afield) charging less. For example, at Storeys we charge just 10%. We're able to do this because our business is structured for efficiency and we're committed to doing this because we believe in delivering genuine value to the clients we work with. You'll get the same (if not a superior) service but pay less. So, if you're not happy with your current managing agent fees there are other options.

Managing agent service - what can you expect?

Given that at least a tenth of what you earn is going to a managing agent, is it really worth it? We think so - as long as you're getting some, or all, of the following as part of the service:

  • Fielding contact with tenants, as well as queries and requests, so you don't have to
  • Dealing with any issues that arise with the property, from maintenance to repairs
  • Ensuring you're a compliant landlord e.g. carrying out the annual requirement for a gas safety inspection
  • Chasing rent arrears and making sure that tenants don't fall behind
  • Handling tenancy renewals and dealing with the process of annual rent increases
  • Maintaining a positive relationship with tenants to help avoid frequent tenant changes
  • Carrying out regular inspections to check on the condition of the property and keep it in a good state of repair
  • Being proactive in between tenancies - it's vital to have an agent who understands the need to use the time in between tenancies for maintaining the property, taking steps to help achieve optimum rental (e.g. painting and decorating) and working to help find new tenants, fast

Customer service is also an essential part of the managing agent and landlord relationship and this is often where agents fall down. At Storeys, our customer service looks a little like this:

  • Responsive communication
  • Personalised service - we get to know our landlords and you'll deal with the same team every time
  • Strong local knowledge
  • Great contacts and access to expert local tradespeople
  • A smart approach to admin and paperwork to reduce the burden on you
  • Expert market knowledge and a proactive approach to compliance
  • A desire to build long-term relationships with satisfied landlords

Managing agents vary across the sector, from the fees charged to the level of service provided. It's always crucial to set your expectations out clearly at the start to ensure a positive and profitable ongoing relationship. We are letting agents in Hackney - if you'd like to talk about switching to our service, get in touch.


Residential lettings
We pride ourselves on being genuine industry experts, providing a positive experience, from enquiry to after care. Storeys focuses exclusively on lettings, and we value properties, we don’t just list them. Knowledge and innovation mean we can be competitive on costs while also delivering an individually tailored service.
Property management
Storeys is a bespoke offering based on the fundamental principle of value for money – we want happy customers. Paperless tech and eSigning deliver efficiency and convenience, no high street office minimises costs. The result is a streamlined service nimble enough to tailor what we do to suit your needs.
Aesthetics, natural light, building quality, and overall finish – these aren’t ‘extras’ in a Storeys valuation, they’re as much a part of the process as size, condition and location. We look at individual property potential, not generic criteria. Factors like space for modern living arrangements, such as flexible working, are incorporated too. Our valuations are all the more accurate and successful for it. There is a perfect tenant for every property if you know how to find them.
Short-term lettings
Providing value for tenants and continuity for landlords, Storeys short-term lets run from 4 weeks to 6 months. We work with major London relocation teams and a global contacts network to match international tenants to perfect London properties.
Vacant property Management
We can manage your vacant property in-between tenancies or refurbishment, giving you peace of mind that the property is being looked after and inspected on a regular basis.
Superior Marketing
There is just no comparison between static photos and VR when it comes to property marketing. VR allows tenants to do a virtual walk around and get a realistic feel for the property - their expectations are grounded in reality, and properly managed. This makes VR a very effective tool, not just for generating interest and viewings but also converting those to offers. That’s why we partner with VRPM to create a virtual reality perspective for every property we handle.
Airbnb Management
We can manage your Airbnb account and make sure each booking runs smoothly, keys are always available for handover and the property is ready for the next occupation. This can run very well alongside our short-term corporate letting service.
Rent Protection
If your tenant defaults on the rent, Storeys have you covered. We also cover your legal expsenses and pay you rental income if your property is vacant whilst we remarket for new tenants. Don’t worry Storeys have your back.*ask a member of the team for more info. This service is included for every Storeys managed property.