What Is a Search Agent?

Simply put, a search agent looks for a property on your behalf. If you are looking to move – be it buying or renting – the search agent can do all the legwork for you. That’s finding suitable properties, arranging viewings and brokering the negotiations on your behalf saving you heaps of time and energy. If you really trust them, they can even attend viewings on your behalf. Maplewood often takes on this responsibility and reports back with videos or video calls, saving you further time travelling to multiple appointments.

In the UK, this process is less familiar than elsewhere in the world. In North American sales transactions, for example, both vendor and buyer are usually represented by a qualified professional (real estate) agent who acts in their interest. This isn’t the case for rental transactions, but it does mean that Americans and Canadians fully understand the principle of someone working on their behalf in this way.

In the London rental market, it is not uncommon to encounter relocation agents (or ‘relo agents’ in agency lingo). They are normally retained and paid for by a company to look after relocations for members of staff and their families (often internationally). They have excellent little black books full of London agency contacts and can work proactively to get access to properties that aren’t yet on the market. This role is common particularly for those looking for a property in Prime Central London.

If the idea of having someone take care of all of the hassle of looking for a property sounds ridiculously appealing, you may be wondering why search agents aren’t more common in the UK. The reason for this comes down to – perhaps unsurprisingly – money.

In Prime Central London, a search agent can undertake their work on the basis that they are paid a portion of the fee earned by the seller’s/landlord’s agent (i.e. the agent listing the property). The prices of Central London properties produce margins that allow for this and with both agents retaining a healthy fee. Outside of Central London (even just south of the river) the commission on offer isn’t regarded as sufficient to be split between two agencies. So a search agent must pass their fee directly to their client (the buyer/tenant) instead.

In an environment where much emphasis has been put on eliminating fees for tenants, lots of those people looking to relocate would rather take on the search themselves than pay a fee for someone else to find them a place to live, despite the valuable time-saving, negotiating experience and contacts the search agent may have.

The tide is changing however and – particularly in a hot rental market – it can be a difficult and logistical nightmare to find a property if you’re a busy professional. Hiring Maplewood to conduct a four-week rental property search for you starts at £1500+VAT. We jointly determine your search parameters, source potential properties, arrange and attend viewings for/with you and advise on the negotiations right through to your move-in day. Imagine that: a quick, low-stress and proven solution to finding your next rental home.

You can find more information about our property search service here or book a call with us to have a chat about your dream home.

How to Win the Rental Game

How to Secure a Rental Property in a Competitive Market

Demand for rental properties in London has been through the roof over the past months with the market having more than recovering from the lockdown slump. We’re regularly listing new properties only to have them snapped up within days and often over asking price.

Because we also undertake property searches for clients, we know from both sides of the ‘equation’ how tricky securing a property can be. We’re lifting the lid to share our top tips on winning in a busy lettings market. Here’s how to best position yourself to secure that sought-after rental property.

Draw your search parameter map and set-up alerts

You probably know that property search websites like Zoopla enable you to view your search results in a list view or a map viewing, show where each property is located. But did you know that you also create a customised search area? By dropping perimeter pins to specify a boundary area, you can create a search area outlining exactly where you want to live and include areas that would otherwise be excluded from a standard search by postcode or circumference search (I.e. ‘search within x miles of y’). Your map searches will be saved within the Alerts and searches section of your My Zoopla account and you’ll receive notifications whenever new properties come up in your desired area.   

Creating a customised search area on zoopla.com

Set up a designated inbox and set reminders to check it periodically throughout the day

A recent property search for a client has been a great reminder of the volume of emails that can come your way when you’re property hunting. The rental market in London moves quickly and it’s easy to become inundated (and overwhelmed!) with new property notifications and appointment bookings. That’s why we suggest setting up a separate email account for your property search. You can keep your personal inbox clear of property clutter and if you’re searching at a more relaxed pace, you can even turn off the email notifications altogether and simply set reminders to check your property search account when it suits you.   

Be quick off the mark

Those new to the London rental market can be taken aback by just how quickly things move. In the current busy market, it wouldn’t be uncommon for a property listed on a Friday to be under offer by Monday. This means you’ve got to be ready to act quickly. Be proactive in phoning for viewing appointments and confirm your appointments with the agent to double check a property is still available before you travel to view it. If there’s something you like the look of, get as much information from the agent before the viewing so you’re clear on their offer process and can have any necessary paperwork lined up. You can even request an offer form from the agent in advance of the viewing and have it ready to send once you’re sure you want to make an offer.

Get clarification on when the property is reserved to you

At many estate agents, having had an offer accepted by the landlord may not fully secure it for you. You may need to pay a holding deposit to stop any further viewings and reserve the property whilst you undergo referencing checks (which is usually put towards your first month’s rent or security deposit). Holding deposits are generally non-refundable should you change your mind and withdraw your application, so seek confirmation if the conditions of a holding deposit aren’t clear.

Align yourself with the landlord

In putting forward your offer in a busy rental market, you need to make your offer as attractive as possible to the landlord. Do your requirements align with theirs? High street agents will typically push for long contracts without break clauses (as this can affect their commission) but a decent agent will let you know if a landlord has preferences regarding their ideal tenant. It can be useful to include a short blurb about yourself in your offer (a couple of sentences will do) so the landlord gets a better sense of you. Also be aware that making an offer that’s contingent on removal of furniture pieces or upgrades to the property can put you out of the running when there are multiple offers.

Be prepared to offer above the asking price

In a busy Central London rental market, properties often go for over the asking price. Up to 10% is common, though we’ve recently seen as much as 20%. You should never put forward an offer that you’re uncomfortable paying, but be aware that sometimes even £25 over the asking price can put your offer a notch ahead in the landlord’s mind. Offering to pay 6 or 12 months’ rent up-front can also position you favourably and will almost certainly be required if you’re a full-time student living on your own.

Have all your documents ready to go - and brief your current landlord, employer, guarantor or accountant

Once your offer is accepted, you’ll be asked to undergo referencing checks. An independent referencing company will ask you to provide information to confirm your identity, a reference from your current managing agent/landlord and check your financial position. If you’re a student, are self-employed or receive Universal Credit, you may also need a guarantor. For anyone whose details you provide in your referencing application, it’s worth letting them know that they will be contacted so the referencing process can run quickly and smoothly. Managing agents can be particularly slow to respond to landlord reference requests, so do what you can to push this along.

If you’re moving between jobs or are self-employed, speak to the letting agent and referencing company on the best way to provide proof of your income. Referencing companies are generally looking for confirmation that you will be employed for the duration of the contract and that you’re earning 2.5x the annual rent. You may need to show pay slips, a P60 or bank statements to prove this.

With all these tips in mind, we’re sure you’ll be far more prepared to hit the London property market running and secure that sought-after home with ease. And if you’d like further advice, book a call us with. We’re always happy to have a chat!