10 Things To Look For In A Letting Agent
01/09/2021
10 Things To Look For In A Letting Agent
We have put together a list of 10 things to look for in a letting agent. A good letting agent will take the time and hassle out of managing your property.
They are especially useful if you:
-have limited experience
-live away
-do not have the capacity to drop everything and -deal with an emergency repair or maintenance issue.
Usually letting agents will offer two types of service:
a ‘let-only’ service, where they will market the property, vet a tenant and collect the first month’s rent
a ‘full-management’ service where the agent will collect the rent and maintain the property on an ongoing basis.
Anyone can set themselves up as a letting agent so finding someone reputable is essential.
10 Things To Look For In A Letting Agent
1. Work To Professional Standards
A good letting agent will work to a professional standard and be a member of the National Approved Letting Scheme or a professional body. The main professional bodies are
The Association of Residential Letting Agents (ARLA)
The Royal Institution of Chartered Surveyors (RICS)
The National Association of Estate Agents (NAEA)
UKALA - ukala.org.uk
Safeagent - safeagents.co.uk
Rent Smart Wales Licensed (Wales only)
2. Current Legislation
We often include posts about the latest legislation on our site because it can be a minefield. At the last count, we found 175 Acts and Regulations that apply to private landlords. A good letting agent will be familiar with and be able to advise you on the current legislation and safety guidelines.
3. Customer Service
If a letting agent responds to phone calls and emails promptly then you can be pretty sure that they are keen to keep your business. If they are professional and helpful then you can be reassured that they will look after your property in the manner.
It is also imperative that an agent is open during normal working hours and contactable after hours for emergencies.
4. Local Staff
Local staff should have excellent knowledge of the local property market. They should also have a proven track record for marketing and advertising properties so that void periods are kept short. They should be able to advise you on what level of rent can be expected for your property. And show you examples of similar properties rented for similar amounts of money.
5. Property Type
Some agents specialise in one or more types of property, check that your property type fits with the agent’s area of expertise.
6. Legally Compliant
Reputable letting agents will comply with legal requirements. They will have professional indemnity insurance, client money protection and make arrangements for your tenants’ deposit to be placed in one of the government approved tenancy deposit protection schemes either
-Deposit Protection Service (Custodial and Insured)
-MyDeposits
-Tenancy Deposit Scheme.
7. Competitive
Good letting agents are competitively priced. If prices are very low, they could be cutting corners and you may not get the service that you would otherwise expect.
8. Contract
Letting agents should have a clear management contract that states how much notice you have to give if you wish to cancel the contract (three months is reasonable). It should also list
-Charges for when the property is empty
-Administration charges
-Charges for services such as inventories
-Tenancy agreements
-Any other additional costs.
9. Record Keeping
A quality letting agent should take responsibility for arranging:
Annual gas safety checks
Energy performance certificates
Regular maintenance visits
Taking accurate inventories
Keeping appropriate records.
They should let you know in good time when checks are due and the results or observations of them.
10. Repairs and Maintenance
Check that the letting agent has a robust procedure for dealing with routine and emergency repairs and maintenance. they should carry out routine maintenance up to a specified cost limit and then negotiate with you for more major repairs. They should have a list of reliable tradespeople who can be called upon to make repairs, maintain gardens and carry out annual maintenance jobs.
A good letting agent will look after you and your tenants well.
Get in touch with us at Smart Lettings.
