Letting Agents - the Right One
It is not rare to hear of a Letting Agent receiving publicity due to their hidden fees. Here at Direct2Landlord we believe in transparency. We hope you enjoy this article as we are trying to help those in your position as Landlords and those involved in property management.
A Letting Agents primary purpose is simple, reduce stress. They are not there to increase it, so, we want to help you to avoid selecting the wrong option.
What starts the relationship with the Letting Agent?
There is usually a written contract/formal agreement.
Using a Letting Agent
There are some good reasons to select a Letting Agent, however for a Landlord, selecting the right one is as important as selecting the right tenants. We advise reviewing all of your options, whether they include asking several letting agents to review your letting or conducting extensive online research to decide which online letting agency you should use.
Professional agents will give you an idea of the lettings rental value, a copy of their contract to review and then they'll advise on all the necessary aspects of letting. Get their fees and valuation in writing at an early stage.
Key points to establish
- Letting Fees
- Management Fees
- Rental valuation
- Check for hidden fees or additional charges -admin fees, finding fees, bank processing fees, contract preparation fees, additional charges for inventories and inspections, emergency call out fees etc.
- Renewal fees - if the tenant wishes to renew
- deposit details - do you take one? Who holds it? What scheme is to be used?
- Rent payments - how long before they reach your account? BACS should be no more than 7 days
- Repairs and emergencies - how much is the letting agent authorized to spend without your consent
- How is the property to be marketed? Internet? Shop window? local papers?
- How does the agent deal with rent arrears?
Agents - problems and complaints
If a problem does arrive, do not mess around. Contact the senior person in the agency and demand some immediate action - keep up the pressure until something is done and do not take excuses as answers. If there is no satisfaction you can contact their professional association and/or the local trading standards people. Follow everything up in writing to record exactly what happens and what has been promised.
We hope you found this enjoyable and informative. Feel free to subscribe for our next article of advice.
No comments:
Post a Comment