A good letting agent will have expert local knowledge of the areas they serve. This is invaluable in saving you time and effort in finding the right home within the pressures of a strict time frame.
Letting agents also provide a buffer between you and your landlord should issues or problems arise during the duration of the tenancy. Most tenants are focused solely on choosing the right property; it is equally important to choose the right letting agent. A small amount of preparation and research can go far in preventing a negative experience with a rogue letting agent. For example, as a bare minimum, you should check that the letting agent belongs to a professional body.
Things to look out for As letting agent loyalty is first and foremost with their client landlords, tenants need to be proactive regarding their own interests. Be vigilant — check professional memberships with government bodies and redress schemes are current The Property Ombudsman, Ombudsman Services Property or The Property Redress Scheme ; ensure the letting agent has client money protection; be cautious when paying a deposit and always demand a receipt.
Never pay a fee to register with a letting agent this is a criminal offence and request and examine a list of all charges and fees payable before signing a tenancy agreement. We have done the research for you; our approved status is a sign of trust which automatically distinguishes the good from the less scrupulous.
Approval is only awarded to those letting agents that meet our strict criteria, code of conduct and agree to our tenant pledge. If the letting agent does not have a full management role then you need to make sure you understand what their responsibilities are and on what occasions you should contact the landlord directly.
The fines for not following the new law are hefty. Although working with a lettings agent means that it is entirely possible for the tenant and landlord to go through the whole tenancy without ever meeting, tenants have a legal right to know who their landlord is.
You are responsible for any data leaks that take place from your records and you can only contact those on your mailing list who have actively opted in to receive communications from you. It is not enough for them to have simply failed to opt out and there are potentially huge fines for contravening GDPR rules.
This is one of the big legal responsibilities of letting agents currently. Deposits Must be in a Scheme. Anyone who takes security deposits from tenants needs to protect them by placing them into one of three tenancy deposit schemes.
Letting agents and landlords need to act on this within 30 days of taking the deposit and it guarantees tenants receive the full amount as long as they have paid their rent and bills, did not damage the property and complied with the terms of the tenancy agreement. It is a legal requirement to present copies of the gas and electrical certificates for the property to tenants before they move in.
Similarly, everyone who moves in should have a copy of the energy performance certificate EPC too. Provide a Route of Communication. The letting agent acts as a go-between when it comes to vital communication between tenant and landlord. This is particularly important when it comes to repairs.
The letting agent needs to tell the landlord as soon as possible about any problems and then relay detail on the proposed solution to the renters. The agent begins the process by visiting the property to determine its potential rental income.
This valuation is usually done for free. Once you and the agent have agreed on the rent, the agent will advertise the property. The agent will usually show the property to prospective tenants and inform you of any interest shown or offers made on the property. They can act as a go-between during negotiations before a tenancy agreement is signed. The prospective tenant might offer a lower rent or ask for extra furniture to be provided. Once you and the prospective tenant have come to an agreement, the agent will provide a tenancy agreement, a legal contract, for both parties to sign.
All of this can usually be done through the agent by phone or post, so there is no need to actually visit the property or meet the tenants although you might want to. The services listed above are offered by most letting agents. Many also offer extra services, some of which might be included in their basic fees. Some agents offer a tenant vetting service, which could include taking up references or a credit check on prospective tenants, carried out in-house or by a sub-contracted company.
Often, this service is either included in the basic letting fee or paid for by the prospective tenant. Some agents also offer an inventory check service. This is a full list of the condition and contents of the property drawn up during an inspection at the beginning and end of the tenancy, in the presence of the tenant.
This should help solve any disputes if you find the tenant has ripped your curtains or stained the sofa and is refusing to pay compensation. Some agents will offer this service for free, others ask the tenant and landlord to share the cost. Most agents also offer to collect the rent and deposit on behalf of the landlord and arrange to renew a tenancy when the original period expires. They can also arrange for the property to be cleaned before the tenant moves in and at the end of the tenancy.
Many offer a management service, which involves general maintenance and organising necessary repairs over the period of the tenancy. Metropolitan and suburban areas in particular are awash with agents all competing for your business. As with most things, word-of-mouth is the best way to find a reputable agent. Start in the area local to your property and ask other landlords if they can recommend a good agent.
Make a note of the agents with the most boards. Browse the web. Most established agents will have their own websites, and many are linked to nationwide sites dedicated to the property market. Using an ARLA agent is highly recommended. Although anyone can set up as a letting agent without any qualifications or experience, ARLA ensures that its members have basic industry qualifications. It also requires them to comply with a stringent code of practice. All members are bonded, so that if a member does fold, owing money to clients, those clients can claim their money back.
Members are also required to have professional indemnity insurance and procedures for dealing with complaints. Many letting agents work alongside estate agents, who deal with property sales, based in the same office.
While it can seem reassuring to go with a large agency, particularly if they are part of a recognised brand, some agents suggest clients receive a better service from specialist letting agents.
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