1. Look for a letting agent that is part of the NALS (National Approved Letting Scheme)
or one of the trade bodies supporting it. Those are ARLA, RICS and NAEA. It is important to make sure that the agents are listed on a PRS (Property Redress Scheme) as well.
2. There are two things that agents can do.
Manage your estate while it is let or just find tenants for the property. Finding tenants and managing the property is always the better option. If that is what you are after, keep reading the points below.
3. It will be better if the letting agent has insurance.
That will cover them in case they are being sued or they run out of the tenant’s deposit. That way you will not be responsible to restore the amount in case the tenant moves out.
4. Think of who is going to administer the tenancy deposit, you or the agent?
If it is going to be the agent, check the scheme they are covered by. As you are accountable for the deposit, make sure it is fully protected.
5. Read the management agreement very precisely.
If there is something you do not understand, ask for an explanation before signing anything. More exactly, keep your eyes open for the following:
– limitations which make homeowners provide 6 months notice or even more if they wish to discontinue the contract. The reasonable period is about 3 months
– Conditions benefitting the agent to be paid fees on renewals of the occupancy with the renters found by them
– Fees for when the estate is unoccupied – the letting agent is supposed to be payed but it should be less than when there is a tenant
– Management fees when new renters step in – these fees are something common but make sure you are aware of what you pay, so you do not overpay the letting agency
– Fees for services like inventories, occupancy agreements, phone calls outside the UK. Still paying for the above mentioned is normal, just be aware of what you pay.
6. Verify what the letting agency is accountable for.
Is it planning the annual gas safety inspections and holding all the necessary records.
7. Does your agent meet all estate requirements?
Assure that the agent is going to verify that your estate meets all requirements, for instance, that any fittings and furniture complies with the laws and HMO regulations.
8. Make sure that the agent is going to take care of all tenants queries.
As well as being responsible to organize regular repairs and maintenance. You should authorize them to spend a specific amount of money to cover the expences.
9. If you shortlist to a couple of agents, that appear fairly equal…
Focus on the one that has been longer in the letting business. Eventually, he will be more experienced and knowledgeable.
10. Keep track of all records with your agency!
Especially those with specific requests concerning the management of your estate, as well as a copy of the management agreement together with any other documents you signed.
Notes:
If you are having any troubles with your agent, get in touch with us for a free consultation.
