Date Published 26 July 2022
Nigel, a landlord, is sat, shaking his head, staring into his cup of tea. "I thought I was using 'a legit letting agency' as they were an estate agent. But, they never visited the property - in 5 years!"
"When they finally did go in, they found the property had been badly neglected, costing thousands and thousands in repairs. Plus the rent was way below the market rate, having not once been reviewed - even more money lost!" I get him a biscuit.
It's a story I hear time and time again. Estate agents setting up 'lettings departments' and assigning staff who know as much about legislation as my dog does.
Anyone can call themselves an estate agent or letting agency.
No letting qualifications, no letting experienced employees, no knowledge of tenancy law, no idea what they are really doing and no shame that they are providing, at best, a third rate service.
Your agent should:
- understand the complex legislation surrounding the renting of property
- have a detailed knowledge of the local rental market and its demands
- trusted relationships with property maintenance companies
- the interpersonal and negotiation skills to handle all of the issues that the landlord and the tenant will raise throughout the lifecycle of the tenancy
There is a lot at stake, not least the safety and well-being of the tenants as well as the success or failure of the landlord's investment.
Getting it wrong can have dire consequences for landlords, including huge legal expenses, loss of rent, extended void periods, loss of tenant's deposit money and penalties for not complying with legislation.
Poor Nigel. Luckily for him the Noonan team are qualified and regulated. Plus, being an ARLA agency means that the Landlord and Tenant benefit from having Client Money Protection as we have regular independent account audits.
If you are a landlord or thinking of becoming a landlord, give the team a call.