Picking a bad Letting Agency can destroy your investment…
Most landlords are business people who want value for money and want to achieve the most for their money.
From from my experience in Lettings, this should be the last thing on your mind!
You’ve worked hard to save up to invest in property and should not want to just put it in the hands of the person who will deal with it for the cheapest fee.
Decide on the services you need...
You should firstly think about what’s most important to you !
An agent that lets any tenant in your property, or one that wants the best tenant for your property?
Picking the cheaper option could mean more cost for you in the long term.
I have known agents to allow the first applicant through the door to take a property so that it is Let quickly. Or because they have given a cheap fee or it’s a Let Only anyway, so not our problem!
Great agents are all about a high level of service, repeat business and 5* reviews. Constantly asking staff what you thought of the potential tenants. Asking the applicant to fill in a pre-application form and work through it with the landlords.
A tenant can be excellent in black and white, but as an experienced letting agent you should also trust your gut.
Research local letting agents. ...
Try calling the office yourself and act like an applicant looking to rent.
See if you get the Celebrity Service that landlords and tenants deserve.
Even pop in to their office and see what you think. How you get treated and do they even lift their head and look at you when you go in. After all, these people are going to be the face of your property and represent you.
Look at the reviews. These in my opinion speak volume about an agents credibility.
Picking a bad agent could mean annoying your tenants by having them waiting for repairs, making them move out. Which in the long run will cost you more.
If a tenant is happy in a property they will stay, but if a bad agent causes them problems they will leave, meaning you have more initial set up fees to pay.
Look at their online portals. Are they adding tenancy information, property descriptions, and do they take a good photograph? Do they add an energy performance certificate? If they can’t be bothered to get this right, what else can’t they be bothered to do?
Ask the agents for an example of their tenancy agreement, and most importantly their inventory. This is one of the most valuable documents when letting out a property. If it’s done right and not on the cheap it could save you hundreds of pounds.
Look at the terms of business, if the agent has expensive ‘get out’ clauses, this to me means they need it. However, if they don’t have any, I would say they are more than confident you are going to be happy with their service and won’t want to leave them.
Look at marketing strategies. ...
What is the agent offering? What is different and stands out to others?
Sometimes agents get comfortable and stuck in their ways.
You want your property marketed to its best to achieve you the best possible rent. When did they last blog, post on social media, you want a proactive agent, one with get up and go.
Tenants information. …
Always make sure that the Agents will provide you with a copy of the signed AST, inventory and meter readings.
If you want to speak with our qualified award winning lettings team give them a call on 01744 371371 or 01925 290290