Landlords – Do you know who you’re dealing with?
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Most sensible people would think long and hard about whom they trust to look after their savings or investments. They’d want to know that their savings are safe and that any income would be delivered safely.
So why do so many Property Investors and Landlords so willingly trust any Joe Bloggs to look after their property investments. There are more and more new Agents with generic descriptions of a Lettings/ Management Agents services offering amazing introductory rates. Unfortunately many of these attract the naïve landlord. A general rule of thumb should be, “if it sounds too good to be true, then it probably is too good to be true”.
A careless or incompetent Agent can cause substantial losses and stress
Without the proper procedures in place, you may find that you are housing the tenants from hell. Tenants that not only fail to pay their rent but also cause substantial property damage. Evicting tenants is both a costly and lengthy process not to mention the stress of attending court.
Criminal activity and rented property
The private rented sector is often targeted by criminals especially for the purposes of brothels and cannabis factories. A good Agent has procedures in place to minimise these risks.
In this digital age and the constant warnings of identity theft and fraud surely we need to know who we trust our personal information with. Check that your Agent is registered with the Information Commission, (a legal requirement). This will ensure that your Agent has procedures in place to protect your sensitive information and data.
Landlord Regulations
Being a Landlord is also a heavily legislated industry, and a responsible Agent will keep their Landlords up to date with the latest regulations. Unfortunately the ultimate responsibility remains with the Landlord, and the courts have the ability to impose heavy fines or even custodial sentences where it deems necessary.
Do a little homework before trusting an Agent to manage or let your property
A good organisation will be proud of its staff and will invest heavily in the right team. Can you see which people you will be actually dealing with or does their website site and literature seem deliberately vague with just a general description of a lettings service? If so ask for the names of all the people involved in the organisation.
Ask around, personal recommendation is always the best form of advertising, but try to find out if anyone has heard negative feedback about the Agency and its staff.
The internet and social media make research so easy. Try a Google search of the Agent and each individual member of staff, the results can be surprising.
We all expect that our tenants will be thoroughly checked so it makes sense to check out our Agent before trusting our hard earned investment with them. A good Agent has nothing to hide and will answer any queries freely.
A little time spent on homework upfront will reap rewards long into the future.
Finally, if your research doesn’t produce any adverse results and for further peace of mind, ensure that your Agent is a member of a regulatory body such as The Property Ombudsman (TPO), NLA, ARLA etc. and follows a code of conduct.
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