A landlord has much to contemplate when renting out their property and the challenge of selecting the right agent can be time-consuming. In this blog, we aim to provide you with some insights accompanied by practical links, hints, and tips to streamline the process.
Whether you are a seasoned landlord or venturing into this realm for the first time, the same principles apply. It is a common misconception that all agents do the same thing and there is little to differentiate them whereas the cost of hiring a professional may well initially appear high, it pales in comparison to the potential pitfalls of dealing with an amateur.
The role of a landlord has become increasingly challenging marked by ceaseless demands and intricate legislation. Landlords must seamlessly adapt to the constantly evolving environment especially given the complexity of the law and enhanced building safety which transforms the role into a full-time occupation. You are not alone if you find yourself grappling with these challenges and it’s important not to be too harsh on yourself as an effective solution can be found by placing your property in the hands of a property professional.
To help we have suggested 10 fundamental questions that must be asked of your agent before making the all-important decision on whom you entrust with one of your most valuable financial assets.
- What is their company ethos and how do they communicate effectively as a team?
- What is their staffing set up and do the team receive continuous professional development training?
- Is the business accredited with Propertymark the UK’s foremost professional body for professional agents?
- What are people saying about them and what is their review rating?
- Is their website comprehensive and up to date?
- What does their online marketing look like, how does their strategy work in terms of pricing and getting the property let and how do they qualify potential tenants?
- Where are the property managers based?
- Is their Client Money Protection (CMP) certificate available online (it’s been a legal requirement since 2019).
- Are they a member of a property redress scheme (another legal requirement since 2014) and who is it?
- Do you feel satisfied with their knowledge on lettings legislation and that they will shield you from and ensure compliance to your statutory requirements?
In summary do your research first and if you feel it prudent ask more questions to ensure you are comfortable, historic advice often involves three agents being asked to value and to choose the mid-priced option, but this will only work if you invite the top three agents in the area. Others will advise you to negotiate and some may even say don’t use an agent at all hence it is very important to make your own mind up and not be led by others. It’s no longer simply about the agent with the greatest market share, presence, or exemplary work for charity many agents now advertise nor how many boards you may have seen; it’s all about skill, professionalism, legislative understanding and in most cases the reviews and recommendations of others in a similar position to yourself.
If you are looking for a letting agent in Thanet or a Kent based letting agent able to look after property in the southeast of England, then the team at VSL await your call. Either way we hope to have provided some basic help to ensure you achieve a seamless journey where you and your investment are in the safest of hands.
