A brilliant letting agent or property manager can have a profoundly positive impact on your life as a landlord, from enjoyment to profit to spare time, but how do you find the perfect one?
Maybe you’d check the neighbourhood for Let By boards, scour the portals for agents with rental homes in area, or run a Google search for local firms.
If you’re really lucky, you might stumble upon a fantastic blog that’s packed with priceless tips and think: “Hmm, this agent really knows their stuff!” Hopefully, you’re feeling that now.
Once you’ve chosen who to meet, it’s time to scratch beneath the surface for a bit more detail about:
- How an agent plans to get you the top market rent, both now and forever.
- Their knowledge of existing and future legislation to keep you legal.
- What your experience will be like as a client
- The way their business and team operate.
- What happens when things go wrong.
There’s a lot to answer in there, and this week’s blog is full of the right questions to ask potential letting agents and property managers so you can be sure you’re in safe, capable and honest hands.
WHAT’S THEIR PEAK PERFORMANCE PLAN?
Getting the top rent for your property and attracting the very best tenants means reaching and inspiring the right people, so ask yourself the following about each agent you meet:
- Do they explain their process for pricing your property, offer smart tips for adding rental value, and set out an annual review strategy to ensure your investment keeps pace with the market?
- How do they make sure you get the very best tenants, from pre-viewing qualifier checks to a thorough referencing procedure? You can read about our process here.
- Are their photos and descriptions clearly targeting high-earning professionals, and are they updated later on if your property becomes available again?
It’s always worth digging a little deeper, both online and face-to-face, to narrow the field of agents and find your long-term lettings partner.
HOW WILL THEY KEEP YOUR PROPERTY LAWFUL?
Lettings law is constantly evolving, and your agent needs to be on top of all the legal stuff so you don’t get caught out.
Even without much knowledge yourself, there’s plenty you can ask, including:
- Do their property listings now include all the material information required in the new National Trading Standards?
- Are their tenancy agreements, inventories and deposit-taking procedures set up to protect you in the case of disputes, allow you to get your property back, and keep you safe from fines?
- How do they schedule safety checks and certificates for electricity, gas, smoke alarms, carbon monoxide detectors and energy performance to ensure you always have valid paperwork?
Finally, with more UK rental reforms on the way, it’s definitely worth finding out how an agent plans to absorb the changes and keep their landlords on the right side of the law.
WILL YOU ENJOY BEING A CLIENT?
Whoever you choose as your letting agent or property manager, the experience of working with them should be an absolute pleasure. But how can you know in advance what the reality will be like?
Well, you can get a pretty good idea with answers to the following questions:
- Who will be your main point of contact? Is it the person who comes to value your property, or will you be handed over to someone else?
- What do their reviews say? An agent doesn’t need hundreds of reviews to be worth your consideration, but the ones they do have should be primarily positive.
- Have they got an official company ethos, and do they give you their full business terms when you meet (and not just a list of fees) so you know in advance what you’re signing up for?
Finally, the bonus question: How does each agent make you feel? Excited to work with them, confident in their abilities, and valued as a potential client, or a little bit underwhelmed?
HOW DOES THEIR BUSINESS WORK?
Letting and managing multiple properties takes a lot of organisation, and while every agent’s day is busy and full of interruptions, you need to be sure they know what’s going on and can handle it all.
So, to understand how they operate daily and get a sense of your likely experience, get some clarity around things like:
- How many people are in the team, how are they trained, and do they have any industry-recognised qualifications?
- How many properties do they manage in total, and do they have a sufficient list of tried and trusted local contractors to call on for both scheduled maintenance and unexpected repairs?
- Given all the moving parts to effective property management, how do the team keep each other updated when there’s so much happening?
Good agents will always be open about every aspect of their business (including the challenges they face) because they’re proud of everything they do and have nothing to hide.
ARE YOU PROTECTED IF THINGS GO WRONG?
Every business has moments that don’t go to plan, and a good indicator of a diligent and proactive letting agent is having procedures in place to put things right. So it’s worth asking:
- How do they handle out-of-hours emergencies, minimise the disruption of unexpected maintenance, and manage disputes with tenants around nuisance, damages or unpaid rent?
- Do they belong to an authorised redress scheme? It’s a legal requirement, and the two main options are The Property Ombudsman Scheme (TPOS) and the Property Redress Scheme (PRS).
- Is their Client Money Protection certificate visible on their website, and are they members of ARLA Propertymark, the lettings industry’s leading professional body for agents?
Knowing that your letting agent or property manager prioritises your protection provides real peace of mind, so don’t shy away from asking how they’re set up to deal with challenging situations.
Would you like an MOT on your rental property?
One of the best starts in choosing the perfect letting or managing agent is getting their thoughts on the current performance and future potential of your property.
Whatever you’d like to know, call Richard Cook on 0790 909 3141 or email him at richard.cook@fifeproperties.co.uk for a friendly and expert chat.
