Why Letting Agents Are Essential to the Landlord
Whether they are spotted behind a desk in an agency office, driving around town in a branded vehicle or showing prospective tenants through your property letting agents are essential to the landlord.
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They are responsible for finding and vetting tenants, managing enquiries, conducting property inspections, drawing up tenancy agreements and creating inventories. They may also take care of gas and electrical safety checks, fire regulations certificates and energy performance certificates. They may also be members of a professional body such as ARLA or the NAEA which ensures they follow the code of practice and are updated on any legislation changes.
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As a landlord you want reliable tenants that will pay their rent on time and look after your property. Letting agents will do their best to find you the perfect tenant and can assist with vetting through references, credit checks and the right to rent. They will also set up and manage a tenancy agreement on your behalf, taking payment of the deposit and rent instalments, plus they will draw up an inventory for both the landlord and tenant to sign.
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Letting agents can also take over the maintenance of your investment property, which saves you time and hassle. They can connect you with local plumbers, electricians and painters and carry out comprehensive property inspections to assess the state of your rental and identify any repairs needed. They can then create and manage a maintenance schedule and conduct regular inspections to report back to you.
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If your letting agent has been negligent or breached their duty then you can file a claim against them for compensation. They should be a member of a professional body and adhere to the code of practice which protects both the landlord and the tenant. They should have the correct insurance cover in place for any claims made against them.
Letting agents are paid a commission from the landlord for the services they provide, this is usually around five per cent of the monthly rent. It is worth checking with any letting agent what they charge before signing a contract as this can vary significantly from one agent to the next. You should also check the letting agent is qualified and registered, this can be done by visiting their website or by contacting them directly to ask for proof of registration. If they cannot provide this, then you should consider using a different agent. Finally, if you are not happy with the service you are receiving then make sure you raise this with the agent in writing to give them an opportunity to put things right. A reputable and experienced agent should have no problem doing this. If you do not get a satisfactory response then you can contact the professional body that they are members of for further information. They will also be able to provide you with details of how to lodge a complaint with them. This is a quick and easy process that will hopefully get your issue resolved.
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