What to look out for when choosing a letting agent
Property investing was seen as a passive income, but this is far from the case. So, to take the stress out of the task and ensure that you are always on the right side of the law, it is advisable to use a managing agent.
If you have one property rented out, it can take a few hours a week to keep up-to-date and on top of everything. That time multiplies the more properties that you have. With the increased burden of legislation and compliance, it is little wonder that many landlords are handing over the management of their rental properties to a managing agent.
Once upon a time, property investing was seen as a passive income, but this is far from the case.
And if you get things wrong, the repercussions can be disastrous. Fines that can be in the thousands and the inability to serve notice to the tenants even if they are in arrears. And in some extreme cases, even jail time.
So, to take the stress out of the task and ensure that you are always on the right side of the law, it is advisable to use a managing agent.
But, with such high stakes, you need to know that you are leaving your investment in capable hands, particularly when the stakes are so high. So, what do you need to look out for when choosing a letting agent?
- Qualified. The letting agent must be qualified to ensure that your property is in safe hands. They will be able to dedicate the time needed to manage things correctly and keep things up to date on current legislation changes. If they have no qualifications, you are leaving yourself vulnerable. After all, the buck ultimately stops with you, the landlord.
- Regulated. Using an unregulated letting agent leaves you, as the landlord, with little place to turn if things go wrong. Letting agents should be registered and regulated by several bodies, from The Ombudsman to client money protection as a standard. If there are any areas that they are not covered, then you have no protection if things don't go to plan.
- Competent. Of course, there is no certificate or qualification to prove an agent's competence, but it should be evident in how they handle their business. Do they know what they are doing? Are you going to be in good hands?
The point of hiring a letting agent is peace of mind that your property rental is managed correctly. And so that you don't have to worry that things are not compliant. You don't want to second guess and check up all the time. You're hiring a professional to do this for you.
Here at Christopher Stokes, we are proactive, and you will have regular updates from our qualified team of professionals. They understand the legislation you must comply with and will ensure you are covered.
Get in touch if you want to know more about how we look after our landlords and their investment properties.