LANDLORDS don’t let your letting agent cost you thousands…
Cailey Hart posted on 6th August 2022
Whether you are a one-off landlord or seasoned property investor with a large portfolio, you need to make sure that your property is being managed in the right way to minimise cost and maximise income. In this article we will explore some of the biggest letting agent pitfalls to watch out for…
Managing property can be overwhelming, stressful and time-consuming which is why most landlords decide to put their trust in a letting agents to handle the process and take away the hassle. However, it’s important to understand exactly what your letting agent covers in their management service. Any misunderstanding in this regard could lead to significant financial loss, fines and in some cases even imprisonment. LANDLORDS don’t let your letting agent cost you thousands…
Here are six common letting agency pitfalls to lookout for:
Rent Review – According to Rightmove rents in the South-West rose by 13.7% between July 2021 & July 2022. Is your agent reviewing the rental price each year to ensure that it’s in line with current market values & the retail price index? Having the right agent on your side will enable you to maximise your property’s yield potential. Making sure it’s not lagging behind!
Marketing – Is your current agent utilising all of the marketing resources available? Are they reaching the widest audience to find you the most suitable tenant? Not all agents are created equal, so make sure you’re getting the best exposure for your money. It’s the marketing that connects a tenant with your property.
Tenants – Does your agent source tenants quickly & efficiently to avoid any downtime and lost in rental income? Before a viewing takes place your letting agent should vet tenants to ensure they are suitable for your properly. If the tenants want to proceed your letting agent should thoroughly reference them before they move in. This will give you peace of mind that the right tenants are moving into your property.
Rent Protection – Does your agent offer rent protection? As we all know, in recent years there has been a lot of market turbulence resulting in an increase in cost of living. As a result, a rent protection policy is something to seriously consider. Rent protection policies are designed to give landlords a guaranteed rent should their tenants be unable to pay. The cost of these policies is relatively low and can buy peace of mind should unexpected arrears occur.
Compliance – Does your agent keep up-to-date on the ever changing regulations and legislation that impacts the rental sector? Do they keep you up to speed? It isn’t always necessary for a letting agent to notify landlords of every single piece of legislation. However, for things that have a direct impact on your property, or require any changes to be made, you should be in the know as you still ultimately retain liability for any lack of compliance. Lack of compliance can lead to fines, penalties and in the worst cases even imprisonment.
Maintenance – Are you receiving regular property inspections and maintenance updates from your agent? Communication is key to smooth running of a rental property. Agents should be maintaining good relationships with you the landlord, the tenants and any contractors. This way they should be able to deal with issues in a quick and efficient matter, minimising the risk of any spiralling costs.
Are you happy with your current agent and what should you do next?
With this information in mind, are you happy with the current service provided by your letting agent?
Can you sit back and answer a firm “yes” to this question: “Is the service I’m receiving worth the fee I’m paying?” If yes – great, if no – it’s time to consider switching!
What you should consider when switching agents?
Service – Do they offer more than my current agents? Reputation, Awards & Testimonials – Do you trust your agent? Previous Successes & Current Portfolio – Is the Agent successful? Market Presence – Do people know your agent?
At Lovett Estate Agents, we pride ourselves on providing a professional and personable service specifically tailored to your individual requirements. We understand the importance and value of your asset and treat it as if it were our own. Our local team is passionate about providing the best lettings service available and are proud to have the trust of hundreds of landlords across Poole, Bournemouth and the surrounding areas. In 2023 Lovett were rated ‘Excellent’ in the Best Estate Agent Guide, which puts us among the top 10% of Letting Agents in the country.
If you’re a landlord with a rental property in Poole, Bournemouth or Christchurch and you would like to talk about switching to agents, we want to hear from you!
I have been in the Lettings industry since 2016 starting as a Property Administrator before working my way up to Assistant Branch Lettings Manager. I have always had a passion for property and pride myself on giving a personal, professional and efficient service to both our Landlords and Tenants. I thrive on building lasting relationships, achieving our clients the best results possible and finding tenants their dream homes. As New Business Manager I ensure our Landlords have a smooth and worry free experience when finding a tenant for their property.
