LANDLORDS! Your letting agent could be costing you thousands…
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 a property can be overwhelming, thus in most cases landlords decide to put their trust in a letting agent to take away the stress and hassle. However, it’s important to understand exactly what your agent covers in their management service as any misunderstanding in this regard could lead to significant financial loss, fines or even imprisonment.
Here are six common letting agency pitfalls to lookout for:
Rent Review – According to Rightmove rents in the South-West have risen 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 and make sure it’s not lagging behind!
Marketing – Is your current agent utilising all of the marketing resources available in order to reach the widest audience and find you the most suitable tenant? Not all agents are created equal, so make sure you’re getting the best exposure for your money as marketing is what connects a tenant with your property.
Tenants – Does your agent source tenants quickly & efficiently to avoid any downtime and lost in rental income? Are tenants vetted properly before viewings & thoroughly referenced before moving in to give you peace of mind that they are the right tenants for your property?
Rent Protection – Does your agent offer rent protection? After the market turbulence of the last few years, rent protection policies have become increasingly popular as they offer 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 – Is your agent well-informed and up to date on current, fast changing regulations and legislation that impact the rental sector? Are they keeping you up to speed? Whilst it isn’t always necessary to notify landlords of every single piece of legislation, certain changes should be discussed – especially if costs are involved. Lack of knowledge and compliance from agents can result in landlords being held liable and consequently fined or even imprisoned.
Maintenance – Are you receiving regular property inspections and maintenance updates from your agent? Communication is key to the smooth running of a rental property. Your agent maintaining good relationships with you the landlord, the tenants and contractors ensures that issues can be dealt with quickly and efficiently, minimising the risk of any spiraling 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 to consider when switching agents?
Service – Do they offer more than my current agents?
Reputation, Awards & Testimonials – Is the Agent trusted?
Previous Successes & Current Portfolio – Is the Agent successful?
Market Presence – Is the Agent well known?
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 delighted to be trusted by hundreds of landlords across Poole & Bournemouth. We were recently rated excellent in the 2022 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!
Please feel free to contact us on 01202 303044 or firstname.lastname@example.org
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