In praise of letting agents!
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In praise of letting agents!
Landlord Today carried a useful article from a Norwich-based insurance broker specialising in landlord insurance. The company gives a list of top tips for novice buy-to-let investors, outlining the key aspects of renting a property that new landlords need to understand. They are:
- Know the law
- Prepare for costs
- Evaluate tenants
- Understand eviction
These are all really important points. Landlords should have a clear understanding of the market they are investing in before they take the plunge. By letting a property, you are providing a home for someone: that is a major responsibility. Of course landlords are running a business and expect to make a good return on their money – but that comes with a long list of obligations and responsibilities that anyone dipping a toe in the water for the first time needs to fully understand. However, what the article fails to point out is that first-time landlords have a lot to gain by using a professional letting agent. Of course, this comes with a cost but what you may lose in fees you stand to gain via the local knowledge and expertise of a company with experience in the rental market.A good letting agent can be worth his or her weight in gold. You are likely to face fewer void periods when you aren’t getting an income and can rely on the agent to properly vet your tenants for you, so you are less likely to face problems further down the line. You can do all this yourself but it takes time and energy and if you haven’t done it before it is easy to make mistakes. So why not put the task in the hands of someone who does this for a living? Not all letting agents are created equal.
How to select a letting agent
So if you do decide to go down this route, make sure the company you choose is a member of one of the three main governing bodies:
- Association of Residential Letting Agents
- Safeagent (Previously The National Approved Letting Scheme)
- National Association of Estate Agents
Any letting agent who is a member of one or more of these professional bodies will carry its logo or trademark on their website. This means they are bound by the rules and regulations that govern the sector. The agent will also have a complaints procedure in place and can be relied on to safely manage your money. But if managing and letting your own property really is the way you want to go, then Ringley has developed PlanetRent to do all the hard work for you. We have designed it to give your tenants a professional rental journey and to ensure that you as a landlord are fully compliant with all the latest legislation. So if you have a property to let, why not, sign up here today, free of charge, and find out how PlanetRent could benefit you and your tenants.
Planetrent Properties
Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.