In praise of letting agents!
Mary-Anne Bowring 11/03/2020
2330
In Praise of Letting Agents!
A recent article from Landlord Today highlights key tips for novice buy-to-let investors, provided by a Norwich-based insurance broker specializing in landlord insurance. The article outlines some important aspects new landlords need to understand.
Key Tips for Novice Landlords
The article offers essential advice, including:
- Know the law
- Prepare for costs
- Evaluate tenants
- Understand eviction
The Importance of Understanding the Market
Landlords need a solid understanding of the market they’re investing in. Renting a property is a major responsibility, as landlords are providing homes for people. It’s crucial to be aware of all obligations and responsibilities when entering the buy-to-let market.
The Case for Using a Professional Letting Agent
While first-time landlords may save on fees by managing properties themselves, a professional letting agent offers invaluable local knowledge and market expertise. This can save time, reduce mistakes, and help prevent issues down the line.
How to Select the Right Letting Agent
If you choose to use an agent, make sure they are 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
PlanetRent: A Solution for Self-Managing Landlords
If managing your property yourself appeals to you, PlanetRent by Ringley can help. Designed to automate and streamline the process, it ensures compliance with the latest legislation and provides tenants with a professional rental experience. Sign up for PlanetRent today and simplify your letting journey.
Planetrent Properties
info@planetrent.co.uk
0208 0599 550 (for sales)
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.