Latest Property News around Barry, Cardiff
Watch out for ‘side-line’ letting agencies
Recent research shows that almost 70 percent of estate agents who do not currently offer a lettings service would consider moving into this area to supplement their income if the residential market slows substantially. Many have already done so.
However, ARLA-registered Leaders, the independent letting specialists, is warning landlords to be wary of agents who have taken up lettings as a ‘side-line’ in tough times and who may not have the knowledge and expertise needed to provide a professional, reliable service.
A good letting agent needs a thorough understanding of the complex legislation surrounding letting; an in-depth knowledge of the local letting market; a firm grip on what is happening in the property market generally; and the ability to look after the needs of a range of clients efficiently and professionally.
Leaders managing director, Paul Weller said: “Letting is not something you can easily dip into and out of when it suits. There is a lot at stake, not least the safety and wellbeing of tenants and the success or failure of a landlord’s investment.
“Getting it wrong can have dire consequences for landlords, including huge legal expenses, loss of rent, long void periods, loss of tenant’s deposit and penalties for not complying with legislation. For tenants it can be a matter of life and death if legislation regarding the safety of the property and its contents is not complied with.”
With more than 20 different regulations, acts and rules governing lettings - and a Housing Act that allows further regulations to be introduced by Ministers without reverting to the House of Commons - Leaders believes it is now more important than ever that agents providing a lettings service should be experienced with a thorough and up-to-date knowledge of all current and forthcoming legislation and how it affects landlords and tenants.
Weller added: “Ideally your chosen letting agent should specialise in lettings, with many years of experience in the industry and a good local reputation. And most importantly, they should be completely impartial; we strongly advise landlords never to take the advice of an agent who is also selling you a property.”
