Key questions landlords should ask when choosing a letting agent
A reputable agent should be fully up to speed with all the latest lettings legislation. From the extension of the Homes (Fitness for Human Habitation) Act in March this year to the Minimum Energy Efficiency Standards and changes to capital gains tax which came into force in April, there is a plethora of new and existing legislation which letting agents need to be aware of. In Legislation for landlords – everything you need to know we look at this in more detail.
Since the coronavirus pandemic, the Government has issued additional new legislation and guidance for renting due to COVID-19.
We provide more information on this for landlords in our guide, Coronavirus: everything landlords need to know, which is constantly being updated to reflect the latest changes. Ask your agent how they have adapted their practices and how the pandemic has impacted their business.
When choosing an agent, check how they will make sure that your property is compliant, for example, will they arrange for the annual gas safety check to be carried out by a qualified gas engineer? Will they make sure any soft furnishings comply with fire safety regulations? Ask the agent about repairs and maintenance too – will the agent carry out regular inspections to make sure the tenant is keeping the property in good order and check whether there are any maintenance issues? A good agent will be able to advise on these matters, although the legal responsibility for complying with legislation remains with the landlord.
Check that the letting agent has a proactive attitude to marketing rental properties, and that they will use a number of strategies to find tenants for your property. Are they active on social media? Do they advertise in the local newspaper? Do they have a prominent presence and good knowledge of your local area? Check that they are listing properties on one of the main internet portals to see how they market their properties, and how successful they are at renting out properties in your area.
Letting agents rely heavily on word of mouth for their reputation. Take a look at forum discussions and ask local landlords about their experiences with letting agents in your area. There are lots of blogs and websites where you can go and get reviews and see ratings such as Feefo and Trustpilot.
Get a feel for the popularity of an agent by checking out how many properties there are in the window. You can also find out what tenants think about agents by reading reviews of letting agents in the UK on the allAgents website.
Ask the agent whether they already have tenants on their books who might be interested in your property and ask them what level of rent they would expect to charge for properties similar to yours.
The agent should be able to show you details of properties that have let for a similar figure. Ask the agent what their average is with regards to void periods and how quickly they rent properties out again.
During the lockdown, letting agents were forced to adapt their practices, with many successfully embracing technology to enable virtual viewings and even virtual inspections. As the sector returns to normal, it’s worth asking agents how they adapted to the changes forced upon them by the coronavirus pandemic. Agents who showed agility and resilience during these turbulent times are perhaps better prepared to weather future storms.
The Property Redress Scheme’s recent Back to work letting agent survey highlights some of the ways in which letting agents have adapted and reveals that many intend to offer their clients the benefits of flexible working practices and new technologies adopted during the lockdown, as they return to the ‘new normal’.
The Property Redress Scheme’s article, adapt and apt explores some of the technologies that savvy letting agents are using to enhance their customers’ experience. When comparing agents, it’s worth asking them how they use technology and finding out how they fared during lockdown.
It usually makes sense to choose a letting agent that is located in the same area as your rental property. Knowledge of the local area is paramount when it comes to selling the benefits of a property, such as proximity to good schools and transport links, to tenants.
A local agent is also more likely to have a reliable network of professional contacts such as plumbers and electricians, which will enable them to attend to any maintenance issues promptly. Go to the agents’ offices to get a feel for them and their local knowledge of the area. If this is not possible due to social distancing, or the agent doesn’t have a high street presence, you should be able to arrange a video call with the agent instead.
Finally, it’s important to find out how the agent intends to work with you, for example, will they be available outside their standard opening hours?
If you have opted for a fully managed service and there are maintenance issues with the property, will they contact you before carrying out expensive repairs? Will you need to provide funds to cover any unexpected repairs? What is their notice period? How will they pay the rent?
