How do I choose a letting agent?. T
How do I choose a letting agent? By Kieran McNeff Owner and Director of Chancery Properties
he right letting agent can be an extremely valuable tool for any landlord, whilst the wrong
one could damage your faith in all agencies and potentially even harm your portfolio. Whether you self-manage or need someone to take care of every aspect of your property, its highly likely that at some point you will need to use the services of a good agency, so we have put together this helpful guide to choosing the best agency for you. One of the reasons we have put together this guide, is due to the sheer number of estate agencies, letting agencies and property management agencies that are out there. Although almost half of all landlords manage their property themselves, they will still oſten need the use of an agent to market the property, perform pre-tenancy checks and even prepare the tenancy agreements. Regulation in the private rented sector has increased a lot in the last couple of years, particularly in Wales. Welsh agencies should not only be registered
with Rent Smart Wales but licensed also. Preferably an agency will hold a membership with a trade or professional body such as UKALA (UK association of letting agents) or ARLA Propertymark. Agents also need to be registered with a Client Money Protection (CMP) scheme – this is an insurance that will reimburse the landlord and tenant in the extremely rare event of fraud. In addition to this, the agent should hold a separate bank account to hold client money, oſten called a ‘Client Deposit Account’. Agents are also legally required to hold membership with either the Property Redress Scheme (PRS) or the Property Ombudsman Service. Te service you need will depend on the type of landlord you are, or plan on being. Most agents offer three tiers of service; Let Only, Rent Collection and Fully Managed. Let Only means that the agent will find the tenants and usually perform the pre- tenancy checks. Oſten the agent will create the tenancy agreement and complete the other paperwork, but then hand everything over to the landlord to deal with.
Rent Collection will usually mean the initial letting service and tenancy set up, but the agent also takes responsibility for rent collection, with the landlord then having to deal with everything else. Fully Managed is usually the most comprehensive package, where the agent will take care of everything, from letting to renewal. Te agent will be responsible for the day to day handling of the property and tenants, leaving the landlord free to collect an income with far less or sometimes even no involvement. Te fee you pay will usually be a percentage of the monthly rent. All good agents should display their fees openly on their website or in the office and the best will attempt to keep the fee structure clear and simple. It is worthwhile however to compare prices between agencies as the differences can be huge.
If you think that there is anything Chancery Properties can do for you, get in touch by calling 029 2021 3244,
029 2021 3244
Your property management experts
www.chanceryproperties.co.uk
enquiries@chanceryproperties.co.uk 30 / PROPERTYMAIL
Sophia House, Cathedral Road, Cardiff CF11 9LJ
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