I was
chatting to a new landlord this week who wanted help finding a tenant. She had
a family member who could manage the property so just wanted a ‘let only’
service. I thought I’d share with you the advice I gave to her.
My
philosophy is always the same in regards to finding a tenant: it’s about
finding the best tenant for the property, not necessarily the first one that
comes along. That means finding ‘nice’ tenants who will pay the rent and look
after the property and, where possible, who want to stay in the property
long-term.
Unfortunately
some agents will do the minimum amount of work to get the job ‘done’; which to
them means finding any tenant who’ll take the property. This is particularly
true in the case of a ‘let only’ service whereby they may keep the better
tenants for their managed stock, knowing that once they’ve moved the tenants in
on a let only basis they’re your problem!
Watch
out for agents with lots of similar (unlet) properties on their books. Is it in
their best interest to get your
property let or the one across the street, which they’ll start earning a
chunkier ‘fully managed’ fee from? I choose to take only a couple of properties
on at any one time, so as to give them my full focus.
Some
unscrupulous agents have worked out that by putting a short-term tenant in the
property, they won’t have to wait as long before being instructed (and paid) to
find the next set of tenants. Whilst the agent will make more money this way,
the landlord will suffer from additional void periods and wear and tear from
the greater churn of tenants.
Don’t
be afraid to ask some tricky questions of the agent at their initial visit to
weed out those in it for the short-term gain at the expense of your long-term
pain!
Your
agent is working on your behalf and as such you are entitled to inspect any
documentation the agent receives, including references. I’d suggest you check
these to ensure you’re comfortable with who is moving into your property. Don’t
fall for the ‘Data Protection Act’ line some agents hide behind hoping you
won’t check! This should include completing the new ‘Right to Rent’ procedures
to ensure that you, the landlord, aren’t left with a £3,000 fine.
You
should also ensure there are no additional fees once the tenants are in the
property. Some agents try to renew the tenancy agreement upon expiry, which is
both unnecessary and at an additional cost to the landlord. It’s a legal
requirement for letting agents to list ALL the fees they will ever charge
landlords and tenants on their website, although I know a few who still aren’t
doing this…
(This article was featured in the Chichester Observer's property section
on 25th February 2016).
Clive Janes, CRJ Lettings.
www.crjlettings.co.uk
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If you are looking for an agent that is well-established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.
E-mail me on clive@crjlettings.co.uk or call 01243 624 599.
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