Can landlords trust their letting agent? Part 3.

There are some sharp practices to watch out for to prevent you being stung by a poor-performing or downright sneaky letting agent.

Here are just a few things to watch out for in the last of a three-part series, exclusively written for the QFT magazine:

Check the deposit is protected 

Tenants security deposits must be registered with one of the approved government schemes or you may be forced to pay them compensation of three times the deposit amount. As the landlord is ultimately responsible for this, get proof that the letting agent has done this on your behalf.

Check your money is safe 

Any money held by a letting agent should be in a client bank account, which is ring-fenced from their own business account. Letting agents have been known to amass large amounts of other people’s money before closing down and disappearing. This leaves the landlord liable to reimburse their tenants security deposit from their own pocket.

Always consider the long term

A letting agent may appear fantastic initially (when they want you to sign on the dotted line) however their enthusiasm can wane when it comes to the nitty gritty of managing a property. Some letting agents are slow to respond to maintenance issues, which not only upsets your tenants but also jeopardises the health of your property. You should seek recommendations and reviews, from both landlords and tenants, of a letting agent’s on-going service. Be sure to ask your own tenants how they have been looked after by your letting agent.

This article was featured in the Spring 2017 issue of the QFT Magazine, available to read online here.

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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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