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.
Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:
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CRJ Letting Agents Chichester Facebook Page
CRJ Letting Agents Chichester Twitter Page
Chichester Investment Property Management Specialist CRJ Letting Agents Website
c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP
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