How to Choose a Letting Agent
When it comes to looking for letting agents in Newcastle upon Tyne there is a fairly wide spectrum of quality, just as there is in many other professions. The right letting agent can make owning a rental property a breeze. However, choose badly and your experience as a landlord is likely to be much less pleasant. Selecting the right letting agent takes some due diligence on your part so we thought we’d put together a guide to help you along the way. Here are some of the main things to consider when selecting an agent to let your property:
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You might think that focusing on appearance is superficial. However, potential renters are going to look at your agent and decide how they have to treat your property as a result. If your agent does not dress professionally or wears enough aftershave to clear out a lobby, then you might want to choose someone else. A sloppy agent can scare away the right type of renter.
Communication rate
How quickly does the letting agent respond to your enquiry? Remember that every day your property stands vacant is another day that you're not making any money. In the smartphone era, your agent should be able to respond either to telephone or email queries within a relatively short amount of time. Let’s face it, that’s just part of being a professional.
Now, one tardy response isn't the end of the world. However, if it's a larger pattern, then that could definitely be a service problem. If the agent isn't helpful from day one in a timely manner, then consider choosing a different agent altogether.
The importance of regulation
The letting agent industry is not regulated, which means that anyone can establish a business. You don't have to have any qualifications to start work. However, approved redress schemes are out there to provide certifications for agents, and the agents who are worth your money will have been accepted and registered by one of these. This process involves a commitment to follow a code of ethics, with penalties and removal from the scheme as the potential consequences.
Choosing an Association of Residential Letting Agents (ARLA) registered agent will always stand you in good stead.
Versatility
According to Craig Scott of Redstones letting agents in Gosforth, "If your letting agent is worth his commission, he'll have the contacts in place to handle every task that you as the landlord would need. This means having someone draw up the lease contracts and arranging for the Gas Safety Certificate, Energy Performance Certificate and/or the Landlord Inventory. If you're the one doing all of the legwork, why exactly did you hire that letting agent?"
Flexible pricing
Even when the economy is rosy, people try to keep their letting costs as low as possible. When things are tight, people try to manage their costs even more closely. This means that letting agents have to be willing to work with landlords when necessary. When an agent gives you a cost quote, they should have a detailed analysis of the different costs and give you the opportunity to put together a personalised package of your own. If you can find your own tenant, the agent should reduce the price of the overall package.
Time to fill vacancies
This is crucial for landlords, because if you don't have a tenant, you're bleeding money on the property. You're on the hook for utilities, and if the property isn't already yours free and clear, you're making mortgage payments without the rent to help. A good agent can fill vacancies relatively quickly. To find out which agent in your area is the best, call around to see what they can generally accomplish.
In addition to these, look at an agent's reputation. Ask for references, and communicate with several of them to find out just how each agent does business. Keep up to date with rental news via Redstones Newcastle property management facebook page. You can also call Craig Scott directly at his Gosforth office on 0191 233 6342.
When it comes to looking for letting agents in Newcastle upon Tyne there is a fairly wide spectrum of quality, just as there is in many other professions. The right letting agent can make owning a rental property a breeze. However, choose badly and your experience as a landlord is likely to be much less pleasant. Selecting the right letting agent takes some due diligence on your part so we thought we’d put together a guide to help you along the way. Here are some of the main things to consider when selecting an agent to let your property:
Image, image, image
You might think that focusing on appearance is superficial. However, potential renters are going to look at your agent and decide how they have to treat your property as a result. If your agent does not dress professionally or wears enough aftershave to clear out a lobby, then you might want to choose someone else. A sloppy agent can scare away the right type of renter.
Communication rate
How quickly does the letting agent respond to your enquiry? Remember that every day your property stands vacant is another day that you're not making any money. In the smartphone era, your agent should be able to respond either to telephone or email queries within a relatively short amount of time. Let’s face it, that’s just part of being a professional.
Now, one tardy response isn't the end of the world. However, if it's a larger pattern, then that could definitely be a service problem. If the agent isn't helpful from day one in a timely manner, then consider choosing a different agent altogether.
The importance of regulation
The letting agent industry is not regulated, which means that anyone can establish a business. You don't have to have any qualifications to start work. However, approved redress schemes are out there to provide certifications for agents, and the agents who are worth your money will have been accepted and registered by one of these. This process involves a commitment to follow a code of ethics, with penalties and removal from the scheme as the potential consequences.
Choosing an Association of Residential Letting Agents (ARLA) registered agent will always stand you in good stead.
Versatility
According to Craig Scott of Redstones letting agents in Gosforth, "If your letting agent is worth his commission, he'll have the contacts in place to handle every task that you as the landlord would need. This means having someone draw up the lease contracts and arranging for the Gas Safety Certificate, Energy Performance Certificate and/or the Landlord Inventory. If you're the one doing all of the legwork, why exactly did you hire that letting agent?"
Flexible pricing
Even when the economy is rosy, people try to keep their letting costs as low as possible. When things are tight, people try to manage their costs even more closely. This means that letting agents have to be willing to work with landlords when necessary. When an agent gives you a cost quote, they should have a detailed analysis of the different costs and give you the opportunity to put together a personalised package of your own. If you can find your own tenant, the agent should reduce the price of the overall package.
Time to fill vacancies
This is crucial for landlords, because if you don't have a tenant, you're bleeding money on the property. You're on the hook for utilities, and if the property isn't already yours free and clear, you're making mortgage payments without the rent to help. A good agent can fill vacancies relatively quickly. To find out which agent in your area is the best, call around to see what they can generally accomplish.
In addition to these, look at an agent's reputation. Ask for references, and communicate with several of them to find out just how each agent does business. Keep up to date with rental news via Redstones Newcastle property management facebook page. You can also call Craig Scott directly at his Gosforth office on 0191 233 6342.