For both landlords and tenants alike it is a pretty obvious question: What difference do managing agents really make and what do they do?
Professional agents make a difference because we have the experience, team of dedicated employees and time to deal with issues. Some of the issues that arise can be quite complex others just time consuming. Do you really want to spend 30 minutes on the phone talking about the toilet seat and why the local council has not taken the rubbish away or find a solicitor to take advice about mulitple occupancy and rent arrears.
From the point of view of a landlord, particularly a small landlord with just a property or two to let, there must always be the temptation to try to cut corners, particularly if there is a prospective tenant in the offing. Why pay an agent when you have someone who has been recommended and is desperate to move in?
If they’re lucky it works well. If they’re unlucky it can be a complete and utter nightmare. How much do you really know about the people you are proposing to allow into your property? In particular, how much do you know about their financial affairs?
Some owners do take the most amazing risks and only wise up late in the day, when the rent has not been paid or the property has been left in a disgusting state or when the recommended people have simply disappeared, with never a word, let alone any proper contribution to repair the damage they have caused because an adequate surety deposit was not arranged.
Major dramas apart, tenants telephoning or turning up on the doorstep at all times of the day or night over the myriad issues that can arise with property make the services of a professional agency team pretty essential.
Choosing the right Managing Agent is something worth taking time over. Many Estate Agents have recently added Lettings to their business and it is a competitive business so fees tend to be broadly similar. However, levels of service vary dramatically, so it is important to investigate beyond the headline figure and look at exactly what is being provided for the money.
The most basic thing that landlords will want from an agency is a flow of tenants, to ensure that properties are operating at as close to continuous occupancy as possible. Having places sitting empty for weeks on end is an expensive business.
Here size does matter. The renting division of DDM Residential, the Letting Centre operates out of five offices across Northern Lincolnshire, a network that means properties for rent get good exposure in branch. DDM Residential also offers extensive newspaper advertising, internet presence on Rightmove, Find a Property and of course our new website that displays 3D floor plans and full brochures.
Managing 1400 properties, DDM Residential does not have someone appointed in the office on a spare desk to look after letting queries in betweeen selling houses, we have a specialist management department with a team of 7 full time working exclusively on rented property. Our five branches also deal with the marketing of rental properties to the point of securing a tenant.
After that, a good agency team can take care of literally everything: There will be advice available on the level of rent to be set, using evidence from comparable properties in the area. That ensures that the property is not being let too cheaply, nor put on the market at a rent that is so high that it sits empty for weeks on end, earning nothing.
Applicants should be pre-interviewed before viewings are arranged. Once you have agreed to the prospective tenants we at DDM Residential then take up employement and previous landlord references as well as a credit searches through one of the national referencing agencies.
A comprehensive and accurate inventory of the property and its contents is essential and a professional agency will have a field worker check the tenant in - and take the meter readings - so that there are no arguments later about what was or was not there or what the condition was when they moved in. It is a common-sense arrangement, which protects both landlord and tenant.
DDM Residential produces in house documentation including the tenancy agreement and any notices that need to be served. Compliance with the new tenancy deposit scheme will also be arranged and help will be available on competitively priced rent guarantee and legal insurance, as well as specialist landlord buildings insurance.
During the term of the tenancy, members of a professional agency team will regularly visit the property as part of the management package, to ensure that the tenant is happy and that the property is being properly cared for.
I would add that whilst much of this is has been about looking after the interests of the owners of properties, the involvement of professional and experienced managing agents . . . registered with and complying with the rules of professional bodies . . . does help and protect tenants too.
One last point, make sure the agent has a dedicated, insurance protected and audited client account. We are members of the National Approved Lettings Scheme and have client money protection in place. It may sound obvious but Estate Agents are businesses too and you need to be protected.
DDM Residential continues to lead the way and now offers 3D floor plans of property, weekend emergency line for tenants, rents taken by devit or credit card and the ability to report faults, take out insurance and book viewings on our new website at www.ddmresidential.co.uk
For more information click on line for a Guide to Letting or free valuation, contact one of your five local office or call 0845 4 599 499.
