When hiring a letting agent, make sure you choose one that meets all of your needs. Check their website or office to learn about all the services they provide.
Before selecting any company for any service or purchase, it’s a good idea to ensure they’re registered with a redress scheme, just in case something goes wrong and needs recourse.
Know Your rights
Hiring a letting agency Glasgow to manage your rental property may alleviate some of your burden as a landlord, but make sure that you understand exactly what’s included. Ask potential letting agencies how they will advertise your property and select tenants, as well as about their fee structure and membership in national bodies such as the National Approved Letting Scheme or ARLA Propertymark.
Trading Standards will step in if a letting agent fails to abide by the law, providing landlords and tenants with protection. Make sure your chosen agent has registered with the Ombudsman Service, joined a professional body, and is in line with the Property Ombudsman Code of Practice.
If they aren’t, expect an uncomfortable journey ahead. Make sure that the letting agency Glasgow explain their screening processes for prospective tenants as well as making clear any checks they perform, such as references, credit, and Right to Rent checks.
Know Your Tenants
If a letting agency Glasgow is taking on the task of finding you tenants, be sure to inquire about what their services entail. According to Local Agent Finder, this could include professional photos being taken of your property as well as producing floor plans and advertising them across different platforms, screening prospective tenants, conducting references checks, and conducting Right to Rent checks.
Your landlord should also be clear on how they plan to handle tenancy deposits and whether or not they belong to one of the deposit protection schemes (Deposit Protection Service, MyDeposits, or Tenancy Deposit Scheme). As a landlord, you are legally obliged to ensure your tenant’s deposit is protected through one of these schemes in order to stay compliant.
Consider how quickly an agent returns phone calls when answering inquiries about their services, as this gives an indicator of how quickly they will address issues if and when they arise. If an agent takes too long to reply, expect them to do the same when dealing with problems that arise.
Know Your fees
Letting agents typically charge fees that depend on the level of services offered, including professional photographs and floorplans to advertise the property for rent; references checks; right-to-rent checks; as well as drawing up tenancy agreements and inventories.
Landlords should read their contracts carefully to make sure they fully comprehend all terms and conditions before signing. Furthermore, landlords should check to see if their agent participates in a Client Money Protection scheme to give themselves peace of mind that their money is secure.
Letting agencies can be extremely useful to landlords who live far from their rental properties or prefer outsourcing management duties themselves, especially during busy workweeks or vacations. With the right agent at their side, landlords should find tenants quickly at competitive prices; additionally, they should provide guidance and tips to improve their buy-to-let portfolio.
Know Your Legal Responsibilities
As a landlord, you have the legal responsibility of making sure your properties are let to appropriate individuals and adhering to all lettings legislation and regulations, along with treating all tenants equally and fairly at all times.
An effective letting agent will help ensure you comply with all relevant laws and rules, so it is crucial to find one who stays up-to-date with current developments. Look for agents that belong to Government-approved independent redress schemes as well as offer Client Money protection, as this will give your renter peace of mind when renting property.
Letting agencies offer many services, with their core offering being tenant finding. This typically entails taking professional photos, creating floor plans, and advertising on property portals or newspapers. Once tenants are found, they will arrange viewings, conduct reference checks and Right to Rent checks, as well as create an inventory. This should all take approximately five percent of your monthly rent as their fee.