A Landlord’s Biggest Decision.
A very Happy New Year from us all at Reside! Some people’s 2020 resolutions will involve exercising more, eating less or – heaven forbid – both; however, many take this as an opportunity to review contracts and working relationships – who to bank with, or which lettings agent should manage their investment properties.
When letting a property a landlord has two vital decisions to make, both of which can have huge implications on their health, wealth and quality of life.
It’s really no exaggeration to say that if a landlord chooses the wrong letting agent and compounds that error by renting their property to a tenant who has not been properly vetted, one thing is usually guaranteed – trouble. And often a lot of it.
Poorly referenced tenants cause the most problems and letting agencies that don’t have stringent checks in place leave their landlords vulnerable.
At Reside, we’ve always believed that one of the most important parts of our role as letting agent is to ensure the right tenants are placed in the right properties. So how do we ensure we get good tenants for our landlords? Well, during our years in the property lettings business we’ve learned (sometimes the hard way) what to look out for.
So what makes a good tenant?
Simply someone who pays their rent on time, respects the property, is reasonable to deal with and gets on with the neighbours. These are all factors which can contribute to a successful long term let.
The next part of the process is one where less well-equipped or experienced agencies often fail.
A good quality referencing agent is vital for ascertaining credit history, as well as ensuring the tenant has the means to pay the rent. Our referencing covers employment, credit and previous rental history.
While proper referencing is very important, it’s sadly not a 100% guarantee that the tenant will be a good one. But, when done properly, it is usually a very good indication of the calibre of the person applying to rent your property.
Once a tenant has been selected it’s important for the property to be professionally and ethically managed. Keeping a tenant waiting for an unreasonable amount of time for a washing machine or boiler repair could lead to problems for the landlord, such as claims for compensation. It’s important for any prospective landlord to apply a vetting process to their agency. Are they a diligent, conscientious and regulated letting agent? This is where Google reviews are particularly useful, as they give a genuine insight into the experience of a company’s clients. You can also check what professional affiliations your agent has; here at Reside, we are regulated through our memberships of ARLA Propertymark, SafeAgent and The Property Redress Scheme.
“The amazing team at Reside have let and managed our property in Bath for the last two years. I cannot tell you how incredible their level of service is… above and way beyond any estate agent we’ve dealt with in the past.”
– Google review from Betsy Huggins, Landlord
Equally, a landlord should not always be swayed by the agency who places the greatest value on their property. If a lettings agent overprices a property’s rental value, it could lead to extended void periods. These costly episodes put pressure on the landlord and the letting agent to fill the void as quickly as possible and this can mean the vetting process is not rigidly carried out. Which, as we said at the start of this article, can lead to a lot of trouble.
If you want to let your property in Bath quickly, professionally and cost effectively call Reside on 01225 445777 or email: info@residebath.co.uk for honest, expert and friendly advice.
Toby holds a Level 3 ARLA Propertymark qualification and runs the 'engine room' at Reside, making sure that properties are perfectly-presented and that they are let quickly at a good rent. When not working, Toby is happiest when enjoying a day's cricket.
