Interview with an agent
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14 questions landlords should ask a letting agent before signing up
With rising costs and compliance, letting a property has never been more complicated, so having a good agent that alleviate a lot of stress and worry.
Having shortlisted a potential agent to look after your property, the next step is to find out some key information from them to give you the confidence that they’ll do the job properly. With that in mind, here are 14 questions that any reputable agent should be happy to answer.
- Do you hold the tenant’s money in a separate account?
- Can you provide audited evidence that the funds held in this account are correctly accounted for?
- Do you have professional indemnity insurance to the value of at least £2,000,000?
- Can you supply a copy of the relevant certificate for the above?
- Do you make regular visits to my property to check its state and condition (i.e. at least quarterly)?
- Will I receive a written report for each visit showing things that were found to need action and the actual action taken (including where the tenant has been chased to fulfil their obligations)?
- Do you use an in-house Inventory production facility?
- If the Inventory provider is outsourced, do they carry professional indemnity insurance as listed above (please provide a copy)?
- Do you have a formal written complaints procedure?
- Do you hold insurance and qualification details for all the contractors you engage (minimum insurance should be £2,000,000)?
- What qualifications do you hold to be letting residential property?
- What ongoing training do you undertake?
- How long has the principal member of your office been involved in lettings?
- What is your procedure in the event that a tenant does not pay the rent?
For complete peace of mind, make sure to request a copy of the agent’s Terms of Business and check that the issues and questions raised above are all covered.
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