Insurance News Archive
Pick letting agents with care
New landlords are being urged to ensure they choose which letting agent to use with care.
Mairi Scott, managing director of tenant reference service Leaseguard, has spoken out to warn landlords that a poor quality agent could cost them money through being forced to wait for tenants and the resulting rental income.
The failure of some agents - and some landlords who choose to cut out agents - to fully vet potential tenants could also be costly.
Ms Scott said: "Too many landlords get caught out by thinking they can just appoint a letting agent, hand over the keys, then sit back and wait for the money to roll in.
"Others put a postcard in a newsagent's window, and then accept the first tenant who agrees to pay the rent they are quoting."
Her advice is for landlords to use agents that are a member of a recognised professional body, such as the Association of Residential Letting Agents, the National Association of Estate Agents or the Royal Institution of Chartered Surveyors.
Landlords should also ensure agents are fully trained and carry out background checks on tenants.
Other elements worth considering include tailored buy-to-let insurance cover.
31 Jul 2006