What to look for in an agent

We’ve put together a list of non-negotiables so you don’t have to!

1. Are they legally compliant?
An absolute must for an agent, but unfortunately, there are some agents out there that aren’t dotting the I’s and crossing the t’s. Letting agents must jump through several hoops to legally trade, and if they don’t hold the below as a bare minimum, something is vastly wrong:

• Client Money Protection
• ICO Registration
• Property Redress Scheme
• Privacy Policy
• Registered with a Tenancy Deposit Scheme
• Published fees on website
• Rent Smart Wales accredited (Wales Only)

2. Commitment to Continued Professional Development 
With over 145 pieces of legislation to comply with and an ever-changing industry, how does your agent keep up to date with all the changes in legislation and how is this communicated with you? Your agent should be able to demonstrate their commitment by being accredited by Propertymark or an alternative professional body. They should be communicating any changes in legislation that will affect your investment and guide you on your best options where necessary. Education surrounding Private Rental Sector legislation is readily available, and therefore, there is no excuse for your agent not to be committed to CPD.

3. What are their fees?
“If you think it’s expensive to hire a professional, wait until you hire an amateur.”

With most things in life, you get what you pay for. Finding the right agent for you and your property is no exception. The crucial thing here is that these fees should be transparent and published on their website. Don’t be influenced solely by cost, as there will be lots of different agents with varying fees and levels of service.

4. Do their services match your needs?
Generally, agents will offer Tenant Find, Rent Collection, and Fully Managed services. They should clearly state what is included and excluded from their services. They may offer many different packages, but not the right one for you! So, be sure to review their fees along with what is included to make sure your service needs are being met. Oh, and definitely look out for any pesky add-ons, like contractor commission on fully managed services or administration fees on agreements automatically running into a periodic status!

5. Who is managing your investment?
The person winning your business is not necessarily the person managing your investment. Who is managing the day-to-day running of your property and tenancy? What experience do they have, and can you meet them? This is the person who you will build a rapport with and who will be your point of contact during the tenancy cycle. It is imperative that you create a rapport with this individual.