New landlord; what should letting agent do for me?

[LilLin]

I am letting a property in London for the 1st time with an agent. As I am not yet experienced enough to manage this myself, I thought I would opt for a management scheme.

I plan to go around a visit a few at the weekend. I know that friend referrals are the best way forwards, but none of my friends in the area are recomending theirs!

What I am unsure of is what I should be looking for from my Letting Agent

[jeffrey]

Main things: professional indemnity insurance AND a ring-fenced Trust Account for all client money!

[Beeber]

http://www.landlordzone.co.uk/agents.htm

[LilLin]

Thanks for the feedback, the link was just what I was looking for

[rajeshk4u]

1. Read the agency agreement!

2. Big names can be rubbish. Not the name on the door that counts, it is how they manage the property for you that does! Do they have good and established processes in place.

3. If you go for management, make sure they charge monthly fees and don't take fees up front. (That is like someone going to their boss and saying can I be paid a year's salary in advance!)

4. Ask them how they find and reference tenants

5. Ask them how they deal with problem tenants

6. Make sure they know the law

7. Some agents hold on to Landlords money and don't pass quickly.... so see there is a clause to fire the agent.


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