New Letting Agent: what do Landlords want?

[alidee]

Hi everyone
I hope I have posted this in the right section. I am a letting agent looking to expand my business and I am very keen to know (this may sound basic) but what do landlords actually look for when they are looking for an agent?
I have a few USP's I'm working on that agents in my area don't offer. However I'm still very keen to hear from landlords themselves - what do you look for in an agent and what puts you off using some agents?
thanks in advance for your replies :)
Alidee

[P.Pilcher]

As an experienced landlord, I look for an agent who is recognised by an appropriate body and has years of experience in the sales and letting business. This agent also needs sufficient common sense to do things the way I want them done (or give me a very good reason why his way is a better one) and make fair and reasonable charges (with no hidden extras) for the service he provides. As I have posted many times before here, I believe an experienced agent with an established high street presence is the first line of defence against the less welcome tenant. I am at present being harangued by the landlord owner of the maisonnette above one I own which is at present empty. He has somehow got my telephone number and is desperate to get his mother into my property. Of course, Mother cannot afford the (reasonable) rent that I am asking for the property and the last thing that he is prepared to deal with is agents! (They charge fees.)
My agents confidently continue to market my property, have advised me that my rent is correct for the current market and when a tenant is found and processed, I shall pay them a fair and reasonable one off fee for their services. They are co-operative, honest, helpful and totally up front, they also know me very well.
It takes a long time to develop a reputation like this and a great deal of hard work. This is why I believe that it is unreasonable to be of the opinion that a lettings agency is a licence to print money (as some do).

Agents are at present totally unregulated (if they don't want to be) and are not required to hold any qualifications. You read here of the cock-ups that these agents cause, to the embarrassment of the highly professional agents who post advice on this forum. Regrettably, it is not infrequently that we read here of agents going bust and taking with them a considerable amount of their landlord client's money. Going bust with owed rent is one thing, but some of them fail to protect tenant's deposits so this goes as well leaving their ex-client landlords who have to fork this out of their own pockets when their tenants leave.

P.P.

[Mrs Dingle]

Up to date knowledge of the law regarding letting.
Better vetting of tenants.
More detailed inspection of premises.
Visiting premises after letting to check if tenant is o.k!
Consultation with landlord r.e. repairs.

Management from a desk is the easy bit. We can all do this. A management agency that goes out and looks after your property would be great.

I have been approached by a company but they won't collect cash from the door. Two doors £20 each per month to complete the task.

[Poppy]

I want agents to know landlord and tenant laws.

I don't want agents to charge perpetually for what I consider to be a one-off letting fee - especially if I provided the tenancy agreement, I manage the property, I hold the deposit.

I want agents to properly and provably vet prospective tenants.

I don't want agents to exercise nepotism or cronyism where repairs/works are required at my property.

I want agents to account for rent received and transfer it to the landlord's account within five working days.

I want agents to act very quickly when expected rent has not been received.

I don't want agents making uncorroborated promises to prospective tenants.

I want agents to be sh1t hot at spotting professional tenants.

[westminster]

I use a well-known London agent. My main problem with them is their appalling accounts department.

They don't always send statements, and I've had to chase them repeatedly to provide missing paperwork.

The format of their statements is extremely confusing, making it very hard to check whether they're correct or not.

Often they're not correct. Over a year ago, they made an error (said I owed £150 which I didn't), which I spotted and had them correct. Then they made the same error TWICE again in the following year, sending me emails chasing this £150. Each time it took several emails explaining their mistake, referring them to their own previous statements showing the cancelled item (which was apparently un-cancelled subsequently) before they'd accept I didn't owe the money.

I pay their commission for a year up front. If a tenant leaves before the end of a 1 year term it always takes months to get the refund of the commission.

Another problem - one I've had repeatedly over the years with various agents - is that I cannot rely on them to tell me if there is something which needs attention when the flat is vacant and having viewings. So I have to check the property myself at least once or twice a week to ensure there isn't, for example, a massive puddle on the kitchen floor or something.

I stay with them is because I negotiated a very good commission rate years ago, they are ideally located 5 mins walk from the property, and I haven't so far had a problem tenant via them *touch wood*.

[sure-form-homes]

As a new letting agents we offer a range of services to landlords and carry out our services to a high standard and at competitive fees with no hidden extras every costing is shown to new landlords, as i said before we are a new agent and not yet registered with any bodies, we where prompted to start by some landlords who was not satisfied with the big names who are registered with arla etc and since starting are noticing a number of landlords comming to us from larger organisations, because we are new and adaptable we are able to offer the service required,
We learn something new each day and change some services to adapt to new landlords needs, our services are not set in stone like some old school agents.

[P.Pilcher]

Well, there you are: You are offering a good service and your reputation is spreading by word-of-mouth. That is the best advert that you can have. May I assume also that rent money collected by yourselves on behalf of your landlord clients is "ring fenced" so that there is no chance of it disappearing should you hit hard financial times? I would imagine that deposits received are also immediately protected by an appropriate government recognised scheme.
If it isn't profitable already, I sincerely hope that your business soon becomes so as, from what you say, you deserve to succeed.

Don't forget that there are many experts who post here and if you feel like a second opinion on any matter concerning your business, I'm sure they will be happy to make some valuable suggestions.

P.P.

[alidee]

Hi again
Many many thanks for all your comments and taking the time to write them.
I will read them all thoroughly tomorrow and no doubt put some of the info into practice.
Alidee :D

[cardifflandlord]

Honesty, quick payment of rents into my account, doing something I have asked to be done promptly and efficiently. Replying to emails, faxes and letters within a reasonable time.

Jools

PS - Best of luck in your new venture!

[MrAgent]

Hi everyone
I hope I have posted this in the right section. I am a letting agent looking to expand my business and I am very keen to know (this may sound basic) but what do landlords actually look for when they are looking for an agent?
I have a few USP's I'm working on that agents in my area don't offer. However I'm still very keen to hear from landlords themselves - what do you look for in an agent and what puts you off using some agents?
thanks in advance for your replies :)
Alidee

I have heard from buy to let landlords having issues in NI with "heavies".

Has this situation improved? Although my experience with Northern Ireland is fairly dated (early 90s) and had nothing to do with renting out properties (eg keeping the peace while wearing green), I know if I was managing properties over the water I would want to keep a low profile!!!

Then again, the same could be true of where I am now!!! I certainly do not make it too obvious what I do when I am not at work!!!!!!!

[johnboy]

and had nothing to do with renting out properties (eg keeping the peace while wearing green),

I now have a picture of you in my mind wearing shorts and a woggle. How many badges did you get before becoming Arkala?;)

[Ticketyboo]

I haven't had any problems with "heavies". They stay within their own communities and if you know which areas these are you stay away from them, the housing stock in those areas are generally old and run down so not great to rent out. I don't have any properties in Belfast so it might be different there. Property I deal with is from Antrim town up to the North Coast, Antrim, Ballymena, Ballymoney Coleraine, Portrush. Although you come across small estates within these areas where heavies may life they are easy to spot.

NI has moved on although trouble can flare up from time to time but it seems to be carried out by youths staring things up, more for fun than any political reason with no support from local communities. I would think theres no more trouble here than on the main land, when trouble flares up the media always dress it up as some sectarian attack. No one in NI gets attacked or even murdered unless theres a sectarian motive according to the media.

You may have heard on the news how loyalists attacked Romanians and drove them from their homes in Belfast, Since then it has been alleged in the local press that a well know nationalist was involved and has been charged but this never hit the mainstream media, suppose it doesn't look good that the media jumped to conclusions.

The vast majority of people get on fine.

[sjcollett]

Alidee - you mention "few USP's I'm working on that agents in my area don't offer" i'm intrigued to know what sort of USP you may have?

[jeffrey]

Alidee - you mention "few USP's I'm working on that agents in my area don't offer" i'm intrigued to know what sort of USP you may have?
If she told you, they'd no longer be unique!

[Bel]

If she told you, they'd no longer be unique!

Shhhhhh Jeffrey. I want to know too.


I'm sure you can think of some possible new 'comedy' USP suggestions;
How about a free bag of peanuts after every 5th letting instruction for starters

[jeffrey]

Every letting instruction is a starter, surely; how could a new letting begin after its start?