Choosing an agent

[jeffp]

Hello

I've recently acquired a house in north london which I'm currently refurbishing and hoping to let in the near future. Given that I live nearly 300 miles from the property and am a newbie landlord I need to use a managing agent. I've read a lot on here and elsewhere about what to look for and avoid in an agent but at the end of the day nothing beats personal recommendation. Could anyone suggest someone in the N11 /N13 / N14 area?
Thanks

[Paul_f]

Use an ARLA/NAEA/RICS regulated agent for maximum insurance cover against financial loss, and make sure they are members of an Ombudsman Scheme too that covers residential lettings. Other agents might well be good but if they are unregulated you are likely to have to whistle for you money if they go belly-up. There are letting agents going to the wall on a regular basis at the moment and T & L are getting diddly squat as they are likely to be uninsured. Regulated agents will be insured.

Have a look at www.nfopp.co.uk for details.

[mind the gap]

So if the agent was 'regulated' by ARLA etc, and went into liquidiation or just disappeared with LL's money, ARLA would recompense the LL?

[Poppy35]

So if the agent was 'regulated' by ARLA etc, and went into liquidiation or just disappeared with LL's money, ARLA would recompense the LL?

The client money protection that the agent has in force in order to be a member of ARLA etc should pay out should a problem arise.

[Paul_f]

So if the agent was 'regulated' by ARLA etc, and went into liquidiation or just disappeared with LL's money, ARLA would recompense the LL?That's precisely why I always recommend a regulated agent - both L & T are insured through ARLA for financial losses up to £5,000 when using an ARLA agent. I've posted this on several occasions and am surprised you were not aware of this.

[mind the gap]

That's precisely why I always recommend a regulated agent - both L & T are insured through ARLA for financial losses up to £5,000 when using an ARLA agent. I've posted this on several occasions and am surprised you were not aware of this.
:confused:Not as surprised as I am to discover that any organisation is prepared to indemnify letting agents! Why would they do that? Are they charities? What's in it for them?

[jta]

That's precisely why I always recommend a regulated agent - both L & T are insured through ARLA for financial losses up to £5,000 when using an ARLA agent. I've posted this on several occasions and am surprised you were not aware of this.

You always stand up for ARLA Paul, which is fine since you have a vested interest, however just what proof should a prospective LL ask for from an ARLA agent to prove that he is what he says, i.e. insured! regulated!

What about the 'Arla' offices that rely on the retired Grandad in retirement in the Bahamas for their membership? I'm not being cynical or awkward but this question has niggled me for a while.

[Wickerman]

Membership certificate, proof of Professional Indemnity Insurance, Proof of CMP (Client Money Protection) insurance, etc.

[cymro123]

Hello
Could anyone suggest someone in the N11 /N13 / N14 area?
Thanks

I doubt you will get specific recommendations on this particular forum.

One tip is to consider using an agent who is a member of The Property Ombudsman http://www.tpos.co.uk/index.htm This will provide you with a degree of protection if things go wrong. ARLA member agents will give you similar protection though ARLA membership is costly for agents and that expense is ultimately passed on to clients. Also in my experience, ARLA membership tells you nothing about the quality of service that the agent delivers. Some of the biggest cowboys in my town have ARLA stickers.

Have you considered joining the National Landlords Association they are a good source of information?

Good Luck

[cymro123]

Use an ARLA/NAEA/RICS regulated agent

...but not an ARLA regulated agent like this http://www.echo-news.co.uk/news/8334275.Landlords_fear_for_cash_after_letting_agen ts_shut/

:(

[potnewagent]

Don't forget the NALS licensed agents, same protection as ARLA, should things go wrong you will have a place to claim from. :)

[Paul_f]

You always stand up for ARLA Paul, which is fine since you have a vested interest, actually I don't - my involvement is with the NAEA and again, I do not have a vested interest, and I'm not an ARLA member, nor can be as I do not trade as a letting agent. however just what proof should a prospective LL ask for from an ARLA agent to prove that he is what he says, i.e. insured! regulated! If they are ARLA agents (as a company) and they now MUST be licensed by ARLA as a condition of membership it can be checked on their website.

What about the 'Arla' offices that rely on the retired Grandad in retirement in the Bahamas for their membership? I'm not being cynical or awkward but this question has niggled me for a while.Again if you check on the website you will know if you are covered.

[Paul_f]

Don't forget the NALS licensed agents, same protection as ARLA, should things go wrong you will have a place to claim from. :) That's not quite the case; ARLA has the power to discipline members as well as insisting on client money protection insurance

[potnewagent]

NALS insist on client money protection too.

[Paul_f]

NALS insist on client money protection too.I'm well aware of that but it has no disciplinary structure of any note.