Top 10 questions to ask before instructing a letting agent.
After buying a new rental investment property, the next job is to find tenants! Letting agents come in all shapes and sizes, but sorting the wheat from the chaff might be a harder task than you’d think. We’ve put together a list of the most important questions to ask a prospective agent before instructing them to find tenants for you:
1) Are you a member of a regulatory organisation such as ARLA or NALS?
2) Are you a member of the SAFEagent scheme, an organisation whose members all hold client money protection insurance?
3) Will my property be advertised on both Rightmove and Zoopla?
4) Do you use an independent referencing agency to assess all potential tenants and can I see the final reference reports before committing to a tenancy?
5) Do you take a holding deposit from interested tenants when they make an offer, so that I can be sure that they are serious about renting my property?
6) How many lettings staff will be working on my property?
7) How many active tenants does your office have on its database?
8) How many similar properties have you let in the last few months?
9) On average how long would you expect it to take before you achieve an offer from tenants?
10) What are your branch opening hours?