How does your agency rate when set against the criteria set out by Northwood
The 80-office franchise chain has just created a guide for landlords which sets out the five key questions they should ask before contracting any agent.
1. Does the agent follow processes to protect your money The guide advises: There are websites that you can check which signpost you to letting agents which meet standards and who subscribe to a Client Money Protection Scheme, such as SAFEagent.
2. Does the agent ensure tenants' deposits are protected If you have instructed a letting agent to collect your tenants' deposits on your behalf, you are still legally responsible for the deposit and its return. If the agent absconds or ceases trading, you are liable by law.
3. Transparent fees. Check the small print. Make sure you ask to be consulted on any additional charges, before you get any unwelcome surprises.
4. Check the agent's online presence. Make sure their website is of a reasonable quality and have properties on Rightmove or Zoopla. Look at review sites as these can help you learn more about other landlords' experiences of that agent. It is important to not always take these reviews on face value - but they will help to give you a steer.
5. Check the agent is across regulatory changes. With over 70 separate pieces of legislation governing the lettings market, it is vital that an agent operating on your behalf does so in a compliant manner. Ask the agent to confirm what safety checks they will be doing on the property.
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Comments
In reply to Northwoods point 5 above, I am a working housing standards officer for a local authority and also a qualified (not chartered) Building Surveyor of over 30 years experience and I have yet to see any lettings agent provide a truly compliant property at the point of letting or during a tenancy. Worse thing is, none of the 30+ agents in our area have a clue as to which prominent piece of legislation currently affects them the most. Shocking is an understatement. This also includes ARLA, NAEA and RICS firms!!
Kev - I helped to produce the checklist & guide and would like to clarify a couple of points:
1. no money has been paid to LAT for publishing the article i.e it isnt an advertorial - as Dave Evans pointed out - it was in The Sun on Sunday and has featured elsewhere online
2. you are right - its not rocket science but I think that we in the industry vastly over estimate how much the average, novice landlord knows about the world of lettings when starting to research potential letting agents. Just because we are aware of what a void, EPC, GSC, ARLA, NALs, TPO all are and stand for doesnt mean landlords new to the game do. At the end of the day it is infact simply a checklist that pulls together the questions that should be asked or at least considered.
The motivation was education - surely something we all agree is vital to help landlords stop placing their properties in the hands of "rogue agents" that give our industry a bad name.
None of this is rocket science and my agency has been advertising these points in literature and on it's web-site for many years. This is a cheap publicity stunt for Northwood facilitated by LAT and, to be honest, iit's a bloody insult to MANY other agents who (like me) who use the same recommendations to Landlords/Tenants when choosing an agent and operate n the same way. Poor journalism on behalf of LAT and possibly motivated by someone with an interest in Northwood
So now if an agent, no matter how good they are, unless they are on RM or Z they do not come up to scratch Nonsense. The rest of the advice I more or less agree with
Hopefully this will demonstrate to all those MP's and Generation Rent the difference between agents and why some admin fees are justified. Voluntary compliance of this type doesn't come cheap, especially when competing with unregulated agents who undercut fees.
Well said - if we can get Landlords to choose agents who are self regulated tenants will get a better deal by default.
I too was expecting some self serving PR - instead I find myself nodding and thinking - we may copy this!!!
Actually, this was in The Sun on Sunday - the whole article includes a really good check list click [url="http://northwooduk.com/landlords/choosing-a-professional-letting-agent"]HERE[/url]
Fair play to Northwood. :)
Well, I was ready to come on here and be critical of yet another advertorial, but the guide is actually fair and impartial.