I was sitting at home the other evening and I decided to
watch an episode I had recorded of watchdog, it was a choice of that or one of
my wife’s strictly or X factor episodes. One of the stories was about a Letting
agent or “Rogue” as they called him who in simple terms seemingly received rent
payments and failed to pass them on to the Landlord claiming they had
“defaulted”.
Now this is by no means a new story to hit Watchdog or the
headlines for that matter, but it struck a chord with me because so many people
are quick to judge Sales & Letting agents and beat them down on their fees.
In writing this blog I always try to maintain an impartial balance with my
articles and Buy to let information.
What’s the point I hear you ask? The point is this and it’s
nothing new you quite simply “You get what you pay for”. You can find many examples
in all walks of life that prove this very argument, as an example I bought a
pair of £250.00 Oliver Sweeney shoes and some years later they still look as
good today as they did when I bought them, yet the shoes I brought as an
impulse buy from Next, cost me £85.00 and did not fare so well lasting only 6
months.
Have you ever wondered why some agents will reduce their
fees to such a point to undercut everyone else! Desperation perhaps? You have
to ask yourself if an agent is so quick to slash their fees why? Equally are
you truly going to receive the service that you are being promised. Will you
deal with a dedicated department? Are they actually local and know where
Colchester is?
My advice is simple hunt out a couple of good local agents,
recommendation is always the best way, alternatively if you do not know the
local area you can always look at boards the agents reviews on sites like google.
Ask specific questions about how they manage a property, how many staff are in
that department? Are you allocated an individual account or property manager?
Where are they based? Do they guarantee the rent? And if so how does it work? Can
they guarantee the condition of the property? How do they deal with rent arrears? what are
their referencing procedures ? What regulations do you need to conform to? Are
they a member of The Property Ombudsman for Lettings or an ARLA registered
agent? In addition can they give you details or a landlord that you can call to
speak to about their experience? Or can they supply testimonials?
Whilst fees do come into play they should not be the main
reason when choosing an agent, may I suggest that if you can’t afford to pay an
agent their worth perhaps you should consider carefully about investing in
property as ultimately choosing a good agent will save you in the long run and
equally they are likely to be looking after one of your biggest assets.
Ask yourself this, can you afford to
allow your home to be vacant or have a tenant residing in it without receiving
income. More importantly why should you!
For more insights, comments and facts on the Colchester
Property Market please visit the Colchester Property Blog www.colchesterproperty.blogspot.co.uk
or email me personally at robertchamberlain@moreestateagents.co.uk
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