and most Landlord's don't even realise it! Honestly, this industry has made so many things 'the norm' that even the most savvy Landlord's are accepting the status quo. For instance, in this last month we have spoken with Landlord's that:
1) have paid fees for rent guarantee insurance only to find the insurance that they have been given doesn't cover their tenants when they fail to pay
2) have been lumbered with a tenant that isn't paying rent and there is no formal agreement in place so he shouldn't even be there!
3) have paid for refurbishment works that haven't happened
4) have been paying tenancy renewal fees that are the same as or more than the cost they originally paid for a tenant find
5) have paid for inventories that have no photographic evidence of condition and therefore do not stand up for check out issues
6) have received no help with tenant issues despite having a managed contract
7) have not had any assistance or received a notification from their letting agent when rent has failed to arrive, resulting in arrears of thousands of pounds
8) are paying call out fees into the hundreds for things as simple as bulb changes and door adjustments
It's like these letting agents are printing money and they seemingly have every right to do so because the lengthy contracts that they have had Landlord's sign say so. And by the way - these contracts give a whole new meaning to the term small print - I needed a cold towel and a couple of hours just to sit quietly and work out what it all meant on one contract this week and I am a qualified letting agent! It's no wonder that Landlord's find themselves baffled and in all honesty, I can totally appreciate why our industry gets such a terrible name. However, I have to say, of all of the things listed above number 4) is actually the most shocking. Why? Because so many agents are getting away with it! Time after time we come across Landlord's that are not only tied to their agent because the tenant is staying on year after year, they are also paying through the nose for the privilege. It beggars belief that any agent would charge you the SAME fee to re-print a tenancy agreement with rolled on dates as they did to find, reference and install the tenant in the first place but they are doing it and because it is seen as industry norm, they are getting away with it.
As you can probably tell this all make me very cross. Finding good tenants and keeping them should be the primary concern for any good letting agent. By installing a good tenant the agent is all but guaranteeing that the property is looked after, that the rent is paid and therefore that the Landlord gets good value for money and utlimately the latter is what it's all about: getting the Landlord good value for money.
For us managing a property for our Landlord is quite literally about ensuring that their costs are relevant, required and meaningful. There is no need to charge a Landlord £100 to change a lightbulb when Scott can pop in on the way to another appointment to do it for free and we wouldn't sleep at night if we issued an invoice for the same value as we charge for finding a tenant to renew a tenancy. In a time where Landlord's are being taxed hard it is very important to make the letting service offered worth having and that's where we come in. We are confident that we deliver a service that looks after our Landlord's, their properties and their tenants and the message is spreading, our Landlord's talk and they are recommending us, for which we are very grateful. All of the Landlord's we have seen this month with the issues above in varying forms are in the process of transferring to us and all of them are doing so effortlessly: all we ask is for the keys and their current documentation, we will do the rest.
If you would like a no obligation conversation about your letting please call Sacha on 07983 423 454 or email email@example.com. We are very happy to review your situaton now even if you are tied in to ensure that in the future you exit yourself as painlessly as possible.
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