Is Your Letting Agent Accountable? One of the attractions of property as an investment is that it apparently “looks after itself”. In an ideal world, the tenant pays the rent, the rent covers the mortgage, and you the landlord need not be especially involved apart from banking the difference.
If only the reality were so simple. Unlike stocks and shares, property usually requires a hands-on approach if it is to deliver a sustainable return on investment. This includes:
• Establishing a good relationship with your tenants, based on mutual respect. This enables issues and potential void periods to be anticipated and eliminated well in advance • A working knowledge of property issues including building, maintenance, insurance, legislation, and health and safety • Proper systems and controls in respect of deposit holding and rent handling • Relationships with a number of tried, trusted, reliable and cost-effective tradespeople • Ongoing access to a large database of other pre-screened tenants, again eliminating void periods between tenancies Many letting agents claim to offer a management service, yet some seem to be based on the expectation that they can sit back and hope nothing goes wrong. When your property is professionally managed, it’s all about accountability. This means regular inspections to check that your tenant is treating your investment with the respect it deserves. During these inspections, an experienced Property 22 | BROXBURN
Manager should be able to identify any areas to be investigated in order to avoid or reduce costs later. An example would be a blocked gutter. Normally, you would only hear about this when the tenant calls you to tell you that water is coming in, plaster has come away from the wall and there is mould on the ceiling. Call in the dehumidifier, plasterer, and painter – and you have a large bill and an unhappy tenant.
When you employ the services of a Letting Agent to manage your property, a dedicated Property Manager should be appointed at the outset and be your main point of contact throughout the duration of your relationship with them. They should know and be known by landlord and tenant alike and be responsible for the day-to-day management of each of their assigned properties. Most landlords derive great value from a professionally managed service so when you’re choosing a letting agent, make sure they are fully accountable and on your side from day one. The monthly Property Matters column is contributed by Craig Turpie. Craig is a director at Turpie & Co Estate Agents and Letting Agents with extensive knowledge of the West Lothian Property Market and over 20 years experience in bespoke sales and marketing. @KonectMagazines
