Questions for potential agent

[johnhowell]

All,

I am thinking of renting out my house and would like to have fully managed agent look after the place as I will be abroad.

There is a well know Estate Agency in the town who also manage rented properties.

I have already gathered that they take half the first months rent for administration/setup costs and then 10% each month after. I understand also that they take another half months rents six months later - I assume this is for the renewal of the Assured Short Tenancy agreement - is this necessary? Does it not just roll over (holding over?)

What other questions would you ask of the potential agency?
e.g.
- references from other landlords they represent in the area?
- have they had to evict someone (easily or with difficulty)?
- vetting of potential tenants?
- if tenants were receiving Housing Benefit (other benefits) does that get paid directly to the agent or to the tenant first?

Many thanks,
John

[johnhowell]

Any one with advice on the selection of an agent?

John

[rosysparkle]

Not all agents take their fees in that way. We don't charge any set up fees and the percentage is negotiable depending on what services a landlord wants, and we don't charge renewal fees to landlords or tenants.

It would probably be wise to contact a few agents and work out what fee regime most suits you. Don't necessarily go for the cheapest, you want the agent that will give you the most professional service. Ask them which professional bodies they belong to (NAEA, RICS etc).

Ask them how they plan to fulfill the requirements of the tenancy deposit scheme. If they seem baffled or don't know, run away.

Since you are going to be abroad, ask them for some advice about what you will have to do about tax on your rental income while you are overseas. If they don't tell you about filling in form NRL1 and getting a CNR number, run away fast.

For many landlords, what is important is that they get good tenants who wil pay the rent on time. Ask them how they reference tenants. Will they be able to offer you insurance against the tenant defaulting on the rent? Do they require the tenants to have contents insurance that iuncludes cover for accidental damage to your property? Do they ask you whether you have consent to let from your mortgage provider? Will they pay the rent to you by BACS? How will they contact you about repairs? Do they tell you about the gas cert requirements? If your property could be let as an HMO, do they explain this to you?

Ask questions and get a feel for whether the agents will take care of your interests.

[johnhowell]

Rosy,

Many thanks for you excellent reply.

When I wrote this morning going abroad seemed to be off, but just in the last minute an e-mail has arrived asking if I will be at my desk to receive a telephone call! So, may be back on.

Thanks again, printed off for reference,
John