Proactive Agent
When you put your hard-earned money into an investment property and appoint an agent to manage it on your behalf, you deserve the optimum service. A good agent should be proactive when it comes to:
1. Finding good tenants for your property
You should expect your agent to be proactive about finding you a tenant for your property. This will minimise the void period in which you are not earning rent and maximise the yield on your rental property. Being proactive means the agent prepares a first-class set of details for your property - great photos, a video tour, floorplan and an accurate description - then posts it on the online portals and social media.
There are tenants and there are ‘ideal’ tenants. A proactive agent will not only do the mandatory checks (the right to rent and financial checks) but will also do their own assessment as to whether the applicants will be good tenants for you and your property. For example, at Capital we might discourage an application from a family with very young children who are keen to move but who would likely find your flat too small very quickly, or a young person who is looking at a flat in a block where most residents are pensioners. You want a proactive agent to find you a tenant who is likely to stay for a reasonable time, pay the rent on time every time and who takes care of your property.
2. Advising you of future changes in the law and whether requirements are discretionary or mandatory
The number of regulations in lettings is currently more than 170 and rising, with fines that can exceed £10k. A landlord should expect an agent to keep them up to date with current legislation and advise them of future changes in legislation. A truly proactive agent like Capital Estate Agents manages the property on your behalf to ensure you are compliant with every aspect of that legislation, whether it is Minimum Energy Efficiency Standards, electrical and gas safety checks or other legislative requirements.
3. Initiating maintenance jobs, both preventive, reactive and urgent
When a maintenance job is required at your property, a trusted agent will have an effective system for you or your tenant to report it, and for that job to be managed through to completion. They will handle the appointment of a trusted contractor, keep you informed of progress with the job and handle all the admin such as checking the tenant is given adequate notice of when the contractor will arrive at the property.
4. Handling arrears
Efficient and proactive agents monitor the payment of rent and as soon as a rental payment is overdue, they will be checking regularly for payment and taking action to chase the debt. They will escalate action as required depending on how long the rent is overdue, and your agent should keep you informed of progress at each stage. Ultimately, if action is required to take back possession of the property, a proactive agent will have your back and be fully supportive of any legal action, providing evidence of every action taken to date to enable you to make a successful case.
5. Managing your portfolio
Agents such as Capital Estate Agents work with their landlords to manage their property portfolio, proactively advising on future potential purchases which could have a good yield and be a successful fit with their existing assets.
If your current letting agent is not as proactive as the above, perhaps you would like to have a conversation with the Lettings Team at Capital Estate Agents. Call us on 0208 313 0010 or email our team. We would love to help: info@capitalestateagents.com