Why it’s Important to use a Regulated Letting AgentPosted by: Lucy Dawe | Post date: 12.03.18
As a new landlord, where should you start when looking for the right letting agent to handle your property? Start by looking for ARLA registered ones. There’s too much bad practice out there to risk letting any old agent handle your letting. The potential for hassle, losing money and wrecking your property is huge. Thankfully, the risks are greatly reduced by using an ARLA registered letting agent. ARLA stands for Association of Residential Letting Agents and this is the authority the regulates lettings in the UK but only if estate agents sign up to it. As an industry, it actually isn’t nationally regulated at all. Here’s why you should always choose an ARLA registered agent to let out your property:
This is the big one for landlords and tenants. No one wants to place an asset as big as a property in the hands of someone they don’t trust and no one want to live somewhere being run by someone they don’t trust. That’s why the strict code of practice that ARLA members have to adhere to negates the possibility of any dodgy dealings and ensures they only engage in the best practices to look after your property and your tenants. From accessing the ARLA website, tenants can see how they’re protected and what they’re entitled to from an ARLA registered agent so are more likely to opt to rent through one.
Individual estate agents who want to register have to be qualified to a certain level and their company has to submit financial information to make sure they are operating properly.
Under the Client Money Protection (CMP) scheme that all ARLA registered letting agents have to be signed up to, tenants’ rental money can’t be used for anything other than paying the landlord. Of course, an ARLA registered letting agent wouldn’t do such a dastardly deed as to misuse money paid by a tenant but with the CMP, the money is protected either way so the tenants can be confident their money will only go to paying their rent and the landlords can feel confident they’ll receive their rent.
Up to Date
Under ARLA regulations, all registered members have to undergo regular training and updates on all the latest changes in the law and best practices. That means if you choose an ARLA registered agent, you know they’ll be compliant with all the regulations and will know all the best new techniques for marketing your property, looking after your property and keeping your tenants happy.
However, if – heaven forfend – you should have a problem with your chosen ARLA registered agent, you can refer the matter to a government approved independent redress scheme or ombudsman service. They can ensure the matter is dealt with fairly and with the best possible outcome for everyone involved.
As I’m sure you’ve gathered by now, we at Lawton and Dawe are ARLA registered agents and our fully qualified and experienced team are committed to ensuring landlords get the best possible service to protect your investment by doing all the due diligence to ensure we only place the best and most suitable tenants in your properties and market them in a way to attract the best tenants. If you’d like to speak to us about our lettings services, please call 01273 917791.