News from the Residential Property Investor, the bi-monthly magazine for RLA members other artilces from the April / May 04 issue RPI news archive

Landlords advised to check small print - April / May 2004

It is just as important for landlords to check their contracts with letting agents as it is for the tenants to check their tenancy agreements, the National Association of Estate Agents has advised.

'Always read the small print and be sure of what you are signing up to, including the fees payable and your responsibilities', it recommends within practical tips it has published on 'how to avoid the pitfalls and choose a professional letting agent'.

Other advice includes:

• Do not be automatically attracted by the lowest fees. These can vary greatly between agents but are usually based on a percentage of rental income. However, it is important to check what it is you are getting for your money in terms of service and professionalism. Fees will normally be either payable upfront or monthly from the rent income.

• Ensure that the agent you are using is a member of a professional body such as the National Association of Estate Agents (NAEA), the Association of Residential Lettings Agents (ARLA) or the Royal Institution of Chartered Surveyors (RICS). This not only illustrates their professionalism and experience, but also ensures high levels of service for both you and your tenants.

• All agents must have professional indemnity insurance, protecting them in case they act negligently. Many professional bodies, such as those mentioned above, also insist that members who are owners of firms have client money protection, which protects your money in the unlikely event of a problem.

other artilces from the April / May 2004 issue

• Standard response
• Agents and lenders are in bullish mood
• Landlords advised to check small print
• Landlord and agent pay for safety lapses
• Private rented sector 'stable'
• Manchester students look at becoming landlords
• Landlords leaving London market
• Local Housing Allowance to include landlord safeguards
• Landlord training
• Council threatens evictions over own delays
• In brief
• OFT calls for greater controls on estate agents
• Chancellor freezes stamp duty rates
• Pension possibilities