BEWARE THE COWBOY LETTING AGENTS!
If you are a landlord who wants a few bedtime horror stories, simply Google "rogue letting agents". I did this morning and was amazed to find 141,000 results!
Most landlords will not be aware of the fact that there is hardly any regulation in the lettings industry and that you can set up as an agent with little or no experience and no real accountability if things go wrong. So, who can you trust?
The Association of Residential Letting Agents (ARLA) runs a licensing scheme that sets the “Gold Standard” in the industry with members having to meet stringent criteria to make the grade.
At REB Letting we have always maintained the highest of standards so naturally becoming one of the first Licensed Letting Agents in Wales was a fairly straightforward process. (Google "licensed letting agent").
As an ARLA licensed Letting Agent we comply with industry Gold Standards that set us apart from the average agent who may lack qualifications and the necessary experience to do the job properly.
We are required to hold separate bank accounts for Client’s funds (Client Accounts) which are audited annually and protected by insurance known as Client Money Protection Insurance (CMP). We also hold Professional Indemnity Insurance as well as the usual Employer and Public liability insurance.
To provide further protection for Clients, we also must be members of an independent redress scheme, abide by strict codes or practice and keep up to date with changes in the industry by undertaking continuing professional development.
Click here for more details about ARLA
It is important to remember that this is a specialist field that requires specialist knowledge. The average Estate Agent that does a bit of rental “on the side” really does not compare to a dedicated letting agent who is involved with rentals day in day out. After all, you would not ask a plumber to mend your car would you?
Even if you do choose a specialist Letting Agent you should be asking some questions:- Are they are a member of a Professional Body? Do they hold any qualifications? Do they maintain separate Client Accounts? Are they audited? Are they a member of any redress scheme? If the answer to any of these questions is no, think long and hard before handing over the keys to one of your most valuable assets.
Robin Burnage CRLM FARLA
18 January 2010
Robin Burnage has been a successful portfolio landlord for nearly fifteen years and a Letting Agent since June 2002. He holds an advanced qualification – Certificate in Residential Letting and Property Management – and in recognition of his dedication is a Fellow of the Association of Residential Letting Agents (FARLA). Outside of work he enjoys motorcycling and sailing for which he is an RYA Qualified Yachtmaster.
