With companies to let workers while growing revenues of the agency has declined over the last 12 months, it is important to owners and tenants to be aware that agents of the rent (the Unlike estate agents) are not regulated, although there are great agents to leave there, it is possible for them to run away with your cash!
There were a number of stories emerging over the last 12 months real estate agents who have turned to rentals to help pay their bills, then experienced financial difficulties and as such do have not: -
1st In bank deposits of tenants properly, which could work with them off!
2nd Money spent on rental owners.
The result is that some rental agents, not either by bad business practices by poor unfortunately are running their rental in good and due form and both tenants and owners stand to lose.
For example, Martin & Co has its affiliates in Chester liquidation because of over £ 200,000 and despite the fact that they are supposed to be “number one UK rental agency, they had five cases of misuse of deposits for tenants.
Recently, as the Oxford Mail, two real estate agents and their houses were raided by police, following complaints from tenants and owners by Trading Standards who were absent from the rental income and not have their deposits refunded.
How do you check your rental agency is financially sound?
To try to ensure you do get caught not by a rogue or a financially distressed owner, follow our five steps to verify your rental: -
Landlords
1st Use only products that are part of NALS officers must satisfy themselves that if they go bankrupt.
2nd Always check your rent money is paid into your bank account, as agreed in the terms that you do business with the dealer and the tenancy agreement.
3rd Query why no rental income is longer than 10 days after the tenant must pay the rental income to the estate agent.
4th If the salesperson says that the tenant does not pay his rent, double check this by calling a joint visit with the agent to the tenant.
5th Visit WebCheck – Select and access business information and order a copy of the accounts of the real estate agent. Costs vary but are around £ 1 or more.
Renters
1st Make sure you use only to let the officers who are part of NALS that all agents belonging to NAL require coverage that protects tenants and owners if the agent disappears.
2nd Make sure your trust funds were registered with one of three rental deposit schemes, ask a reference and confirm the arrangements they have received your deposit.
3rd Confirm after a few months with your landlord that the rental revenue that you have paid is transmitted, for example if they visit the property or you can write to them.
Some other warning signs the staff is ransacked and the owner working in the company, who did not return phone calls or the office is closed more than usual.
If at any stage you are concerned about an agent, put your concerns in writing and request a meeting. If your questions remain unanswered, then it is worth contacting a third party that the agent can, for example NALS, ARLA or the Guild of Letting and Management. If your agent does not belong to any of these organizations, then you should check what insurance they have if they go bust and you’ll be protected. If you continue to be worried, it is worth contacting your local office of Fair Trading.
I am one of the experts from the United Kingdom top property is regularly quoted in newspapers including the Telegraph, Independent, Times, Daily Mail and Express and have appeared on BBC2, presented on BBC Radio 4 Channel 4 and a number of local radio stations of the BBC.
I was a consultant for the real estate sector for a number of years and renovating properties for over 20 years. I also wrote a number of books, including four on the? – Buying, selling, relocation, rental and leasing, property and Expand Your Property Investment Manual.