The increase in the buy-to-let market has introduced a large number of people to the letting sector of the market. The business of being a landlord can be fraught with problems and difficulties but a member of the NAEA and ARLA who specialises in lettings and management is well qualified to guide and assist you through the maze of legislation, jargon and agreements.
Generally the agent will you advise on accurate valuation, tenant agreements, possession, insurance, presentation, marketing, managing and maintaining your property.
Once a tenant has been chosen and references taken up, a tenancy agreement may be drawn up for you by the agent or jointly with your solicitor to protect your rights. The principle, partner or director of the NAEA and ARLA agent will hold Professional Indemnity Insurance and will also belong to a recommended Clients' Money Protection Scheme.
The inventory is a list of all furnishings, fittings and equipment within the property at the beginning of the tenancy, as well as highlighting the conditions of the interior i.e. walls, flooring, doors, woodwork, etc.
If you wish the managing agent can arrange for the day-to-day maintenance of your property. The property will be visited periodically during the course of the tenancy and repairs carried out if necessary as agreed. The agent can also collect the rent and pass it on to you every month as agreed with a statement of account.
The NAEA is the largest professional organisation representing Lettings and Management Agents, so make sure your agent is a member of the NAEA.