Trading Standards has recently issued new guidance for listing a rental property in a bid to reduce incorrect descriptions. In August 2023, the National Trading Standards Estate & Letting Agency issued new guidance for property listings, which aims to “reduce unnecessary confusion for property agents, consumers, and other organisations in the property industry”.
Historically, when properties are advertised for rental, we have got used to seeing a “to let” sign in front of a property or on a web-based advert. However, there is a plethora of other terms that are commonly used in the industry: you may also see adverts on boards or web-based portals including phrases such as “Spoken for”, “Rented subject to contract”, “To rent”, “Let by” etc.
Whilst terms used across advertisements, marketing boards and on property portal listings can vary significantly, they must all still follow rules laid down by the Advertising Standards Authority. They must meet two basic criteria. Any advert must: provide an accurate description of the product or service and, be legal, decent, truthful, honest, and socially responsible.
As a landlord, knowing what features are most important for renters is critical so that the property can be prepared in such a way that it matches the needs of the market. In addition, this knowledge enables the landlord or their agent to pick out these important features in their advertising, maximising the chance of achieving a quick let and minimising void periods.
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It is also the agent’s requirement to ensure that a property is marketed correctly and accurately at all times and that property portals in particular are updated in a timely fashion.
The National Trading Standards Estate & Letting Agency has outlined the phrases they would prefer agents to use. Although these are not legally binding, they strongly recommend their use.
The most commonly used phrases are (for a full list see the guidance):
- New on the market – A property that has not been advertised since the last let of the property.
- Under Offer: A property where an offer has been received which is under consideration by the landlord.
- Let Agreed: A property where a landlord has, in principle, agreed to enter into a rental agreement with a prospective tenant subject to further checks.
- Let: A property where a landlord and tenant have entered into a binding rental agreement and the property is therefore no longer available.
Whilst these changes are primarily aimed at agents, advertising standards are aimed at anyone advertising a property to let, including self-managing landlords. We would therefore encourage all landlords to read the necessary guidance and apply it to their advertising.
At Lifeboat Lettings we will always help and advise landlords and assist where we can.
If you would like some help with any of the subjects covered above or anything else relating to properties or lettings, please email contact@lifeboatlettings.com.
