When you buy a new property to let, it can seem a good idea to keep the management with the estate agent you just bought it from but, have you considered that they might not really be set up as a lettings agency and are actually mostly sales driven? If the property was managed by another lettings agency before the sale, shouldn’t you check them out first?
In this article we will go through what you should find out about your new managing agent. What questions to ask and how you can make sure you get what you need.
Was the property managed by someone else prior the sale?
As an initial basic check, it is worth finding out who currently manages the property and if possible talk directly to the agent to see what they can offer you.
Do you have a designated Lettings team?
A question for the sales agent. If you are considering transferring management responsibility to them, you will first want to speak to the designated lettings team. Make sure they are up to the job.
Some additional questions you should ask before moving the lettings management to another agent:
• How many rentals do you manage?
• What kind of properties do you manage?
• Do you manage any HMOs?
• Can you provide references?
• What services are available?
• What does your marketing entail?
• Do you deal with rent reviews?
• Will you handle repairs and maintenance for me?
• How often will you inspect my property?
• What security Deposit Scheme do you use?
• Can you help me grow my portfolio?
Remember, not all agents are equal and it is worth doing some detailed due diligence when purchasing a property before moving away from the current lettings agent.
If you are looking for a lettings agency to manage your property/portfolio, we would love to answer all your questions.
This article might also be of interest if you are looking at swapping agency
Swapping Letting Agents is Easier Than You Think
