Many agents make unrealistic claims and rash promises so here are some guidelines which we hope you will find useful when selecting the right agent to rent your home.
Our philosophy is more about looking at the rental return over the whole year.
By minimising rental voids with the initial correct rental valuation at the outset we ensure you get the best possible annual return.
LOCAL EXPERTISE
Everyone prefers to work with local experts so it may be worthwhile to choose an agency that is based nearby and that is staffed by local residents - people who really know the area and its people.
BRANCH NETWORK
Single branch agencies are less likely to have the support resources or tenant sourcing strengths of a multi-branch network; national chains can often fall down on local knowledge or personal dedication required to deliver a personalised service. A strong independent firm with extensive local coverage can offer the best of both worlds. We have offices that cover the City Centre & South Birmingham; Solihull; Worcestershire and Warwickshire.
VALUATION
Beware! Some agents deliberately over-value in order to impress you to secure your instruction. They might subsequently put pressure on you to reduce your price when the property fails to let. Conversely there are agents who will deliberately under-value your home in order to secure a fast commission. Whilst you are likely to achieve a quick let you may well be considerably worse off than if you had appointed an agent with a realistic valuation policy.
CHOOSING THE CORRECT VALUATION IS PARAMOUNT
People rent using comparisons. If your property is overpriced compared to similar properties on the market at the time it is likely to take longer to let. So it is critical that you appoint an agent who quotes a realistic figure in relation to properties that have actually been rented recently preferably by them and one who also has a working knowledge of current tenant activity in the area.
COMMISSION
Sometimes it is difficult to tell the differences between agencies which is why many people logically decide on a basis of the commission they charge. However agency services like the service you receive in a restaurant are hard to judge before you use them. Similar to restaurants price can be an indication of quality consistency and the whole dining experience although of course this is not always the case!
The same can be said of letting agents. Some low quality agents can only compete on fees to win the business because they may not have a good reputation to attract people to use them. This means they may not be able to afford to offer a high level of hassle-free service.
If an agent is quick to reduce his or her fee how much more willing will he or she be to reduce the rental price of your house? The net amount in your pocket is likely to be more important than the fee percentage charged!
ADVERTISING
Beware of agents who aim to impress simply by placing lots of properties in the paper each week. Most agents draw from the same pool of tenants but it is the loyalty of those tenants to the agent that is most important. Furthermore/ In addition dont allow your agent to repeatedly advertise your property as an excuse for not renting it it could go stale on the market!
INTERNET
The Internet is a valuable tool for the modern letting agent but dont be impressed by any hit claims. All web-enabled agents are exposed to many tenants but how well do they qualify those tenants when it comes to discussing your home. It is very easy for a tenant to register a passing interest. It takes a well-trained agent to identify those prospective tenants who have a serious and pressing need to move.
INDEPENDENCE
Some agencies are owned by large financial institutions and are merely used as a vehicle through which they sell their financial products. If you choose an independent agent it is more likely that their primary concern is the rental of your property rather than selling financial services to you. This may not be obvious from the name of the agency so it may be worth finding before deciding which agent to choose. Chamberlains is 100 independently owned and managed; therefore our core focus is letting our clients properties although we can help with finance if required.
VIEWINGS
Does the agent accompany all viewings? It is incredible that so few letting agents provide accompanied viewings. Apart from the obvious security issues only when agents accompany tenants around a property can they probe listen and understand what the tenant really wants.
Agents who develop a first-hand picture of the tenants preferences tend to have a much higher viewing/rental ratio and do not frustrate their clients with unsuitable viewers. Our policy is to accompany all tenants around a property wherever possible and provide prompt and honest feedback.
AFTER-SALES SERVICE
We believe that the real work starts after the let has been agreed; hence we pride ourselves on the management service that we provide.
COMMUNICATION
Too many agencies only communicate good news! Thats easy! Good agents are in regular contact with their clients and can advise the Landlord of a tenants response following each viewing. They also have the guts to advise you when improvements should be made in order to improve your chances of renting at the highest price.
SO TO SUM UP
Choose an agent that is owned and run by qualified property professionals who are interested in your rental rather than people who are simply employed to build an empire.
Could you get hold of the MD if you needed to? Chamberlains is personally run by its Managing Director Greg Morrall. You can contact him at our Head office in:
Harborne: 0121 428 3645 or greg@chamberlains.uk.com