Questions To Ask Your Letting Agent When Renting A Property in Coventry
If you are thinking of renting out your property in Coventry, you will need to find a good letting agent in the area.
But what should you ask them before you sign on the dotted line?
With so many estate agents to select from, it may be worthwhile to develop a list of questions to ask in order to make an informed decision.
Below are some questions to ask your letting agent if you’re planning to let your property in Coventry.
What accreditations do you have?
When seeking a letting agent to manage your property, the first thing you should ask a letting agent is what accreditations they have.
These will show that they have undergone the relevant training and are up-to-date with industry standards.
Figure out which trade associations they are a part of. For example, Complete Residential Lettings Coventry is a member of the Property Ombudsmen and Client Money Protection Scheme, which is an insurance policy that reimburses tenants or landlords if their deposit or rental income is withheld by their letting agent.
Testimonials and success track records?
Asking for testimonials will give you an insight into the type of service they provide and how satisfied their customers are.
The Complete Residential Lettings team has extensive local market knowledge and over 20 years of experience.
You should aim to find local Coventry lettings agents who are highly attentive and transparent in everything they do and try their best to accommodate anything (within reason) that a client wants in a management team.
Aim for a team that is competent but welcoming, especially for someone who is new to property lettings.
You can read more customer testimonials on our website.
Complete Residential Lettings Notable Encounters
We had a noteworthy encounter when a landlord called us about a B&B that had lost its contractual relationship. He was at serious risk of losing his enterprise because his earnings had halted.
We encouraged him to turn the units into self-contained apartments. Which he did, and we’ve been letting them out effectively for the past twelve years.
He also had his property appraised after completing the renovations, and with them fully rented, the value of his house had nearly doubled.
How many rentals does each property manager have?
You will want to make sure that your property is not one of a large number of rentals that each property manager is responsible for. This can lead to your property not getting the attention it deserves.
Our Coventry properties
Complete Residential Lettings currently manage 215 properties for landlords in Coventry. We do not allocate properties to each member of staff, as we all look after them equally.
As we have 3 members of staff you could probably say 70 each!
How much will my property earn?
A great letting agent will be able to give you an accurate estimate of how much rent you can expect to achieve for your property in Coventry.
They will take into account a number of factors including the location, condition, and size of the property, as well as the current market conditions.
At Complete Residential Lettings, we would conduct a rental assessment on your Coventry property. We would compare it to other similar properties in the area that have been let recently, taking into account any unique features that could increase or decrease the rent.
From this, we would give you an idea of what rent you could achieve and how long it is likely to take to find a tenant.
Properties can earn between £5400.00 at the lowest to £48000.00 per annum, depending on the property.
These figures are gross figures and will need to take into account our fees, and maintenance throughout the year and also gas safety (every year), EPCs (every five years), and EICR safety checks (every five years) when needed.
How do you attract tenants?
The most important thing for any landlord is to find a tenant as quickly as possible so that they can start earning rent on their property.
A good letting agent will have a number of marketing channels that they use to market properties, including their own website, online property portals, and social media. They will also have a database of potential tenants who are looking for properties similar to yours.
At Complete Residential Lettings Coventry, we utilise all the above marketing channels to ensure your property gets maximum exposure.
We advertise all our properties on Zoopla, On The Market, our own website, and on Facebook. We get ample enquiries on a daily basis from these sources.
How do you screen and reference potential tenants?
It is important that you find a letting agent that takes the time to screen and reference all potential tenants thoroughly. This process will help to ensure that you end up with a tenant who is reliable and who will look after your property.
At Complete Residential Lettings Coventry, we always conduct a thorough screening and referencing on all potential tenants.
Our tenant screening process
All tenants undergo stringent referencing. This includes previous landlord checks. We require their current, or previous, landlord to confirm that their tenancy was conducted satisfactorily, payments on time, looked after the property, etc.
Also, work references to ensure they earn enough to take on a tenancy, a credit check to make sure they have not had adverse credit in the past, and also a right to rent check, where we need proof of id and also that they are legally entitled to rent and stay in the UK.
How do you deal with overdue rent?
Finding a letting agent who has experience in dealing with overdue rent is very important. This will ensure that you are able to get the rent that you are owed as quickly as possible.
At Complete Residential Lettings, we have a dedicated rent arrears team who are experienced in dealing with overdue rent. Late rent is dealt with firstly with a polite phone call, just to see if it has just been an oversight.
The second would be an email outlining their obligations and that further action would be taken should we not receive the rent, we also attend the residence should we get no response to the first two.
If the above does not succeed then if they miss two payments we would then start legal proceedings to have them legally evicted.
The main thing we do in most cases is to work closely with all tenants, to try to work out a payment plan, as anyone can have financial difficulties from time to time.
Are their contractors reliable?
It is important that you find a local Coventry letting agent who has reliable contractors who can carry out any necessary repairs and maintenance on your property in Coventry. This will ensure that any repairs are carried out quickly and to a high standard.
At Complete Residential Lettings, we only use the most reliable contractors who are experienced in carrying out repairs and maintenance on rental properties in a timely manner.
We have a number of preferred contractors who we use on a regular basis. These contractors are all experienced and qualified in their respective fields.
We vet all our contractors very carefully, making sure they have ample experience in the relevant field, liability insurance, and also that they provide us with competitive quotes for any work that needs to be carried out.
Most of our contractors have been working with us since we started in 2010 due to them being reliable and conscientious.
What are your management fees?
These fees will vary depending on the services provided by the agent.
At Complete Residential Lettings, we charge a percentage of the rent as our management fee. This fee includes rent collection, property inspections, arranging repairs and maintenance, and dealing with any tenancy issues that may arise.
Management fees are typically 10% of the rent received. This is negotiable should a landlord have multiple properties in Coventry.
Tenant deposit protection
All tenancy deposits must be protected by a government-approved tenancy deposit scheme. This is to ensure that the tenant receives their deposit back at the end of the tenancy if they have met the terms of their tenancy agreement.
At Complete Residential Lettings, all our deposits are registered with the Deposit Protection Service. The reason we use these is that they hold on to the deposit money during the tenancy, and they also deal with the distribution of the deposit at the end of the tenancy.
How do I find a good letting agent in Coventry?
There are a few things to consider when looking for a letting agent in Coventry.
The first is to make sure that the agent is a member of a professional body. These membership bodies have strict codes of conduct that members must adhere to.
This gives you some peace of mind that the agent is reputable and will act in your best interests.
It is also worth checking online reviews of the letting agent. This will give you an idea of the level of service you can expect from the agent.
Finally, it is always worth meeting with the letting agent in person to get a feel for them and to ask any questions you may have.
Why do letting agents charge landlords?
Letting agents typically charge landlords for their services. The fees charged will vary depending on the agent and the level of service provided.
Management fees are usually a percentage of the rent received, typically 10%. This is negotiable if a landlord has multiple properties.
At Complete Residential Lettings, our management fees are very competitive and we offer a discount if you manage multiple properties with us. Our management fees are typically 10% of the rent received. This is negotiable should a landlord have multiple properties.
We also offer a rent guarantee scheme for an additional fee. This scheme covers any rent that is unpaid due to tenant default.
Looking to let your property in Coventry?
For more information on our fees, please don’t hesitate to get in touch! We would be more than happy to meet with you in person to discuss your letting wants and needs! You can also call our friendly team here 024 7667 9333.