Author Topic: Rents rising but beware of Letting Agents  (Read 3220 times)

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Philofacts

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Rents rising but beware of Letting Agents
« on: July 11, 2011, 01:14:11 pm »
Nearly a third of letting agents say rental income has increased by 2-4% so far this year. In central London the rise in rents is 10%. However landlords and tenants should be aware there is even less regulation and redress for letting agents than there is for estate agents - yet the misery they can cause can be considerable.

Holding deposits paid by tenants to secure the rental are a case in point. Letting staff can call this a deposit or administration fee meaning little or nothing is received by the landlord is the tenant pulls out. However half of lettings agents surveyed say they would pass on half the holding deposit to landlords if a tenant defaulted but the remainder say they would keep it all to cover their costs.

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FirstTimeBuyerGuru

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Re: Rents rising but beware of Letting Agents
« Reply #1 on: July 22, 2011, 07:19:44 pm »
I believe Lettings agents don't need to have any official form of qualification either. So as philofacts says, be careful.

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The Prophet

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Re: Rents rising but beware of Letting Agents
« Reply #2 on: July 23, 2011, 08:09:48 am »
The better Letting Agents are members of the Residential Letting Association RLA.
They have a code and rules for its members but I dont think it is ever properly policed.
As long as member pays the annual subscriptions etc etc