What would you say is the greatest source of problems for a buy-to-let (BTL) investor? Bad tenants? Cash flow? Property repairs? Whilst each of these issues do crop up, in our experience, the most common problems emanate from the letting agent?s service.
Here are just some of the most common issues we?ve solved recently, on behalf of our clients:
1. Agents withholding nett rent from the landlord (with no good reason)
2. Tenant referencing not being carried out correctly
3. Property inspections and/or maintenance not being undertaken
4. Renewals of tenancy agreements being mis-handled
5. Non Resident Landlord schemes and procedures not administered correctly
6. Non-paying or problem tenants not being dealt with appropriately
7. Worst of all, in our opinion, is the agent not responding to concerns from the investor when they raise them, or accepting responsibility for errors made.
The BTL investor needs to manage the letting agent proactively, rather than assume all?s well and they?re providing a good level of service. Selection of the letting agent is a crucially important decision for the BTL investor. Avoiding the problems listed above, is far better than having to request our assistance to resolve them.
If you?re short on time, but still want your BTL investment to run smoothly, we can manage it on your behalf, mediating with lettings?agents, freeholders, and other service providers as necessary.
There?s really no excuse, in my opinion, for any letting agents to be making errors or providing sub-standard service. If your letting agent isn?t giving you great service, change to one that will! Do your due diligence before appointing them, ensure you understand the service level you should expect, and most importantly, monitor all aspects of the service and the tenancy constantly.
If you do find yourself with a pile of problems that you can?t resolve, contact Like-Clockwork. We?ll find the solution!