Purchasing a property is one of the largest investments you are likely to make whether you are going to live in the property or have bought it  as an investment.  So who would you entrust to manage one of the most expensive items you own? The fact is that anyone can begin trading as a letting agent without any qualifications or experience in the industry so you need to select your agent/partner carefully.

Over the last few months I have seen a number of Letting and Estate agents close their doors in Corby for the last time, leaving behind a mess of missing damage deposits and rental payments. Some landlords finding out that documentation and records are sparse or non existent. Unknown to most landlords is the fact that they will have to refund the tenants deposit at the end of the tenancy unless the deposit was registered.

The first question that I get asked on a daily basis is what are your fees. When the most important question  should be how are you going to protect me when things go wrong. It is important for landlords  to remember that the agents offering lower charges are not necessarily the best agents to use.

The best agent will be able to provide you with a comprehensive service and guide you through the local market. They will explain what is included and what isn’t in the individual fee structures they offer. What will they do if the tenant stops paying the rent? Ask if the agent can provide rent guarantee and legal expenses cover. This type of insurance ensures you will be compensated if a tenant defaults on their rent and will also cover expenses for legal action should you need to obtain a court order to evict them. Which scheme will they be holding the damage deposit in? As the landlord of the property it is your responsibility to ensure that the Damage Deposit is placed in one of three schemes. What happens if the tenant or a third party damages the property during the tenancy? Will the inventory quality taken at the start and end of tenancy be strong enough to win disputes? Does the agent give you confidence they will be robust in their end of tenancy claims dispute management?

So is saving 1% or 2% on the agents’ management fees so important. In my opinion It is not. This saving could account to £120.00 per year; a very small amount compared to the losses you may incur dealing with an unprofessional and unaccredited agent.

If the agent you are considering instructing is not part of a voluntary accreditation scheme i.e. National Approved Letting Scheme (NALS) www.nalscheme.co.uk I suggest you look for a lettings agency in Corby or elswhere who is a member of this scheme. These schemes ensure you are protected having annually audited client accounts, client money bonding and a clear code of practice with formal complaints handling procedures.

Susan Geddes is the Manager of Belvoir Property Lettings Corby, who have a wide range of properties to let in Corby. She

can be contacted on +44 (0)1536 267755, email corby@belvoirlettings.com