Property Academy’s latest yearly survey has provided concerning findings regarding landlords and their knowledge of their letting agent.
Of the 2,948 landlords questioned, 55% of those using agencies conceded that they were unsure whether their letting agent was affiliated with any professional body.[1]
Around 37% of landlords questioned said that they knew their agent was part of The Association of Residential Letting Agents (ARLA). However, only 11% knew if they were a member of the Royal Institution of Chartered Surveyors (RICS) and just 9% if they were part of The Property Ombudsman scheme. [1]
More disappointingly, only 8% knew whether if their agent was in the National Approved Letting Scheme (NALS).[1]
Void Periods
More interesting results from the survey included the fact that a potential void period was the biggest concern for landlords about their portfolio. Somewhat surprisingly, this was far more concerning than property damage or rent arrears.
In the event of a void period, 10% of landlords said that they would expect daily updates from their agent, whereas 43% would expect updates two or three times per week.[1]
Another intriguing statistic in the findings was that 7% of landlords would use an online agent, in preference to one on the high street. Somewhat unsurprisingly, a majority of 56% said that they would only use a high street agent. 37% of landlords were non-committal.[1]
[1] http://www.landlordtoday.co.uk/news_features/Landlords-dont-know-of-agents-credentials