Letting agents and ARLA regulation

Professional landlords seeking the help of letting agents in Nottingham should be in no doubt that by employing the services of a regulated firm they have far greater protection should anything untoward happen when letting their property.

For most of us it remains astonishing that just eleven Nottingham letting agents have voluntarily elected to become regulated by the industry leading body, the Association of Letting Agents (ARLA). This is in stark contrast to the 142 letting agents that are currently operating in the county. As a landlord looking to appoint a new agent it will be important to feel that you have made the right choice and importantly have real faith in your agent. After all, they will be looking after what is possibly your most prized asset.

So what do Nottingham letting agents with ARLA accreditation offer?
In simple terms you can rest assured that your agent will follow a due set of processes that ensure their back office systems are run in a professional manner. This will include some of the more basic processes such as managing viewings and client expectations ensuring all forms of advertising are both accurate and fair. More detailed processes will include carrying out thorough referencing, drawing up legal documents, administering tenancy deposits in an efficient and fair manner and importantly ensuring that in the event that something does go wrong that all client monies including rent are held in appropriate accounts and available for their proper use. As a warning, it may surprise you to find out that in taking over a good number of managed tenancies from competitor agents over the years we have seen all sorts of irregularities when it comes to handling client money. Some of these have even included letting agents using tenant deposits to fund their own property purchases which is clearly illegal. We have seen failing agents simply close their doors only to run off with large rental sums leaving both landlords and tenants in disarray. You have been warned – beware of who you use when next appointing an agent! Our advice to landlords looking to appoint a new agent is two-fold. First check your intended agent is indeed a member of ARLA and secondly ask for a number of testimonials from live clients. This is sure to help in your quest to find the right agent.

Lettings agency staff training
An ARLA regulated rental agent will have put all members of staff through the four rigorous exams that ARLA sets for individuals to become bona fide members. To reach this point staff will have spent a good deal of time both within their full time position and private study to build their knowledge to a level that is appropriate to their role within the business.

Should you want to discuss the advantages of working with an ARLA regulated letting agent in more detail please feel free to call one of our team today on 0115 981 9651.

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