Stressed Landlords

When Letting Goes Wrong : Why It Pays To Use Redstones For Your Property Management

We recently looked at the advantages of landlords assigning their property management to Redstones, rather than attempting to ‘go it alone’ or on an ‘introduction only’ basis.  The fact is that letting your property through a reputable agent can save you, as a landlord, significant stress and anxiety, especially when that tenant refuses to co-operate or stops making rental payments.

Below, we highlight one example of a client who recently approached Redstones, having decided to originally manage the property himself.

Here our client explains his predicament in his own words:-

 ‘When I originally decided to let my property, I opted to find my own tenants, primarily to save the costs of lettings agents, which seemed quite expensive.  I am well organised and pay attention to detail so didn’t foresee a problem.

When my tenant originally moved in, he couldn’t afford the deposit or begin paying the rent as he was waiting for a grant.  As he seemed trustworthy, I agreed to wait for both the deposit and the first rent payment.  Since then they have been paying on or around time, until recently.

I now wish to sell the property and have requested a viewing prior to finalising the tenancy agreement.  Unfortunately, they have refused to co-operate and have been at times, arrogant and threatening.

These are some of the additional issues I am facing which I now realise would have been dealt with upfront if I had approached a reputable lettings agent like Redstones initially:- 

–          The tenant is withholding rent payments until I provide them with receipts of rent paid to date.

–          I did not carry out an inventory of the property, although it is let on a partly-furnished basis.

–          I am not certain of whether or not all necessary safety checks – which are required by law – have been carried out.   

–          The deposit was not placed into a nationally recognised scheme.

–          The tenancy was granted on the basis of a single adult living in the property but I now have reason to believe there is a second adult living there.

As I’m soon to be a father I don’t have the energy or time to resolve this matter so have asked Redstones to take over full management of the property. I am relieved this extremely stressful matter is finally in professional, trustworthy hands’.

Our client’s experience highlights the potential problems when an inexperienced landlord attempts to manage their own property.  It wasn’t that our client was trying to cut corners, he simply lacked the expertise or the time to ensure his property was let in accordance with latest regulations – and on face value he had no reason to think that his tenant may prove to be difficult.

When choosing your lettings agent, you will find our article on the six signs of a reputable lettings agent helpful.

As the lettings market continues to expand, a number of unaccredited agents are entering the market.

For your peace of mind, Redstones is a member of the following:-

– NAEA (National Association of Estate Agents)

– ARLA (Association Residential Letting Agents)

– TPO (The Property Ombudsman)

We also comply with the DPS (Deposit Protection Service).

To discuss letting your property with Redstones, or to learn more about our Switch Agents or Platinum Total Care Service, contact us today.

We look forward to your call.