As more and more households move into the rented sector, Belvoir Sheffield, the leading letting agents in Sheffield is urging landlords and tenants to take care when choosing a letting agent as much of the sector still remains unregulated.
Expected to welcome over two million more households over the next ten years, the rented sector has undoubtedly experienced rapid growth in recent months, but despite the rental property market being an extremely lucrative prospect, there is no proper regulation governing many of the letting agents springing up both online and on the high street, much to the horror of Belvoir Sheffield’s Managing Director, Rick Flay.
Rick, who specialise in providing flats to rent in Sheffield said: “A main area for concern from a landlord and tenant perspective is how the letting agent in question handles money, in particular deposits. Under the current legislation those who rip landlords and tenants off and run off with their money, can in fact re-enter the lettings industry if they choose to do so, making it extremely difficult to select a reputable agent.
“The regulation of the lettings industry has been a grey area for a long time now, but in recent months there has been an influx of news reports about tenants and landlords who have been burned at the hands of bogus agencies.
“The only way to remain safe is to choose an agency which is a member of a professional body such as Propertymark (Propertymark Scheme (Propertymark). Organisations such as these ensure that clients’ money is held in separate, accounts and properly protected making them a much safer option.
“Propertymark runs a great scheme called the SAFE scheme, which Belvoir Sheffield is a part of. Propertymark give the companies who take part in the scheme a mark saying that they are Safe Agent Fully Endorsed, which denotes firms that protect landlords and tenants money through client money protection schemes.
“Landlords and tenants often make decisions based on cost but it is important to ensure you ask your agent for details of the organisation they are regulated by and whether or not they are covered by a client money protection scheme. “
Despite deposit issues being a main cause for concern, choosing an agent with little or no local knowledge can be just as detrimental to your success as a landlord.
Rick, whose lettings agency helps those wanting to rent property in Sheffield, continued: “It is a rather difficult task to determine whether or not an agent actually has the skills to actually let out and manage your property, and ensure that they do in fact have an in-depth knowledge of the local letting market.
“It is also essential that your chosen agent has an in depth knowledge of the legislative issues effecting both the landlord and tenant, otherwise huge legal expenses and financial penalties could become order of the day.”
Belvoir Lettings Agency Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs, Investment Property Insurances and Mortgages.
