What information you should give the landlord at a market appraisal
When you visit a potential landlord to carry out a market appraisal, you, as an agent, are the sole representative for your agency. It is essential that you can advise the landlord of their legal and contractual obligations and that you also know and understand your agency’s terms of business and your own level of authority. Of course, you must be familiar with the market and be able to advise the landlord on the level of rent they may expect.
You should give the landlord the following informations:
- The services your agency can offer the landlord, how much is charged and when the fee is due and the ability for the landlord to cancel the contract within 14 days if the agency contract is signed at the market appraisal or shortly after.
- The landlord’s statutory and contractual obligations to the tenant and you, as agent, including their repairing and safety obligations.
- The need to have sufficient buildings and contents insurance and to advise their insurance company that the property is being let.
- The meaning of ‘fair wear and tear’
- The meaning of ‘quiet enjoyment’
- Any improvements the landlord could make to increase the marketability of the property
- What the market conditions are like and the potential timescale for finding a tenant
- The need to carry out right to rent checks
- What marketing your agency will carry out, including putting up a ‘to let’ board
It is very important to manage the landlord’s expectations. You should avoid over-selling the situation, which could eventually result in the landlord being disappointed and complaining about lack of results, or a poor service.
Remember that under the CPRs you must give the landlord sufficient information to enable them to make an informed decision. At a minimum this will include giving them details of your agency terms and conditions in a clear way, including the fee/fees you will charge and when this/these will become due. Fees must include VAT.
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Source: Propertymark Qualifications