The Danger To Unwary Landlords

Letting Agent and Authority Lucy Morton of W.A. Ellis, President of ARLA, the Lettings industry trade body, is concerned that Landlords may be getting confusing and conflicting advice from Agents. "The market is very hard for some agents to call as rents have risen sharply over the last couple of months" says Mrs Morton who has been in the central London Lettings business for over 25 years. Landlords should instruct experienced Letting Agents only, particularly in the current conditions. "We advised a client recently on the marketing price of his property. Suggestions he received from other firms varied from £3,500 per week to £8,000 per week! We sensibly valued it at £6750pw comparing it with other properties which we have successfully let in the area and were duly instructed. We matched it to our extensive database of blue chip Applicants, knocked our competition into touch and let it successfully within a month of marketing."

"It's always hard for clients to know when they are being given advice that might be weighted to help get an instruction" says Morton. "On the other side of the coin, some agents are not moving with the market and not increasing their valuations due to the shortage of stock - demand is severely outweighing supply. The election result may add further uncertainty to the Sales market, meaning that some vendors may end up letting instead and without the correct advice possibly committing to rents below market value. There are a lot of good quality tenants out there looking for the right property and a shortage of property is pushing rents up rapidly. "An inexperienced agent can actually do more harm than good" cautions Lucy Morton – "only the very best and most experienced agents know how to value and deal in the ever fluctuating Lettings Market."