Landlords and letting agents must be well acquainted with local market

Posted under General by Michael

Knowledge and understanding of the local property market is vital for landlords and letting agents in the current volatile financial market.

According to Designs on Property’s managing director, Kate Faulkner, buyers of property must exercise more caution about their deal than they had been in the last 8 years. She suggests that buyers must acquaint themselves both with the market which you are intending to buy from and the local market.

She was responding with reference to the news that house prices had slumped by 13.9% in last 12 months. She commented that low confidence which crept into the housing market, courtesy credit crunch, was good omen for buyers of any type of property.

Experts also suggest that landlords and letting agents should avoid showing a potential tenant a property which is still being occupied by the existing renter since it is prohibited by law.

According to Tony Booth, landlords and letting agents often show properties to potential renters during last month of rental contract. He mentions that showing a currently let out property without prior permission could attract legal action against them.

Showing property without permission is allowed only in the event of emergency which will have to be proved before a court. Booth informs that even if objective behind showing property could be to reduce voids in rental income, this action could frustrate existing tenant.

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