1. Agency Terms Flashcards
What should you gather before attending a market appraisal?
All relevant information on a property
What information should you obtain before a market appraisal?
Info from the landlord, including contact details, status and whether they will be living overseas
What information should you provide to the landlord?
Information about services offered and fees charged, plus the landlords statutory and contractual obligations
What should you do at the market appraisal?
Establish timescales, viewing arrangements and details about the property and the services, including lease details if applicable
How should rental value be assessed?
By obtaining comparables, which are used to verify rental figures in conjunction with current market forces
What are the best comparable properties?
Properties with a similar specification in a similar area and that have recently let or are under offer
What other details about comparables are considered?
Style, location, amenities, size, age and internal/external condition
Landlords can place restrictions on type and number of tenants, providing this doesn’t…
Breach legislation
Landlords can restrict access to certain parts of property as long as…
It doesn’t impact on any means of emergency escape from the building
Insurance providers must be made aware when a property is what?
Being let
Some insurance companies specialise in what?
Providing insurance for landlords and tenants
Landlords should have what type of insurance and why?
Building and contents insurance to ensure they are covered for public liability
What other insurance can be taken out?
Legal protection, rent guarantee and emergency call out cover
What has the popularity of buy to let schemes resulted in?
An increase in good quality property available to let
Landlords must consider what when buying and preparing a property to rent?
All of the costs involved
