At the recent Landlord & Buy to Let Awards ceremony, the presenter Konnie Huq had an interesting story about a ploy used by a large firm of agents she now regrets having used.
The told her that they had found a tenant who was willing to rent her flat for five years. ‘Think of it’ they said to her, ‘Five years rent sorted, isn’t that great?’. Agreeing that it did indeed sound good, Konnie signed the forms, only to find that agency then required their commission for the whole five years paid in advance! Even though she had not received any of the rent!
Of course later on, there were problems with the tenants failing to pay rent, which she had already paid commission on …
Moral – don’t ever sign up for more than six months with a new tenant you know nothing about. And be aware that not all agents are looking after your best interests. Even though they should be (as discussed here).
Have you suffered from any similar problems? If so, please leave a comment.
I would have thought that the moral of the story should be: read before you sign.
Never pay for something before you receive it.
This is why Oystercards are the work of the Devil.
That is all.