We have spoken before in this blog about the number of new landlords that are entering into the market, almost accidently. These are people who bought properties to renovate during the times where it seemed like an easy way to make money and metaphorically got left holding the baby when house prices dropped dramatically.
A lot of these people chose to hold on to their properties and become reluctant landlords rather than sell and make a huge loss.
Now Christopher Hamer, from the Ombudsman for estate Agents, is suggesting that complaint figure jumps in this area suggest some of these perhaps naive, definitely inexperienced landlords may need protecting.
Ian Wilson, Managing Director of Martin & Co, has picked up on this and issues this warning “As properties fail to sell, we have seen a sizeable increase in the number of new (and sometimes reluctant) landlords entering the market. These are the very people who need protecting from the unscrupulous, uneducated or inexperienced letting agent who claims to be able to represent their best interests.”
It seems fair to say that if you are a new landlord it is a good idea to be extra carful about choosing your letting agent. Perhaps ask around more experienced landlords.
Recommendations are always a good way to eliminate some of the risk.
