New Guidelines for Marketing Your Rental Properties: What Landlords Need to Know

In light of recent changes, it's crucial for landlords to stay up-to-date with the latest guidance for marketing rental properties. This August, the National Trading Standards Estate & Letting Agency Team unveiled new directives concerning the terminology used in property listings.

The Essentials:

For the sake of clarity and legality, it's imperative that the marketing status of a rental property is depicted accurately and updated as promptly as possible. Non-compliance could lead to issues down the line, potentially affecting the landlord-tenant relationship and even leading to legal ramifications.

Key Terms You Should Know:

While the complete list can be found in the guide, we've highlighted some of the most important terms for landlords:

New on the Market: Use this term for a property that hasn't been advertised since its last sale or rental. It's crucial to note that this term should only be applied for a brief period to ensure accurate representation.

Under Offer: : If a property has received an offer that you're considering but have not yet accepted, this is the term to use. During this time, the property remains on the market, meaning other offers can still be made according to your written instructions.

Let Agreed: : Once you've provisionally accepted a rental offer from a prospective tenant, pending further background checks and referencing, this term should be used. This is irrespective of whether or not a holding deposit has been collected.

Let: :This term is used when a binding rental agreement is in place. Once this is the case, the property is officially off the market.

By adhering to these new guidelines, landlords can ensure transparency and foster better relationships with prospective tenants. Compliance is not just best practice, it's a legal necessity.

We at Ashington Page are committed to keeping our landlords well-informed and in full compliance with these new guidelines. If you have any further questions, please don't hesitate to get in touch.