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    • bartsimpson
    • By bartsimpson 12th Jul 17, 12:35 PM
    • 677Posts
    • 478Thanks
    bartsimpson
    Buy to Let - use letting agency or manage yourself?
    • #1
    • 12th Jul 17, 12:35 PM
    Buy to Let - use letting agency or manage yourself? 12th Jul 17 at 12:35 PM
    I already have one flat and a letting agency manages it for me. I've always thought they don't seem to do a lot for the money they charge.

    I've just bought another flat and considering cutting out the lettings agent and managing it myself.

    Does anyone know of any step by step guides for doing this - I know I need things like a Gas Safe certificate, electrical survey maybe, not sure about insurance?

    Then I need to think about what kind of deposit I take and where this is placed, and how eventually it's returned.

    Then there is the tenancy agreement.

    Inspections are fine as I work virtually next door to the flat.


    Seems like there's a bit of work involved initially but once all the legal boxes are checked it's much easier.

    I just need to make sure that legally I'm not missing a step due to my lack of experience, and was hoping for some sage advice on here.

    Many thanks in advance.
Page 1
    • G_M
    • By G_M 12th Jul 17, 12:36 PM
    • 41,057 Posts
    • 47,159 Thanks
    G_M
    • #2
    • 12th Jul 17, 12:36 PM
    • #2
    • 12th Jul 17, 12:36 PM
    You need to know what you're doing. But that applies to some extent whether you self-manage or employ an agent!

    And you can learn. See



    * Tenancies in Eng/Wales: Guides for landlords and tenants This thread is intended to provide information to both landlords and tenants relating to Assured Shorthold Tenancies (ASTs) in England and Wales.

    Topics covered:

    * Repairing Obligations: the law, common misconceptions, reporting/enforcing, retaliatory eviction & the new protection (2015)

    * Deposits:
    payment, protection and return

    * Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

    * Rent increases: when & how can rent be increased?

    * Repossession: what if a LL's mortgage lender repossesses the property?

    * New landlords: advice, information & links

    * Letting agents: how should a landlord select or sack?
    • bartsimpson
    • By bartsimpson 13th Jul 17, 6:07 PM
    • 677 Posts
    • 478 Thanks
    bartsimpson
    • #3
    • 13th Jul 17, 6:07 PM
    • #3
    • 13th Jul 17, 6:07 PM
    Thanks. This looks quite a lot of info to study.

    Would you recommend just using a letting agent then?
    • Pixie5740
    • By Pixie5740 13th Jul 17, 6:42 PM
    • 10,816 Posts
    • 14,943 Thanks
    Pixie5740
    • #4
    • 13th Jul 17, 6:42 PM
    • #4
    • 13th Jul 17, 6:42 PM
    Thanks. This looks quite a lot of info to study.

    Would you recommend just using a letting agent then?
    Originally posted by bartsimpson
    The thing is that you really need to know that stuff even if you want to use a letting agent. If you don't know what you're talking about how will you choose a decent agent? There are plenty of threads on this board where letting agencies haven't protected deposits, don't deal with repairs or do deal with repairs and charge landlords and arm and a leg for the privilege.

    You also need to remember that the letting agent's goals aren't necessarily the same as yours. For example, you want to find a decent tenant and keep him/her as long as possible. Perhaps starting off with a 6 month AST which then becomes a SPT. A less than scrupulous letting agent might try and force the tenant into signing a new fixed term contract so that they can earn more fees. If the tenant has enough and leaves all the better as that means tenant finder fees from you and referencing fees from a new tenant. Kerching!
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • G_M
    • By G_M 13th Jul 17, 7:29 PM
    • 41,057 Posts
    • 47,159 Thanks
    G_M
    • #5
    • 13th Jul 17, 7:29 PM
    • #5
    • 13th Jul 17, 7:29 PM
    I'd recommend either

    * managing it yourself, for which you need to do a lot of research and learning, or

    * using a leting agent who is reliable, trustworthy and professional- and to determine that you need to do a lot of research and learning, and then monitor the agent, whicha lso means doing a lot of research and learning

    This is your proposed 2nd BTL - you're running a business. You need to understand your business.
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