Letting my flat - should I use an Agency or DIY?

sjcat

Greetings!

I'm moving a long way out of London in 4 weeks time, but keeping ownership of my Docklands flat.

Currently we're surrounded by boxes. It's not pretty, and not ideal for viewing.When we move out we'll get the place professionally cleaned, and it will be a fully furnished duplex delight with Plasma TV, parking space etc.

Clearly I need to let the flat ASAP.

I don't have a particularly high opinion of letting agencies, or estate agents in general! But they do seem to get exposure on Rightmove etc. DIY letters don't seem to get a look in. And agencies do credit checks, important for me as my flat isn't too shabby.

I *think* I intend to manage it myself. We've lived there from new for 5 years and hardly anything has gone wrong with it. It's unlikely to need much maintenance. I know it inside out now. So any agency fee would simply be a 'finders' fee.

Does anyone have an opinion on the best approach?

Agency fees are so high I could drop the rent by 10% and still make the same amount over the course of a year. Or put another way I can last another 3 or 4 weeks without a tenant and still make the same. Also I'm not sure I made it clear how much I loathe estate agents. But they are a necessary evil sometimes.

Worse case if I DIY let would be I fail spectacularly at finding a tenant, spending several weeks getting nowhere. Then I register with an agency and finally find somebody several weeks after that, and pay the agency for the priviledge.

Alternative worse case - I find a tenant but misjudge them and they run off with my sofa and telly without paying the rent. Then they burn down the flat.

Best case is I find somebody myself quickly and easily and can give them a reasonable rent and still pay my mortgage. I'm not sure the best way to do this in Docklands.

Or I just suck it up and go with an agency and let them do the donkey work.

As you can tell I've probably overthunk this one. Can anyone drop in with some common sense and practicality?

basilsauce

I rented my flat out in November using a local letting agent - have moved from west London to Southampton, and wanted the extra peace of mind that I think using an agent gives you - yes I'm sure things could still go wrong, but it just felt a little bit safer to me, plus it meant a lot less work for me! If its your first time doing this sort of thing I personally would go through an agent - just my opinion.

Whatever you decide - good luck!

MX5huggy

Do you have at your finger tips a good plumber, sparky, and handyman that you can call anytime and will jump?

Have you got gas cert, EPC, permission from mortgage, electrical safety, a company to do the referencing?

mlz1413

many letting agencies doing a finders service, they take one months rent to advertise, find, vet and credit check tenant, I think they do the AST but not sure about inventory.

Go and have a chat with 3 agents in your area, see what is on offer and what the fees are.

Use one registered with ARLA is you do use an agent as this gives some come back if the agent go bust.

Having the credit checks also means you can get rental insurance.

sjcat

Thanks! Comments being absorbed..

I have been recommended a good handyman, so am happy there. No gas (phew). Mortgage permission - yes. Flat still under 10 year warranty and no fittings alterered from new. Inventory not hard to do.

After more investigation:

This looks interesting: http://www.discountletting.co.uk/tenant-find-service.php
A quick check shows their properties do indeed show up on Rightmove. £49 for a month on there can't be bad.

These people do credit checks (£47.50 for a full one). They also do rent guarantee insurance and a bunch of other stuff: http://www.tenantverify.co.uk/

m_13

I'd check out the comments on one of the specialist Landlord forums. www.landlordzone.co.uk is one and is quite helpful.

Points I'd make is that you have to protect the tenants deposit in a recognised scheme and the cost of any agent is deductable from your income when it comes to profit.

We're just about to become first time landlords (if we ever exchange) and I've found the forums to be tremendously friendly and the old threads particularly informative!