Self let or Agency?

NastyMatt

I am currently getting close to letting my property, would letting it myself be a wise idea (first time landlord?) or do people recommend using an agency?

I'll be paying about £100 per month for an agency to do very little...

joepubli

I'd say forget the agency. Its much safer since the Assured Shorthold came in. You can get the forms at a legal stationer or on the web.

Get them to set up a standing order. Make sure you call the prospective tenant at work on a landline to confirm employment and ask for 3 months' bank statements to see salary coming in and rent going out.

Lasyly don't be too greedy on rent. Share the saving on the agent with them y offering a below market rent - you should have plenty of interest and then choose the strongest tenant.

good luck

nmiah786

Since this is your first time I would suggest that you use a local reputable EA, at least that way you will hopefully familiarise yourself with the whole process without missing anything.

It really depends how much running about you want to do and how much "know how" you already possess. It can be very beneficial to do the letting by yourself but for a first timer I would consider using a EA.

Once you have done it a couple of lets you might hopefully get to know the ins and outs and be more confident going it alone.

All the best and let us know if you need any information should you decide to go it alone!

david29dpo

we used an agent the first time. but the fees were only %75 of the first months rent and that was it.

AndrewSmith

Dont forget to negotiate on the fees as you would any other agency.

fishhawks

Another option would be to use an agent just to find you a tenant and issue the tenancy agreement, get references etc. for a one off payment, rather than them managing the property for a monthly free

NastyMatt

All great advice thanks.

My OH will be renting her property out too.. so we will be paying £200 a month to agencies (if not more) which starts to add up.

I am contemplating trying to manage mine as a test.. if I can do it then I'll manage hers too. Sort of get into the swing on things on mine.. if I mess up she can rent hers via an agency!!

[Deleted User]

NastyMatt wrote:

All great advice thanks.

I am contemplating trying to manage mine as a test.. if I can do it then I'll manage hers too. Sort of get into the swing on things on mine.. if I mess up she can rent hers via an agency!!

There is no real advantage by going through an agency - and there is no assurance that, the agency can do anything if the tenant stops paying the rent. When I was renting, I was told that in such an event, I would have no claim against the agent and I would have to sort out any eviction orders and solicitors letters. So basically, the fee you pay to the agents is money for old rope!!!

nmiah786

lindabea wrote:

There is no real advantage by going through an agency - and there is no assurance that, the agency can do anything if the tenant stops paying the rent. When I was renting, I was told that in such an event, I would have no claim against the agent and I would have to sort out any eviction orders and solicitors letters. So basically, the fee you pay to the agents is money for old rope!!!

OPPS!!!

Dont forget that a letting agent will give you more exposure in my opinion rather then if your were to do your own advertising!!!

saver_sam

Another option if you are in the right area and don't mind letting to those who get housing benefit is to lease the property to a housing association for between 2-5 years, who then lease in onto tenants for about 6 months at a time. The hosuing association pay you direct whether or not the tenant pays them, and takes charge of all the legal bills if they need to chuck them out for non payment. In our area (sussex south coast) they want 2 or 3 bed houses. doing this is charge free but you are still reponsible for repairs.

Also if you wanted to do it yourself, a cheap form of advertising is the local freebie ad papers. A friend of mine found herself a house that way a couple of weeks ago.

NastyMatt

Having looked round I was coming to the same conclusion as Linda.. the agency are getting cash for advertising.. after that I am liable and have to the dirty work if it all goes pear shaped.

I am meeting an agency Thursday to discuss.. i will put it directly to them "what if it all goes wrong?" if I don't get much assurence for my £00+ per month they'll be getting I might as well do it myself.

Matt