To become private landlord or use letting agent

etcoe

Hi Folks

I am currently trying to figure out if I should become a private landlord, or should use a letting agent. Can anybody please point me to a good source of information. Any advice would be appreciated. I would obviously like to avoid having to pay a letting agent, but it seems as if it might be a painful process to be a private landlord.

Regards

Etienne

clutton_2

""but it seems as if it might be a painful process to be a private landlord.""

got it in one

poppysarah

I think technically you're still a landlord even if you don't manage the property.
But it is money for old rope really. There's nothing a letting agent can do that you can't - and often you'll have more incentive to do it better.

If you're unsure about being a landlord at all, why not sell?

clutton_2

""But it is money for old rope really"

how untrue that is .....

it is ONLY money for old rope when things go well - when they dont go well - when tenants dont pay, and trash the house, and cheat on their housing benefit and you have to go to court - how will you know what to do ?

rent_and_buy

clutton wrote: »

""But it is money for old rope really"

how untrue that is .....

it is ONLY money for old rope when things go well - when they dont go well - when tenants dont pay, and trash the house, and cheat on their housing benefit and you have to go to court - how will you know what to do ?

If you get the right insurances, right references and get the rent guarantee, they sort all the eveiction for you and pay the rent for 99 pound for the year.

Its cheaper than paying a letting agent, im not saying renting is money for old rope, but if you are going to rent i would do it yourself, i dont think a agent will do anything extra if any of the above happens, to what the rent guarantee will do.

I take it you use a agent then?

Geenie

etcoe wrote: »

Hi Folks

I am currently trying to figure out if I should become a private landlord, or should use a letting agent. Can anybody please point me to a good source of information. Any advice would be appreciated. I would obviously like to avoid having to pay a letting agent, but it seems as if it might be a painful process to be a private landlord.

Regards

Etienne

Try Landlord Zone. It has lots of information and a forum.

I am not a fan of LA's because I think their charges to LL's and tenants are unreasonable. But I know people who use them in places like London, who are very happy and like the hassle free aspect of letting their property.

clutton_2

i rarely use an agent - i usually find all my own tenants - no one does that better than the business-owner

Mrs_pbradley936

I use an agent. I would not want the responsibility of all the legal side of it.

olly300

Mrs_pbradley936 wrote: »

I use an agent. I would not want the responsibility of all the legal side of it.

You still do.

For example a property about 6 miles from me was converted into flats without planning permission. The flats where then let out by a letting agent The local authority found the flats unfit for human habitation so prosecuted both the owner of the property, the landlord, and the letting agent as they continued to rent out the flats even when they were told to stop. (The planning issue became a separate case.)

Mrs_pbradley936

olly300 wrote: »

You still do.

For example a property about 6 miles from me was converted into flats without planning permission. The flats where then let out by a letting agent The local authority found the flats unfit for human habitation so prosecuted both the owner of the property, the landlord, and the letting agent as they continued to rent out the flats even when they were told to stop. (The planning issue became a separate case.)

I meant for sending out the Notices, holding the deposit and generally sorting out the paperwork.

rent_and_buy

The main issue i would have is if i didnt get the rent money, but am i right in saying if the people who rent my house pass the relevent credit and reference check, and i take out the rent guarantee i shouldnt get this issue?