Renting agency or private can you help?

joey298487

Hello,

We are first time landloard and we are really unsure if we should rent our flat though and agent or privately.

I was after some advice from people who have done this before.

we dont have a lot of cash and we will be getting payment insurance either way .

any advice would be great

ilovecheese

Hi Joey

I am not a LL but a tenant, and I much prefer to meet my LL rather than deal with just a LA.

I would advertise the property yourself, meet prospective tenants, then use an agency to do the credit check, references, sort out the contract and the deposit, then manage the property yourself.

Having said this, I am not sure any of the agents we have used have done a good job with referencing, we are always asked to provide "personal" references, but these have never been checked.

When looking for a tenant, try and find one who has a rental history, and talk and interview them yourselves, most agencies just want to get their finders fee and money in their pockets, they are not that interested in the history or suitability of tenants.

Read up on your obligations of being a LL - deposit protection, repairs and gas safety cert.

Good luck

paddyrg

It will depend case-by-case - we rent, the landlady lives full-time in Jersey and we have not seen her in 6 yrs - luckily the agents she appointed seem broadly competent. However I know some letting agents who are worse than useless, and see the tenant and landlord both as cows for milking whilst providing the lest service possible.

If you're in the SouthWest I can point you at the agency we rent through, which may be helpful. PM me if you want their details.

joey298487

thanks guys we have got all the certficates etc.

we think we are going to rent it privatly but we were wondering whats the best insurance to cover buildings, contents, rent & legal?

any ideas

Fire_Fox

Join a landlord's association. Isn't your flat's buildings insurance already covered by the freeholder? If so have you asked/ informed (depending on the covenants in the long lease) the freeholder?

Werdnal

It all depends on how confident you feel about dealing with the tenants and how much research and knowledge you already have about running a tenancy efficiently and above all legally.

There is a good newbie LL thread here:

http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12

Read, learn and inwardly digest, and if there is something there you do not understand, come back and ask again.

You could employ an agent to advertise, tenant find and sign up the tenancy, then run the rest of it yourself - usually there is a 1off charge for this but check the small print of the agent's T&C's as they sometimes tie you into a renewal fee at the end of the fixed term whilst the tenant they found continues with you.

Even agents can get it wrong, as there are no minimum qualifications or exerience required, and they can sometimes be as ignorant of the laws and regulations as any first time LL. Joining a LL association is a good step, as they will have access to documents and advice lines, and the fees are deductable from any tax on the rental income you are liable for.