Finding a tenant myself - is it do-able? uPad? landlords association?

twink1108

Hi,

I am currently debating whether or not to find a tenant for a flat that I have just purchased myself, rather than going through an agent.

I have never been a landlord before, and would like to keep costs to a minimum. I am happy to put in a bit of extra work to save a bit on the agents fees, but is it a risky move for someone completely inexperienced in the whole business? What is the best way to go about doing this?

I am looking at uPad, which seems quite good for finding a tenant and drawing up a contract. Has anyone on here ever used uPad before?

I am also looking at the landlords association - is the purpose of this association to protect the landlord, or is it to protect any potential tenants?

I am basically looking for the best option for a landlord - is it better to belong to a landlord association or to keep away?

Thanks!

theartfullodger

Upad works for me.

lr1277

For me I prefer to use some agents.

If the agent knows what I am looking for, they will send along mostly appropriate tenants. I used to use two agents, but since a change of management in one of the agents, the behaviour of some of the agents has been unprofessional, so will not be using them next time I need a tenant. I suggest you develop a relationship with the manager of the LA. Make sure you specify everything on how you want to deal with professionals/students, pets, smokers and any other factors that influence your choice of tenant. I ask the agency to do nothing (i.e. take a deposit) until I have interviewed the prospective tenant and given my approval, otherwise the LA may make promises to the prospective tenant that you don't want to keep.
Yes there is a fee, but they work for you not the tenant, and they can answer any of your questions during the tenancy. Also depending on how many contractors you know, if anything needs fixing in the property they may be able to give you a steer on appropriate contractors.


A few years ago, I too tried to save money by using Loot (London) and found the following:
Some tenants wouldn't and didn't meet a tenant check
Some tenants wanted their other half to live there without being on the tenancy agreement. (I understand a court can order all people out of a flat if there is one tenant and they have left, but that is a hassle if somebody refuses to move out when the 'actual' tenant has moved out).


HTH

G_M

Decide why you are considering an agent:
* to find tenants?
* to do the 'legal' stuff? (vetting, tenancy agreement, inventory etc)
* to collect rent?
* To manage the property?

I have often been successful putting cards up on local business's staff notice boards - you'll need permission from an HR dept or Receptionist/security guy to get in.

Read:

Letting Agents (Tips for selecting, and tips for sacking them)

New Landlords (information for new or prospective landlords)