Would you rent a property out without using an agency?

beckysbobbles12

We have a property we’re looking to rent out and am considering not using an agency. Is thus foolish?

I gave access to a tenancy agreement we can use and thought we’d use a company to complete the background checks. 

Any repairs etc can be completed by my husband or brother in law. 

I’m just nervous about if tenants miss payments etc. 

Also unsure where would be the best place to advertise. 

What’s your experience of renting out without using an agent please. 

GDB2222

I’ve done both. If the tenant does not pay, the agent won’t be able to help you.

Renting out property is quite a technical business these days, so I suggest that you join one of the landlord associations like RLA. 

Slithery

If you don't think you're capable of going it alone then you shouldn't be letting out your property at all. Lettings agents require no training at all and don't absolve you of any of your legal responsibilities, if they make a mistake it's still your neck on the line.

greatcrested

Of course it can be done, and given the number of posts on here about problems with agents, it can often be the best way.

But you need to know what you are doing. There's a lot of leglislation you must comply with and you need to learn and understand it.

You can always pay an agent on a 'tenant find' basis, as they have access to applicants that you don't, but then ongoing management you do yourself. Have a read of my posts here:

Post 7: New landlords (1):advice & information :see links in next post

Post 8: New landlords (2): Essential links for further information

Post 9: Letting agents: how should a landlord select or sack?

BigD74

One thing to consider, as a private landlord you can’t advertise your property using the likes of Rightmove or Zoopla. 

Having been a tenant myself for the last 16 years, those would be the only sites I use to find a new property. But, the last 3 properties were all converted to letting direct with the landlord when we could, because letting agents have been pretty useless across the board. 

A_Lert

Agent or no agent, I recommend you treat being a landlord as a business, and decide if it's one you want to get into. Opportunistic landlords, who end up with a vacant property by happenstance and think renting it out is free money, all too often make costly mistakes.

tom9980

BigD74 said:

One thing to consider, as a private landlord you can’t advertise your property using the likes of Rightmove or Zoopla. 

Having been a tenant myself for the last 16 years, those would be the only sites I use to find a new property. But, the last 3 properties were all converted to letting direct with the landlord when we could, because letting agents have been pretty useless across the board. 

Of course you can use Rightmove, you simple use an agent on tenant find only or a portal such as openrent.

GDB2222

BigD74 said:

One thing to consider, as a private landlord you can’t advertise your property using the likes of Rightmove or Zoopla. 

Having been a tenant myself for the last 16 years, those would be the only sites I use to find a new property. But, the last 3 properties were all converted to letting direct with the landlord when we could, because letting agents have been pretty useless across the board. 

There are portals, like Openrent, that allow access for landlords without an agent.  Very cheaply, too.

tom9980

I exited the Landlord market on Friday primarily because all the regulatory burden for one property was simply too much to bear given it can now take a year or more to evict non paying tenants. If the government would have made it simple to evict bad tenants I felt that would have been worth doing all the work involved in maintaining a quality property for rental. There is simply a political risk that is too high for me to continue especially when it is hard to see house price rises being anything other than stagnant or at a rate less than inflation in the coming years.

[Deleted User]

OpenRent is a good source of rental properties.  

tacpot12

Are you happy to be called up at 4am on Christmas Eve by a tenant that has a burst water tank, and how will you cope with this? What about when you are away on holiday and the tenant calls to say their boiler won't light and they have no hot water and heating?
 
Are you happy to take responsibility for electrical and gas safety inspections, fire safety, obtaining Legionella risk assessments, documenting the condition of the property at the start and end of the tenancy, and cleaning it when the tenants leave the property in a state? Are you happy to deal with the legal process of evicting tenants, and keep an accurate records of the payments made and missed, the rent due and outstanding? 

A letting agent can provide quite a bit support for the first time landlord. If you have the time to become an expert, you will save money, but a letting agent might also save you money if you miss something that ends up costing you. 
 
As an example, there was a case highlighted on "Nightmare Tenants, Slum Landlords" recently where a DIY landlord had accidentally evicted the tenant and disposed of their property when they hadn't left the property for good. The landlord was trying to evict them correctly and sue for the rent arrears, but we threatened with a £45,000 counter-claim for the value of the property that the landlord had disposed of. This landlord also had to return their security deposit because they had not protected it.