Use an agent to manage my property - or go it alone?

[philc27]

I've been self-managing a property myself which has been let to a friend for several years. The friend is moving on. I'm weighing up whether to continue self-management or use an agent. I'm reasonably experienced (have a couple of properties). My main concern about self-management is bad or non-paying tenants, and making sure I don't break any legislation.

Any opinions? I'd particularly like to hear from anyone who self-manages their property.

Thanks in advance for any response.

[PaulF]

The choice is really yours and how confident you are. It appears you know what you are doing and you can always update yourself on the internet.

If you properly reference your applicants then you have a decent chance of getting good tenants; self-management has little to do with tenants who don't pay the rent. An agent has no specific powers to be able to do this anymore than you can yourself.

[philc27]

Thank you for your reply. I suppose I view the use of an agent as a kind of 'insurance' against bad tenants. However, I've just discovered that it's quite easy to do the referencing myself online for £30, so doing that plus having a good rent guarantee makes me feel more comfortable with self-management. Another plus is that get to meet and vet the potential tenant, whereas an agent could accept anyone that passes referencing.

[mind the gap]

Don't buy a dog and bark yourself, is my motto.

It often happens, though, if you employ a letting agent. Sadly, it seems that he greedy, clueless, incompetent ones outnumber the excellent ones, and they all make a big hole in your profit.

I would self-manage any time, perhaps with the aid of a local handyman if you cannot do the maintenance/small repairs yourself. If you can, so much the better.

Having Ts referenced by an agent is certainly no guarantee they won't default on the rent. I handpick mine and so far I've never had to chase anyone for unpaid rent.

[midlandslandlord]

Self-manage but educate yourself with latest changes.

Lots of legal changes in the last couple of years, including exposure to auto-spanking for not protecting Deposits, and other things.

I'd say take a day to go to a seminar by one of the training setups.

ML

[PaulF]

Another plus is that get to meet and vet the potential tenant, whereas an agent could accept anyone that passes referencing.

All agents should present you with the full referencing of a potential tenant and then ask for your instructions to go ahead. Sadly too few do this but then they fail in their duty of care.

[philc27]

Thanks everyone. I appreciate some of the benefits of using an agent - I think tenants know they can get away with less (late rent, petty phone calls, etc) if an agent is used, but I begrudge paying about a third of my gains from the property for that. I gave up on my last agent when the tenant called them with a small problem, and the agent gave me the tenant's number to call them and sort it out!!!

All agents should present you with the full referencing of a potential tenant and then ask for your instructions to go ahead. Sadly too few do this but then they fail in their duty of care.

I'm sure that agents go through the referencing procedure, but if that is successful I can't imagine they would apply any subjective assessment of the tenant. I've never known an agent call me after the referencing stage for approval.