Rent it privately or through letting agents?? Help

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    Rent it privately or through letting agents?? Help

    Hi everyone, I am a new landlord need some advice please. Is it easy to rent property privately or better to go through letting agent, any recommendation of good letting agent company? Any one used acorn letting agent?? Thanks

    #2
    Are you a landlord or a tenant?

    Comment


      #3
      I am a landlord.

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        #4
        It's really easy as long as you know what you're doing.

        Do you know how to;
        Find tenants
        Vet tenants
        Know the difference between potentially good and bad ones
        Know your legal obligations before, during and after
        Know how to legally evict tenants
        etc etc
        "I'm afraid I didn't do enough background checks apart from checking her identity on Facebook" - ANON

        What I say is based on my own experience and research - Please don't take as gospel without first checking the gospel yourself.

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          #5
          Whether you use an agent or not, YOU are the one legally responsible. You own it.
          Go on amazon and buy some books about being a landlord and thoroughly research your legal responsibilities. It’s not a game, there’s lot to know. Join NLA/RLA.
          There are probably some decent agents out there but I’ve never met one because all they want is your money IMO. If things go wrong, it’s your house so they don’t care. And ultimately if you’re responsible for anything that happens anyway, don’t you want to do it yourself so you know it’s done right? That was my opinion when I first got into it.

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            #6
            if you cannot physically be at the property then an agent is almost a necessity. If you can be there, it's less useful. However, RedHitMan's advice needs to be taken: you are legally responsible either way.

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              #7
              Originally posted by tatemono View Post
              if you cannot physically be at the property then an agent is almost a necessity.
              Why?
              If there is a problem at the property, a letting agent doesn't physically go round, they just phone a tradesman.

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                #8
                Originally posted by boletus View Post
                Why?
                Because problems LLs encounter aren't limited to those tradesmen can deal with on your behalf. Vetting tenants, check in, check out, inspections, evictions... all these are much more difficult to do if you're not physically there. But hey, if you want to do it via Skype, knock yourself out...

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                  #9
                  Originally posted by tatemono View Post
                  Because problems LLs encounter aren't limited to those tradesmen can deal with on your behalf. Vetting tenants, check in, check out, inspections, evictions.
                  All those things can be done with scheduled visits to the property.
                  There is no necessity for a landlord to be local.

                  (Writing this from my villa abroad, phone and internet fully working, ready to spring into landlord action equally as quickly as if I was living in the same town)

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                    #10
                    As I said: "If you cannot physically be at the property then an agent is almost a necessity."

                    You just proved my point by stating how you could physically be at your property to deal with the issues I listed.

                    Not all of us are a quick flight/drive from our properties. Not all of us are free to "spring into landlord action." If you can, that's great, but if the OP can't do that, I think it's fair to say that an agent is almost a necessity.

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                      #11
                      How you plan to let a property is a fairly fundamental thing to be deciding after having decided to be a landlord.
                      It's a bit cart before the horse.
                      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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                        #12
                        Being a Landlord is running a small business for profit.

                        Profit = Sales - Costs.

                        Can a letting agent get you MORE rent to justify his higher cost (Than DIY) and that result in MORE profit?

                        If not do it yourself. If YES - use an agent.

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                          #13
                          Originally posted by boletus View Post

                          All those things can be done with scheduled visits to the property.
                          There is no necessity for a landlord to be local.

                          (Writing this from my villa abroad, phone and internet fully working, ready to spring into landlord action equally as quickly as if I was living in the same town)
                          Brave. I just couldn't do that EVEN with a decent letting agent. But it's all possible. You should try it. How often are you in the UK ?

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                            #14
                            Originally posted by Logical.Lean View Post

                            Brave. I just couldn't do that EVEN with a decent letting agent. But it's all possible. You should try it. How often are you in the UK ?
                            I've been out of the UK for around 6 months in every year, self managing for more than a decade. Prior to modern efficient communications, I had to use letting agents. Now I'm available to tenants at all times.

                            But I'm extremely careful to take on only reasonable and responsible tenants. I might lose out on a couple of quid by not taking on problem tenants just to reduce void lengths or by doing odd jobs myself etc but other than that, there is no logical reason why I need to be physically local to the properties at all times.


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