Renting through agent or myself

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Renting through agent or myself

    Hi, would apreciate advice on the following from the experienced on here, ill admit im a little green on the subject but have some experience letting out a property and am a quick learner.

    Anyway, i currently let out a property through an agent who is on 10% yet does very little for it. They did however find what over the past year have been good tenants (young couple).

    My situation at the minute is that i am also wanting to rent out the house i am living in at the minute as i am moving into my girlfriends. Consent to let has been achieved and im happy thats what i will be doing. So options are use the same agent to let this one or do it myself (something i did before with my first house so am familiar with the forms required, gas checks, epc's, inventories, bond schemes,ect).

    My nieghbour who is a friend of mine has suggested his cousin who is a lady in her 60's. Have arranged to meet her and i can get a better opinion at that point but im confident my friend/neighbour wouldn't put forward someone who would be trouble (there is the old saying about renting to family/friends i have heard of though!). Its a case of someone recomended by trusted source vs tenants from the letting agent (who do seem to have a good rep locally for finding decent tenants).

    So any advice welcome really. As i have never found a tenant myself before (my previous venture with doing it myself was with an existing tenant) im wondering what kind of checks i should be doing on this prospective tenant if that is the path i choose and what is reasonable to do. She is unlikely to have LL references as her situation is a marriage breakup from an owned house, has a lump sum of cash apparently, part time job. She sounds nice on the phone but i suppose my concern would be affordability if she works part time. What questions SHOULD i be asking to acertain if she is likely to be a good tenant?

    Thankyou for reading.

    #2
    If you want to go ahead, why not see if your agent is prepared to do the equivalent of a tenant find only arrangement, with no need to actually find the tenant for a one off fee.
    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).

    Comment


      #3
      So just use them to do the credit check on this lady basically?

      Comment


        #4
        If you're only worried about a credit check to get a tenant onboard, you definitely shouldn't do it yourself!!

        They'd probably be able to do the rest of the checks, supply the tenancy agreement and, ideally, collect the first month's rent and deposit, check the tenant in and do the fire alarm check and supply the prescribed documents on the first day of the tenancy.
        It's a service most letting agents do, but it's usually risky, because they're not really bothered how good the tenant looks, because they're not involved after they've moved in.
        But you've found the tenant in this case.
        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).

        Comment


          #5
          Have a look at openrent if you want to do it yourself, you don't need an agent at all. You should get the tenant properly checked though even if they come with a recommendation.

          Comment


            #6
            Originally posted by jpkeates View Post
            If you're only worried about a credit check to get a tenant onboard, you definitely shouldn't do it yourself!!

            They'd probably be able to do the rest of the checks, supply the tenancy agreement and, ideally, collect the first month's rent and deposit, check the tenant in and do the fire alarm check and supply the prescribed documents on the first day of the tenancy.
            It's a service most letting agents do, but it's usually risky, because they're not really bothered how good the tenant looks, because they're not involved after they've moved in.
            But you've found the tenant in this case.

            As i said, i have done all the paperwork side before a few years back, gas checks, epc's, tenancy aggreement ect and would be confident i could get it all correct again although i may still use the 'onboarding facility' of an agent due to me being currently unfamiliar with the process.
            If i did have a tenant in mind though what kind of things should i be asking from them? and what checks should i be doing on them (and where from)?

            Kind regards

            Comment


              #7
              You also now have to issue tenants a ‘how to rent’ guide and carry out ‘right to rent’ checks before starting a new tenancy to ensure the tenant has the right to be in the country.
              My tenants moved out a few months ago, I’ve been doing a bit of refurbishment to the property since then but will soon be looking for new tenants.
              As I am planning to buy 2 or 3 more rental properties in the future and planning to self manage them I decided to join the Residential Landlords Association (RLA) at a cost of about £70 for an annual membership (this is a tax deductible expense), all the forms you need such as tenant application forms, tenancy agreement forms, document checklists and many more are available on their website free to members or at a one off fee to download for non members, they also offer a credit check service on potential tenants for a fee (can’t remember how much you have to pay for this but again it’s probably tax deductible). As a member you can also phone them up for advice and guidance on any major or minor issues you have, I’ve phoned them a few times for different reasons and they really are helpful.
              Take a look at their website, there is all sorts of other services they offer other than what I’ve mentioned, you might decide it’s worth joining.

              Comment


                #8
                Thankyou for that BTL. I have had a look at their website and it does indeed look worth joining. I have decided to run both my properties myself so will be joining them later and using the resources i gain access to.

                Comment


                  #9
                  Legislation has changed dramatically in the last few years so unless you're prepared to put in a lot of time learning about it all, I would suggest you don't diy

                  Comment

                  Latest Activity

                  Collapse

                  • Reply to Tenant's NtQ
                    by jpkeates
                    Once the notice expires, the tenancy ends.
                    Which means that anyone in the property afterwards is, as far as I can determine, a trespasser.

                    So the owner should be able to lock them out and they should have no recourse against the owner.
                    As they have no right to be in the property,...
                    11-07-2020, 09:10 AM
                  • Tenant's NtQ
                    by HantsAgent
                    I have a tenant (an unmarried couple, joint and severally liable AST) in a property with some fairly substantial arrears.

                    The female partner has contacted me recently to state that she was largely unaware of the financial issues and has just discovered that her partner has been hiding numerous...
                    10-07-2020, 14:09 PM
                  • arrears and damage
                    by Dougie99
                    Hi, I have recently had 2 tenants leave Mother and daughter and 2 kids. They had been in arrears since Feb and left owing £2130.

                    I had £1040 deposit signed to me and they signed an agreement to pay arrears over 12 months, they moved out a day before they said they were going to and moved...
                    11-07-2020, 08:10 AM
                  • Reply to deposit deductions
                    by mind the gap
                    This is not an attack on OP, but in my experience the landlords who are most officious about demanding that tenants pay for professional cleaning at the end of the tenancy are the least likely to have ensured such cleaning happened prior to its commencement.

                    There really should be no...
                    11-07-2020, 07:09 AM
                  • deposit deductions
                    by Piptrees
                    Tenancy agreement clearly states carpets and curtains should be professionally cleaned at the end of the tenancy. Outgoing tenant did not have these done so presumably I have the the right to deduct these costs from his deposit?
                    10-07-2020, 16:45 PM
                  • Reply to Can LL seek compensation for unpaid rent if tenancy was ended over text message?
                    by mariner
                    IMO No. A SPT period can be valid for upto 3 years
                    11-07-2020, 03:51 AM
                  • Can LL seek compensation for unpaid rent if tenancy was ended over text message?
                    by youngnotgullible
                    Sorry if this isn't the right place to post. Desperate for any input on the situation I'm in.

                    I ended my tenancy early. On the 1st of April I sent my landlord a text message stating that I'd 'transfer [April's] rent' to him, and that it would be my last month spent in the room. I initially...
                    09-07-2020, 20:42 PM
                  • Reply to deposit deductions
                    by mariner
                    A Tenant only has to 'return Property in similar condition,less FW&T, as of start of T.'
                    11-07-2020, 03:29 AM
                  • Reply to deposit deductions
                    by Piptrees
                    “To arrange for the Property to be professionally cleaned on the termination on the
                    tenancy and pay for any cleaning services that may be required to reinstate the Property to
                    the same order in which it was provided at the commencement of the tenancy including
                    the cleaning of...
                    11-07-2020, 02:23 AM
                  Working...
                  X