New landlord- use Letting Agency or DiY?

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  • New landlord- use Letting Agency or DiY?

    I have renovated a property and, with the housing market being what it is, I have decided to rent it out instead of selling. Would you suggest I get an agency to sort this for me or just advertise in the local paper?

  • #2
    Originally posted by lloydy View Post
    I have renovated a property and, with the housing market being what it is, I have decided to rent it out instead of selling. Would you suggest I get an agency to sort this for me or just advertise in the local paper?
    Read LZ's myriad threads about L/T problems before you do anything else!
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    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
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    • #3
      I did exactly the same thing, wanted to sell but the market was dire so I advertised the property on gumtree. Had loads of calls and moved a family in the next week...

      Its been a nightmare ever since and I'm currently waiting to go to court for a possesion order to get them out.

      I've spoken to alot of people over the past four months and the general opinion is that agents will take alot of money for doing something you can do yourself. And when it all goes wrong the agents just throw the ball back in your court anyway.

      I'm no expert but I'd say that if you decide to do it yourself then don't rush into anything, take your time to thoroughly check references, both professional and personal and previous landlords if you can. Pay to have every person on the tenancy agreement credit checked. Even this isn't bulletproof but it should go a long way.

      Don't cut corners, I did and its costing me dearly.

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      • #4
        Originally posted by lloydy View Post
        I have renovated a property and, with the housing market being what it is, I have decided to rent it out instead of selling. Would you suggest I get an agency to sort this for me or just advertise in the local paper?
        get them to do a tenant find service only, they will vet them sign up the lease and at5 notice, take the deposit, and arrange for the money to be paid to you.
        You must be prepared to deal with maintenance issues though, as it will be you they call if the boiler breaks down etc.

        but if its just been renovated you should have few problems, its either that or give away 10 % + vat off your monthly rent.

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        • #5
          I would agree - get an agent to do a tenant find only and then you can keep your costs down a bit, whereabouts is the property?

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          • #6
            Property is in Walton Liverpool. Done it to a very high standard and it is probably better than any in the street. The best ones in the street are on the market for around £125000, which I hope for, however the agent reckon they are sticking and that I would have to go at £115000 to have a chance to sell with any speed.

            The other properties ave been up for 12 months at the £125 but they aint movin!!

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            • #7
              wot should i pay for someone to do the credit checks, ref checks, find a tenant etc?

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              • #8
                would be worth checking if any agents offer some kind of insurance policy for unapid rent, the agent i usually use do, but on this occasion i used another who dont, what happens??? no rent. wish i' stuck to the original agent as i would have been guaranteed the rent from the insurance policy . i believe you can take these out separate but cant help your further i'm afraid

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                • #9
                  What kind of money do you pay for an insurance policy like this?

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                  • #10
                    If you're new, find a good agent. Read the agents terms and conditions in detail before you sign. Negotiate anything that you dont like.

                    The alternative is do a lot of very detailed research, or you could get into trouble.

                    I cringe when I think of some things which could have happened to me before I 'wised up'.
                    All posts in good faith, but do not rely on them

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                    • #11
                      Lloydy - If you are local and you have time I would say do it yourself - advertise and take up refs/do credit checks (I use tenantverify on here). The form the prospective tenant has to fill in scares off many of the "less reputable" types!
                      If you use an agent for a find only be careful to get a good one - I made the same mistake with an agent active in Liverpool/southport - pm me if you want the name of which one to avoid! He ignored my instructions, did not do adequate checks and signed the AST himself in spite of my specific written instruction to the contrary...The AST was also complete rubbish - full of typos etc.
                      Good luck whatever you decide to do!
                      Unshackled by the chains of idle vanity, A modest manatee, that's me

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