Should you use a letting agent to rent your home? A first time landlord is probably better off using a letting agent to find a tenant even if the landlord decides to manage the property themselves.
With letting in general, it’s certainly true that the devil is in the detail.
An experienced letting agent can help you avoid pitfalls that inexperienced landlords fall foul of. But the arguments
in favour of using an agent run deeper. As a novice the quality of tenant you get will make or break your rental.
A letting agent will tend to attract a better quality of tenant than go-it-alone landlords and can achieve a premium rent for most types of property.
Look at it from the tenant’s point of view.
Decent tenants will want to know a property and landlord are legally compliant and will have nothing to fear from the credit checks and references processed by agents. By contrast, tenants contacting landlords directly on the free ad sites such as Gumtree and often looking for a bargain or hoping a landlord won’t fork out for a thorough background check.
The merits of using an agent increase if you are going to be living any distance from your home. But if you’re moving abroad or relocating to the other end of the country don’t assume everything will be OK if you find an a good agent. Inexperienced landlords who ‘abdicate’ management of their property can pay through the nose for their naivety. It is always better if you can have a friend or relative keeping an eye on everything locally, including an agent.
Buying management services – even if only for the first six months – gives you a more gentle introduction to being a landlord. You will learn how an agent finds a good tenant, checks them out and what a professional lease looks like.
Of course there are fantastic letting agents as well as those best avoided. But that’s another article..
Let’s just say that apart from anything else it’s essential you get to grips with your agent’s terms and conditions, as these vary widely.
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