Using a Letting Agent vs. Self Managing
Should you use a letting agent when managing a buy to let?
When managing a property and renting to tenants, your main aim is to make as much money as possible. This is why you are likely to ask the question if it is worth using a letting agent to manage the property on your behalf. We’ve listed some important factors to take into account when you are deciding if you need a managing agent or not.
Finding a tenant
Some landlords do look for tenants themselves. They post their property on various websites and find a suitable person to move into their home. If you are deciding to do this yourself then make sure you reference them through a legitimate company. A reputable letting agent such as Benwell Daykin will reference a tenant in three ways;
- Work reference (including confirmation of annual income)
- Credit reference
- Previous landlord reference
Complying with all legislation
Legislation within the lettings industry is extremely important. You’ll need to conduct checks on your tenant and you’ll also need to ensure they can live in your property safely. A ‘right to rent’ check helps you to understand if the tenant is legally allowed to live in the UK.
An example of other legislation you need to comply with includes:
- Valid EPC above an ‘E’ rating
- Landlord insurance
- Valid EICR certificate
- PAT test on electrical items left in the property
- A Nottingham Selective Licence (if applicable)
- Smoke alarms
- And more
To discuss our extensive list of legislation checks, talk to us on 0115 990 2007.
Communicating with your tenant
If you manage a property yourself then you must be prepared to communicate with your tenants. This could include having to answer your phone at unsociable hours if there is an emergency maintenance issue. Sometimes tenants may just call or text to ask general questions as well.
You may want to have a separate phone line for these calls and messages.
Managing rent arrears
Unfortunately, sometimes tenants do not pay their rent. This means that you are going to have to do your own chasing which could result in some awkward conversations. If you’re not used to chasing money then this could be daunting.
Of course, a managing agent will do all of this for you and attempt to keep rental arrears to a minimum at all times.
Need some more advice on lettings?
If all of this seems complicated then call our letting agents on 0115 990 2007. You can also email firstname.lastname@example.org. We’ll happily offer some advice with no obligation to use our lettings services.