If you own a buy to let, do you use a letting agent, or do you manage yourself? Here are the pros and cons of self management
PRO’s of using a letting agent:
1. Using a letting agent frees up a landlord to develop their property business by giving them more time to buy, develop and build up their portfolio.
2. Letting agents in theory should be skilled in managing rental properties. For example they should know the vital aspects of landlord and tenant law and legal aspects, which means that they can avoid some of the management problems where a landlord is unfamiliar with
3. They will have a number of contacts in the letting world: trades people, plumbers, gardeners that they can call on and get a problem fixed.
4. They have access to more routes to market and able to get your property to market more quickly and more effectively than relying on your own efforts.
5.They can filter out inappropriate tenants. And ask for references.
CON's of using a letting agent:
1. They can be costly even if they say they can achieve higher rent – anywhere from 8 to 20%.so shop around.
2. They will save the landlord a huge amount of time with a full management service. The letting agent collects the rent; deals with tenant questions and maintenance issues as well as setting up the tenancy in the first place.
3. How knowledgeable are letting agents? Unfortunately, many letting agents know far less than they should about tenancy law and procedures. So check them out first.
4. Let’s face it this is the age of the Internet. Landlords can now market their property for a few quid. And often its better to do the viewings yourself so you meet the tenants..
5. They don’t know your business.
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