Letting Agent vs Self Managing
You’ve made the decision to either let out your current home when you move or you’re considering self-managing a new portfolio of property, it’s an exciting but challenging time and while you might think it’s cheaper going it alone, it can be costly, time consuming and fraught with danger.
Given recent law changes and the everchanging market, it’s becoming harder and harder for landlords to do it all themselves. There are over 400 rules and regulations to let a property, and with all of those come fines for breaches or noncompliance.
Of course, if you’re happy to do the hard work and spend your time keeping on top of these regulations as well as dealing with day to day maintenance, marketing and viewings then there’s nothing wrong with that, the decision really comes down to time and knowledge.
If the thought of dealing with tenant disputes, unblocking a loo on a Sunday morning and screening possible tenants to make sure you’ll get paid on time fills you with horror, then a letting agent is the best choice for you.
Agents can fill 2 roles; they can provide a “Tenant Find” only or a full management service; both of which do what they say on the tin.
A tenant-find service is offered by most letting agents to landlords that are happy managing their own properties. A typical tenant-find service will include marketing services to generate tenant enquiries and tenant-referencing services. Then once a suitable tenant is found, the agent will assist in arranging a tenancy agreement, and then leave the responsibility of managing the tenancy/property to the landlord.
The service is purely designed to assist landlords in finding tenants.
A full management service takes all the stress away from you. The letting agent will do all of the above and then look after the process of signing contracts, ensuring the deposit is lodged into the deposit scheme, securing payment before overseeing the move in.
Here at Lyons Estates we ensure a full inventory is carried out prior to the tenant moving in, upon them moving out and mid term so there are no nasty surprises. We will also advise you on all compliance and keep you updated on any law changes as and when they happen to ensure that you and your tenant are fully protected.
Your agent will be able to manage planned maintenance, be the point of contact for emergency issues, so you’re not taking the call at an anti-social hour or while you’re enjoying a beer on the beach somewhere hot and sunny.
It’s not just about you as a Landlord, using an Agent ensure the safety and wellbeing of your tenant – meaning they’re happier and more likely to stay in your property longer, reducing the risk of it standing empty.
We ensure your property has full and up to date gas and safety certification along with carbon monoxide and smoke detection metres and ensure the property complies to the Fitness for Human Habitation act 2018 and will provide your tenant with a full Right to Rent Guide to make sure they know what their responsibilities are.
If you think the Agent option is for you, then make sure you do some checks before signing on with on, check that:
- They’re a member of the National Approved Letting Scheme (NALS), the Royal Institution of Chartered Surveyors (RICS) or Association of Residential Letting Agents (ARLA), organisations that keep members up-to-date with the law and best practice
- They have client money protection
- They offer easy-to-read terms and conditions that clarify what the landlord and tenant are responsible for
- They give clarity on fees charged
- They carry out regular property period checks
We’d love to talk to you more about your property goals and how we can help you achieve them please click here or call 0151 294 3232 to book a consultation or request more information.