If you are thinking about renting your property out, then you are often presented with two choices – do you go it alone, find your own tenant and then manage the rental yourself, or do you hire a local lettings agent to do all of this for you?
When it comes to which option you choose, there are of course various factors, which can include location, cost and availability, as if you live locally and have time on your hands and you want to save a bit of money, then you may decide to manage the rental yourself and deal with the whole process with no help from any one.
Of course, there are also many hundreds of thousands of people that simply want to hand over control to a lettings agent and let them worry about their property, as when you hire a lettings agent in your local area, you are generally getting the right people to do the job, and as long as you do your research first and make sure you choose the right agent to rent with, you can often find a real diamond of a company that will take care of you and your property, and of course, your tenant.
Like anything in life, choosing an expert or specialist is often a much safer way to go in the long, as yes, it may well cost you a few extra pounds, but you are paying the money for a reason – you know you are getting the right service, therefore, the job or service is going to be completed correctly and this is why you pay the money that you do to hire the professionals. If you try to go it alone and manage your property yourself, you will need to be the one that is on call 24 hours a day, find the tenants in the first place through advertising and marketing, needs to sort out tenant referencing and then actually manage everything from the leaking tap through to making sure the boiler is signed off as safe once a year.
With a letting agent, they will make sure that you have all of the necessary referencing taken care of before they move forward, the deposit held in a secure bond, all of the safety certificates for the property arranged and signed off and of course they will manage the tenant to make sure your property is well kept, with regular inspections and communication. They will have all the procedures and all of the contracts that you need to make sure are in place to not only protect you, but to protect your property and the people living in it.
You have a duty of care as a landlord, whether that’s as a single property owner or a buy to let entrepreneur, as by law you need to make sure your tenants are living in a property that is safe and sound and your tenants are living in a property that is suitably habitable. If you use a lettings agent then although you are still responsible as a landlord, your lettings agency will make sure they are protecting you and your interests, as although they need to take care of all parties involved, you are paying them and it’s your interests they have at heart.
Running your own life and also running a rental property or two can be hard work, and whilst you might end up with the dream tenant that stays with you for many years and never has one issue, these people are quite rare and it will generally be a case of people coming and going and needing to make sure that the new ones are right for you. With tenant referencing a crucial part of getting the right tenant, having this backed up with someone that has been in the industry for many years and often gets a “feeling” for someone is really very important as well.
So, if you are looking to rent out a property or you already do, speak to your local lettings agent in Gloucestershire to see if you could be making your life easier and also getting an excellent and valuable service as well.