Is a Letting Agent right for you?
The lettings market in the UK has been increasing in complexity for some time, resulting in an ever mounting workload for self-managed landlords. And once again this calamitous corona-virus pandemic has unleashed an unexpected curve-ball, causing added disruption to an already perceived turbulent private rented sector.
Many landlords are likely to be asking themselves whether now is the time to offload some of the pressure by taking on the services of a letting agent to help them let out their property in a post-Covid world.
Whatever decision you take, ensure that you review the support available and the costs you will incur. It has never been a truer statement to suggest that ‘it pays to shop around’.
You may want to consider using a letting agent if:
- You don’t have much spare time
- You’d prefer not to have to deal with tenants’ queries and would rather have an intermediary barrier between you and your tenants
- Your rental property is in a different area from where you live
- You’re new to being a landlord and are not familiar with private rented sector legislation
- You want to reduce stress and prefer to have the peace of mind that the agent will deal with things if something goes wrong
You might consider managing your property yourself if:
- You really want to keep your costs down to maximise your returns
- You want to be a hands on landlord and have the time and expertise to deal with tenants’ queries and any problems that crop up during the tenancy
- You live in the same area as your rental property
- You know a network of reliable professionals, such as plumbers and electricians, that you can call upon to help with any issues
- You are an experienced landlord and you keep abreast of all the regulations that apply to the private rented sector