Are you a DIY Landlord? You know it can be hugely rewarding, and you can save yourself a Letting Agency’s fees and commissions. But …
Time is money …
And if you’re thinking of becoming a landlord for the very first time, or finding you don’t have the time to manage your own properties, now may be the time to Let Someone Else (LSE) do it for you.
You will probably decide to appoint a Lettings Agency – who will offer one of the following services:
- tenant find only
- tenant find and rent collection
- fully managed service
Consider the following in a DIY Lettings scenario – are you able to:
– find your own tenants
– deal with phone calls, conduct viewings (maybe several trips to the property)
– carry out referencing, inventories, mid term inspections, check-ins, check-outs
– manage general and emergency maintenance
– reach your property quickly, when things to wrong
– read, digest, and put into practice all the necessary legislation regarding your responsibilities as a Landlord?
If you’re a landlord based abroad or living some distance from your properties, you must also consider:
– Are you employed full-time – how will you deal with an emergency?
– Are you a novice landlord – how will you get to grips with learning current legislation?
– Are you an investor, and prefer a hands-off role?
If you decide ‘doing-it-yourself’ is not for you for the time being, read my Top10 Tips for choosing your Lettings Agency:
RealEstateHet’s Top10 Tips:
1 Find the best possible agency – mystery shop, look at their website, check their uniqueness (biggest it not always best!), check staff qualifications and professional body membership eg The Property Ombudsman
2 Recognise that cheapest is not always the best – what additional fees are charged, when, why?
3 Assess the agency’s attitude towards your money – how, where is it held?
4 How does the agency handle tenants’ deposits?
5 Ask the agency what documentary evidence they are able to provide for all activities
6 Allow the agent time to explain what they do for their ‘fees’ – a lot of hard work often goes on behind the scenes, which you never get to hear about
7 Recognise that although you may employ an agent, you as Landlord still have your obligations and responsibilities and your agency will appreciate recognition of dealing with these immediately
8 Ensure you understand your agent’s terms and conditions, charges, fees, etc
9 Get to know your agent really well – they work on your behalf and want to deliver excellent service – they may even find your next investment!
10 Gain insight into their honesty, integrity, trust and listening skills
If you’re currently managing your own properties, and are thinking about LSE take over, give Callaways Estate & Lettings Agency a call to learn about our lettings and maintenance services on 01273-735237.