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Letting agent or not?


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Hi,

I'm just getting my first BTL ready to rent out. I'm going to use a letting agent to find a tenant but I'm not sure if to use one thereafter to manage the property. I only have one property and I have plenty of time to manage it,  just not sure if I should. Any advice please?

Thanks

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If you've got the time AND the knowledge to remain compliant, then there's no reason not to. With sites like mybuilder etc, it's fairly easy to find a tradesperson from anywhere in the world, so no reason you can't manage whilst on holiday etc. I've got one where I pay an agent (14%! It was tenanted when we bought it, so have just left them involved because of the amount to buy them out of it) but then have got tradespeople in myself to resolve issues because I know I can do it quicker and without any mark up. It's the one that tempts me towards self management.

My concern is always the legal side and staying on top of all the regulations. Making one mistake may mean you couldn't issue notice to remove a non-paying tenant, so I sleep better knowing an agent is on top of what's required.

 

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