As a landlord looking for tenants, you have two options: find tenants yourself, or use the services of a letting agent.
Neither is right or wrong, and both have their advantages. Here's a look at some the reasons why both of them can be a suitable option.
Benefits of Using a Letting Agent
Finding tenants is not easy, and it can also be incredibly time consuming. Landlords are busy people, as you well know. There are a hundred-and-one things to do every day, and finding tenants takes time.
A letting agent takes the work off your hands. They will have a large marketing network for their properties, and it is very much in their interest to find a tenant for your property. They may have a website, they may use newspaper ads and online advertising, and they will also show your property to people who come into their office.
In addition, they will handle the viewings, which can also take up a lot of time. They will also vet tenants by carrying out background checks to make sure only suitable tenants move in.
Perhaps the biggest weight off your shoulders is that the letting agent is responsible for collecting the rent. As most landlords already know, this is one of the biggest problems when letting a property.
Then there is the property maintenance. It is inevitable that things will go wrong. But do you want to receive the call at 10pm, or would you prefer an agency to deal with it for you?
So as you can see, using an agency can be a very good idea – and if you have multiple properties, hiring an agency to manage them can make even more sense.
Benefits of Going It Alone
The major reason why landlords may be more keen to manage their properties on their own is because of the cost. Agents will take a cut of the rent each month, as well as other fees. You have to decide whether the price is worth it for the work they do.
One thing to consider is the rent you charge. An agent may be able to command a higher rent for your property than you could get on your own, and this could make up for the cost of paying them their fee.
Another benefit of managing your property yourself is that you will get complete control over it. You choose the tenants yourself, you get to meet them and speak to them, and you may also have a preferred electrician and plumber you want to use for maintenance issues. For some landlords, this may be the best option.
Of course, if you do decide to manage your property on your own, you can always advertise it on Ezylet for free. You can instantly get your property in front of thousands of potential tenants, helping to reduce the time it takes to find someone suitable.
Choose the Right Option for You
The great thing with being a landlord is that you are never stuck with one option or the other when it comes to managing your property. If you go it alone and realise you don't have time to manage your property, you can always find an agent. Likewise, if you have an agent and you want to try managing your property alone, you can always do so. So keep this information in mind, and decide what works best for you.