As a new landlord you are entering a minefield of fees, percentages, checks, legal requirements and multiple party working strategies and it can all feel a little overwhelming to start with as everything seems so far from your own sphere of knowledge. However, it doesn’t have to be this hard. With a small amount of research and a little bit of know how you can soon have an easier start to your career as a private landlord. So if this is the first property that you are letting out then be prepared by reading up on all the little things they don’t tell you.
Reliability of Partners
If you are a new landlord then you need to look out for signs that you can rely on the people that you are employing to help you complete your rental package. After all you don’t want ot be entrusting lots of money to someone that you are not certain you can rely on. Once you have been in the business for a few years then you will have your own network of contacts that you can pull on for things like electrical checks, boiler breakdowns and fast furniture replacement.
Until that point look for businesses that have recommendations from others or public awards such as the Landlord and Letting Awards. For example David Phillips won both the award for furniture supplier and customer service in the awards this year so they are probably a reliable bet for getting furniture packages and also helping out if things go wrong.
Reliability of Tenants
If you are considering going it totally alone for your first rent then I will definitely applaud your bravery and determination. However, for the small percentage of the rental income that they charge an agent can be worth their weight in gold. The main reason for this is that they vet all of you potential tenants and provide you with a number of options. For example you can specify that you don’t want pets or DSS in your advert and even in your contract, but how would you actually enforce that if your tenants ignored your wishes?
An agency take all of that hassle out of your rental and ensure your bond is looked after in the correct place and then used if necessary for repairs. They are also a first point of contact for repairs and at a fully managed property level can even send out tried and tested workmen out to complete the work for you. So if you look at it like that, then in the long term they are actually saving you money and not costing you anything at all.
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