Anyone on here a private landlord?

KyleS1

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Hi all, I'm about to embark on my first rental as a landlord and toying with the idea of managing it myself over using an agent, I figure this way I have more control over the tenant and also can use my own tradesmen who I know will be fair and not charge for stuff that might not have needed doing.
Anyone else on here a private landlord?

What sort of things do I need to consider?
I know I'll need a gas safety certificate, I'm guessing an electricity one too. Landlords insurance. Anything else?

I believe there is a landlord service online that will do credit checks etc.

I have contracts already.

Where is the best place to advertise? I've been recommended gumtree, but to me it doesn't have the best reputation.

Any help is greatly appreciated.
 
I'm a private landlord, although I did use an agent to find the tenant. Mainly because some local undesirables were interested and it made refusal easier.

I wouldn't use an agent to manage the property. Considered it, but it was just too expensive for what you get.

Only issue I have now is that the tenant is too polite to even tell me when anything is wrong. Called down one day to collect some post and found that both the front and side gates were damaged by recent wind. Tenant didn't tell me because he didn't want to bother me.

God I hope he stays long term...
 
I'm a private landlord, although I did use an agent to find the tenant. Mainly because some local undesirables were interested and it made refusal easier.

I wouldn't use an agent to manage the property. Considered it, but it was just too expensive for what you get.

Only issue I have now is that the tenant is too polite to even tell me when anything is wrong. Called down one day to collect some post and found that both the front and side gates were damaged by recent wind. Tenant didn't tell me because he didn't want to bother me.

God I hope he stays long term...
Sounds like you've got a good'un there!
I've not heard of agents locating the tenant but not managing the property before. I'll look into that.

Thanks for your reply.
 
Most around here offer both services. Full management or just finding the tenant.

They took pictures, advertised on their own site and a few others, arranged viewings and showed people around.

Found a tenant within about 3 weeks, checked references etc.

They took the deposit and first months rent, then once he was in they deducted their fee (about £350 I think) and gave me the remainder.
 
I manage my own too, research the tenant as much as you can, check there so called recommendations as far back as you can.

Landlords insurance is a must too. And gas safety checks!
 
I manage my own and the best advise I got from my business manager was get a copy of last 3 months bank statements. Soon scares off the undesirables and you can see roughly if they manage their money ok.
 
I manage my own and the best advise I got from my business manager was get a copy of last 3 months bank statements. Soon scares off the undesirables and you can see roughly if they manage their money ok.

Ditto to this.

Also get your rent slightly in advance of the month it relates to. If the tennants with hold rent you have to wait a number of weeks before you can start to pursue it legally. Remember you wont hold the deposit so any shortfalls come straight out of your pocket.

Plus service your boiler once a year and get an energy cert.

P.s. My heating engineer recently said they were bringing in new legislation that stated homes below a certain energy grade will be deemed unsuitable for renting by something like 2018. If this is true money spent now may save a lot of hasstle later. ( I havent checked up on this yet though )
 
Thanks guys, all good information! Keep it coming :)
I would "thank" your posts but it seems from the app I can only "like" it. :(
 
I use an agent for mine. They take 10 percent and keep me well informed of anything. I's a small local firm though and that makes it easier for me. The 10 percent is well worth it as I have no hassle at all. I do think that getting the right tenant is everything, we are lucky with ours but that is where you need to do most of your research.
 
My parents and I jointly own (and manage) a rental property, we've used an agent to get and vet our tenants, has worked well for us, my dad and I are able to do most of the maintenance ourselves but ensure we get the correct annual gas safety check / boiler service.
 
Depends on the area and the type of rental. For instance, with lower value (relative to area) rentals and those further away from major hubs you may be better off without an agent, i.e. The commission paid doesn’t translate into better a higher quality tenant. In higher demand and rental cost areas, especially with a lot of expat’s (i.e. within London) an agent is arguably better. Either way if you don’t live too far from the property it’s usually better to manage it yourself, i.e. Agent finds, vets and invoices tenant but tenant contacts you directly for any maintenance issues.

Why use an agent for higher value rentals? A lot of corporate clients and relocation companies (often acting on behalf of former) will only deal with agents. These are usually highly desirable tenants since the rent is paid in part or full by the company. The tenant will usually take it at list price if the company is covering it as well. Companies will usually pay on time or in advance and will cover any damage made by the tenant with less hassle. Arguably well worth the commission paid to the agent.
 
I use a local agent who charges 10% per month, and takes care of everything. I have the British Gas homecover, so if anything goes wrong with gas, water, or electric, the tenant just gets in touch direct and it's sorted, also the Gas Safety Certificate is issued every year. Remember the cost of that can be offset against the income for tax purposes.

I figured it was Sod's law that any problem would occur when I was away on holiday or business, so this kind of thing gives me peace of mind.
 
Thanks for your replies. I'm slowing getting things in order, but still not decided on the agent or not yet...
Pros and cons of both. The mortgage is pretty high so after rent and agent fees there won't be much left.
 
Another reason I didn't do via an agent was that my FiL is a plumber, my best friends father is a painter, and my brother in law passes the house daily on the way to work.

So the majority of potential issues can be sorted at short notice at low cost. And even if I'm on holidays, I can coordinate things via family very easily.

In my case, all a management agent would be doing is collecting 10% and not doing repairs as cheaply as I can arrange myself.

Plus in the case of my current tenant, the place could be falling apart and I don't think he'd want to trouble me!
 

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