There’s a lot of debate about this topic. Should you go it alone as a privateer landlord or pay a letting agent to take care of your property and tenancy?
It doesn’t make much difference to the tenant who manages the property. However, as a private landlord, ask yourself if you have the time and skills to commit to the job? There’s a lot of work involved, especially if you have more than one property.
What’s involved in letting property to tenants?
Managing the deposit, collecting the rent and much more…
Marketing the property: Researching and setting a price for your rent, arranging advertising, and conducting viewings.
Finding and referencing tenants: Carrying out background checks on financial status. This includes credit checks and references from employers and previous landlords.
Landlords must check passports and other qualifying documents to verify the legal immigration status of adult applicants. It’s a criminal offence not to do this.
Managing the rent: Private landlords set the rent, collect it and chase payment if the rent is in arrears. They also start eviction rights where necessary.
Constant changes and new legislation
Creating a tenancy agreement: Any tenancy agreement must be legally compliant, fair, and signed by all parties. You’ll also need to organise a complete inventory before the tenancy starts and, as it ends, along with meter readings and photographs.
Dealing with the deposit: Deposits for shorthold tenancies must go into a government-approved tenancy deposit scheme within 30 days. It’s a criminal offence not to do this and can result in a hefty fine.
Providing documentation: By law, Landlords must give their tenants the following information:
· The Landlord’s full name(s), address and 24/7 contact details.
· Copies of the property’s Energy Performance Certificate (EPC) and Gas Safety Certificate.
· Shorthold tenancy agreements also require landlords to provide the tenant with a copy of the government’s ‘How to Rent Guide” ‘.
Protecting tenants’ personal data: General Data Protection Regulation (GDPR) applies to any personal information collected during marketing, vetting, and setting up a new tenancy. You’ll have to tell tenants why you need their personal data, how you’ll use it and how you’ll keep it confidential.
Being a private Landlord can involve making difficult decicions
Complying with health and safety rules: Landlords must provide safe homes to live in by law. This covers electrical items, gas appliances and heating systems, smoke and carbon monoxide alarms, and a lot more.
Dealing with repairs and maintenance: Repairs to the roof, building exterior, gas, central heating, water, and electrics, are the Landlord’s responsibility. Landlords also deal with everyday problems like blocked toilets, broken windows, and vermin infestations.
Handling arrears and evictions: Strict legal rules apply to recovering rent arrears and eviction. Eviction is illegal if you don’t get a section 21 notice beforehand.
If you haven’t the time or the knowledge or don’t fancy taking all of this on yourself, that’s where letting agents come in.
Letting agents offer services to support both landlords and tenants.
Most reputable agents belong to professional bodies including, Safe Agent and the Property Ombudsman Scheme.
A let-only service includes everything from marketing the property to starting a new tenancy.
Offering advice on setting the rent
Referencing potential tenants,
Drawing up the tenancy agreement
Collecting and registering the deposit
Completing the inventory
Some agencies offer a rent-collection only service. This includes marketing the property, finding tenants and collecting rent, and chasing up any late payments. All other aspects of the tenancy are the Landlord’s responsibility.
Marketing and finding tenants
Setting up a tenancy agreement
Carrying out inventories and moving tenants in
Collecting rent, chasing up late payments
Carrying out property inspections,
Rent increases, tenancy renewals and contracts ending
Patchett Homes are experts at managing property on behalf of private landlords.
Your property is safe with us!
Whether you have one property or a whole portfolio, Patchett Homes has the right experience to deal with every aspect of renting out your property.
When everything goes well, your property and happy tenants look after themselves. However, if that changes, you need someone who knows what they’re doing!
What price is peace of mind? We’ll tell you; it’s just £35 PCM + Vat!
A great lettings agent looks after your long-term interests and works with you to protect and maximise your investment.
We’re here for Landlords
Tenant Find Only Service (£350 fixed fee + Vat)
Fully Managed Service (£225 fixed service fee + £35 PCM + Vat)
And we’re here for tenants
We’re registered with the Property Ombudsman, and Safe Agent accredited.
Download our FREE expert Property Management Service Guide [here]