Updating post from Reddit.
I’m 26. Work full time. Thinking about renting my property out. Better to use an agent or go solo?
My recommendation would be to consider finding and using a local, independent agent.
If you're working full time, what happens if some emergency work needs doing? Are you in a position to drop everything and skip a couple of hours of work time to sort it yourself?
My job has me travelling a lot, so I can't be on call 24/7 for tenants. I may not be in the country or not contactable (e.g. on a flight). That's not great for the tenant.
Yes I pay management fees but, for me, on balance, it's worth it.
Don’t use an agent. But there are a lot of laws and legislation you will need to work through to be compliant.
Thanks. Any tips on where to get started or platforms to use for advertising? Open rent keeps springing up
For someone just starting out, use an agency on a tenant-find service only. They will walk you through the paperwork and perform the checks on your tenants.
Join somewhere like https://www.landlordssouthwest.co.uk/ or NRLA and do a training course (£135 total via SWLA). Even if you use an agent, you still need to know the laws and regs.
I use openrent. They will tell you what legal things need doing such as Gas safe, Electric checks etc. They will do the contract and send the rent guide to the tenant. Its easy to use.
I would only ever use an agent unless I have done the council training. Far too risky in today’s convoluted market.
Yes choosing the right one is a pain but honestly it’s worth the fees. Plenty of bad ones I agree
I hope you mean NRLA training, I woudnt trust anything coming from the Council. They are there to protect the tenant, not find the balancae of Landlords Rights and Obligations.
I agree with the comments regarding DIY; however, it’s not advisable yet. Always spend a year or two working with a letting agent to gain a basic understanding while you undertake some NRLA training and review the NRLA documentation and guidance.
Renting a home was once straightforward, but now a mistake can be quite expensive.
Furthermore, all the rules are about to change. So doing it yourself is twice as difficult because you have to learn both regimes, and additionally, information online will soon become outdated.
First-time landlords need an agent for a year or two.
honestly depends on how much time you want to spend on it and what your property is like. Going solo can save you money but its a lot more work than people realise - dealing with viewings, screening tenants, handling all the inquiries etc
If you're working full time already it might be worth considering some kind of hybrid approach. I've been working on stuff in the proptech space and there are actually some interesting AI solutions now that can handle a lot of the initial screening and inquiry stuff automatically while still giving you control over the final decisions. I'm actually the founder of Villa - basically acts like a digital leasing agent that does the heavy lifting but you still make the calls on who gets approved.
Really comes down to whether you value your time more than the agent fees. If its your first time being a landlord there's definitely a learning curve with tenant screening and knowing what red flags to look for. An agent or automated service can help with that part at least.
What kind of property are you thinking of renting out? That might influence the decision too. Either way email me if you're interested in Villa at [email protected]