Do you need the services of a letting agent for your property or should you go it alone?
When you invest in property to rent out, one of your first priorities should be to find a suitable tenant for your property.
Once a tenant is in place, you need to ensure you maintain the property and resolve any issues your tenant has as soon as possible. And you need to make sure the tenant pays their rent.
So do you need the services of a letting agent? Or should you manage the rental aspect of your property?
Read on to find out…
Do you need a letting agent?
Deciding whether or not your need the services of a letting agent
is very much down to you and your circumstances.
Of course, using a letting agent will cost you money. This cost will eat into the rental income.
How to decide whether you need a letting agent
There are a few things to consider to help you make the right decision…
If you already feel you don’t have enough hours in the day to fit everything in, a letting agent could take some of the strain off by managing your property and collecting rent.
On the other hand, if you have enough spare time, looking after your property is a sensible choice.
The number of properties you own
If you have one or two properties, it will be far easier to manage than if you have ten. You need to assess if you have enough time to take care of these properties or if a letting agent would be a more sensible option.
If you have a large property portfolio, you’ll be in a better position to negotiate lower rates with a letting agent.
The necessary skills
Managing your own properties may require you having to negotiate with your tenants at times and deal with issues as they arise. If you don’t like the idea of dealing with these sorts of thing, a letting agent may be a better choice for you.
So there you have it. How to work out if you need the services of a letting agent for your property or if you should go it alone.
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