Avoid the perils of trying to find your own tenant on social media!
Renting out a property can seem like a costly process particularly when there is a cheaper solution available. We all have access to social media, with local area groups for every town in the country. this article will show exactly why you should pay for the professional experience of a letting agent.
Renting out a property can seem like a costly process, with letting agent fees, marketing budgets, inventories and safety certificates. There is a lot to do to ensure the property is legally compliant, which comes at a price. It can feel particularly pricey when you've to pay for these things before you've earned any income from the property. Particularly when there is a cheaper solution available.
We all have access to social media, with local area groups for every town in the country. You can simply take a few photos on your phone and upload them to these groups to find yourself a new tenant, saving you the cost of the letting agent. No fees out of your pocket - easy!
Of course, we are biased, but this article will show exactly why you should pay for the professional experience of a letting agent and not simply scrimp on the fees and find your own tenant.
- Local Knowledge - Your letting agent knows people in the local area. This knowledge of tenants that might not be 'good' is invaluable. You will never know until it is too late, but a letting agent can warn you before you inadvertently rent your property to someone you would consider undesirable.
- References - Consider for a moment why a potential tenant is not looking for a property through a letting agent. Are they trying to avoid referencing? This is a key concern that you need to be aware of. If you are thinking about trying to find your own tenant, make sure that you have a robust and stringent reference process in place to find these issues before it's too late.
- Compliance - Legislation around property lettings is very complex, and a landlord must issue several documents at specific times throughout the process to ensure that the tenancy is compliant. The repercussions of a non-compliant tenancy could be catastrophic for you as a landlord. They could potentially leave you without access to your property or with hefty costs to rectify the issue. Unless you know this process intimately, it may be better to pay a professional.
Renting out a property can seem simple when you can advertise your property quickly, for free, using social media. But, the marketing of the property is really the tip of the iceberg.
Get in touch with our team of experts to find out how a letting agent can keep you on the right side of the law and ensure that your property renting experience goes without a hitch.