Reletting: Do I use an agent or do it myself?
I was speaking to someone at a networking event the other week, after some general chit chatting we got to what we do for a living and she mentioned she's debating when her property next becomes available to relet she will do this on her own and not via an agent.
My first question, was how will she reference the prospective tenants? She said because the Landlord now has to pay for this she won't be referencing new tenants which I think the shock on my face said everything, when she said that obviously wasn't something I recommend!
I don't recommend any Landlord to accept tenants that haven't been referenced. Without referencing you can't check for any adverse credit, employment status, salary therefore affordability of the property and a previous landlords reference. If a rent and legal cover insurance is in place, they will require satisfactory references to be obtained prior to move in, so make sure you check to avoid being caught out!
If a tenant thinks they won't pass referencing, they will avoid letting agents like the plague!
When a tenant phones a letting agent, the negotiator will pre-qualify this tenant before booking a viewing to make sure the move date is suitable, the annual salary earned will be enough to pass references and there is no bad debt against anyone. This helps to stop the time wasting for all parties.
One of the biggest plus points of using an agent is they will have a list of potential tenants already looking for a property, their criteria could match your property and viewings can begin that day or the following day, in turn giving a minimal void period.
There are over 200 pieces of legislation in regards to letting out a property, if you aren't up to date with them you can risk an unlimited fine or imprisonment? I'm sure the answer is no, therefore getting a Letting Agent to keep you legal is highly advisable.
If you do have any property related questions please don't hesitate to get in contact.