Being a DIY landlord doesn’t have to be difficult and can save you a fortune in agent fees.
With the advent of online letting agents, thousands of landlords are seizing the opportunity to take a more hands-on approach with their properties and are reaping huge financial rewards in the process.
First and foremost, you need to find tenants. The most cost effective way to do this is by using an online letting agent, such as The Online Letting Agents.
Landlords can’t advertise privately on sites such as rightmove and zoopla. Online letting agents solve this problem and will advertise your property across the UK’s leading property websites. You can expect to pay between £50 and £100 to find a tenant this way.
Their services include comprehensive reference checking, with some online agents even including a free bespoke tenancy agreement.
Letting through an online agent is pretty straight forwards. All you need to do is prepare a short description of your property, take some photographs and have an idea of the rental price you’d like to achieve.
A good online agent will have property experts on hand to offer advice on how to get the best from your advertisement and will be able to offer ongoing support.
An added benefit of using an online agent is that you accompany the viewings yourself. This means you can hand-pick the tenants you feel are most suitable.
Starting Your Tenancy
Once referencing is complete and your online agent has provided you with the tenancy agreement, there’s just the matter of preparing an inventory. You should bear in mind that the inventory will form the basis of any claim for deductions from the deposit, and as such, it should be as thorough as possible and include plenty of photographs. Your online letting agent will be able arrange for a professional inventory should you wish, or they will be able to give you all the help and advice you need if you would prefer to do this yourself.
Deposits should be lodged in a deposit protection scheme. Again, your online agent will be able to help you with this, or can offer assistance if you wish to register the deposit yourself.
So, on the day your tenant moves in, you’re nearly there with only a few final things to do (if you haven’t done them already!); collect the first month’s rent and deposit, ask the tenant to sign the tenancy agreement and inventory and take meter readings.
During Your Tenancy
As a DIY landlord, you don’t need to pay a monthly fee to your letting agent for property management. This represents huge savings over the term of the tenancy. You will, however, need to do a few things yourself, such as collecting the rent (usually by standing order), regular property inspections, arranging any ad hoc repairs, and making sure any safety certificates are up to date.
Ending Your Tenancy
If, for any reason, you would like your tenant to leave the property, you will need to let them know in writing. Your online agent will be able to advise the most appropriate way to do this, and many will even be able to supply you with the appropriate document.
Alternatively, your tenants may serve you notice. If this happens, simply get back in touch with your online letting agent and they’ll let you what to do next, and get started on finding your next tenants straight away.
Being a DIY landlord can be very rewarding. You have total control over the let, from setting your rent amount to hand-picking your tenants. Using an online agent, such as The Online Letting Agents, puts you in the driving seat, with access to support and advice when you need it, and ultimately, giving you the maximum return on your investment.
Article Courtesy of: The Online Letting Agents