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Should I Use a Letting Agent to Rent Out My Home?

If you have home that you wish to rent out for the short or long term then you have two options in regards to how you can handle the management of that letting, you may wish to handle it yourself or you may decide the best course of action is to let a letting agent handle everything in regards to letting your home for you.

However, there are several different things that you need to be aware of when you do use a letting agent, and with that in mind we shall now point out some of the more important things that you need to consider when you are thinking of using a letting agent.

The first thing that a letting agent is going to be doing is charging you are very large range of fees and charges in regards to renting your home out. Many letting agents will initially charge you a listing fee which will see them then advertising your home for rent on their websites, and/or in the property sections or local newspapers and magazines as well as them putting up a listing in their premises and adding your home to a range of different local and national home to let listings.

You will also find that they will charge you a management fee for your property which is usually deducted from the rent they are charging your tenant, and they will also arrange for any repairs to your home whilst it is being let out by them, however you will of course be charged for those repairs.

One of the pitfalls of renting out your home yourself is that you may be unsure how to check references from tenants and also check their credit ratings, which is something a letting agent is able to do, fortunately the cost of those credits checks and reference checks are paid for by the potential tenant.

Whilst you may be perfectly able to rent out your home privately and by doing it yourself you will save often a small fortune in charges and fees, if your property is not local to where you live or if you are moving abroad for example then you really do need to consider using a letting agents as they will handle everything for you and will take all of the stress out of renting your home.

The higher the value of your property, the more it can make sense to use a letting agent since often the initial fees are the same cost. Thus, with a higher value of rent the cost is a smaller percentage of the value.

Before you let your property, you need to ask yourself if you are ready to be a landlord. Being a landlord is exactly like having another job, and for some the hassle, time, and risk of letting to renters is not worth it. A letting agent can take out much of the stress.