Letting Agent vs Private Landlord?

[chris-sussex]

Whats are the pro's and cons of each? for both a tenant point of view and property owner??? really interested to know everyones thoughts on this!

 

[London_property]

If you are a tenant you'll find it easier and have more choice dealing with an agent. Most lets are from landlords already known to the agent. If renting privately i'd recommend a land registry search to satisfy yourself that you are dealing with the LL - not a scam artist!

 

[London_property]

^ In any event your deposit MUST be held be a recognised body - not the LL

 

[punitalemon]

choosing agent is better option for tanant.

 

[AMSNZ]

Using an agent also offers you as the landlord better potection should things turn nasty, equally it is better for the tenants as a resonable standard is required from the rental property and it's the agents responsablity to keep you honest.

 

[mortagage]

It depends on the LL and the tenant. A LL can leave their property in the care of an agent, and they have nothing to worry about as all issues will be taken care of including the vetting of the tenant. However an honest and amicable LL is just as easy to deal with as a tenant, although with the exclusion of a property agent there is alot more responsibility on the LL.

 

[mortagage]

Good point about the deposit being held by an independent body - if I'm not mistaken this is a legality.

 

[growler]

In any event your deposit MUST be held be a recognised body - not the LL

Such as who exactly??

Does the above advice still apply for long term rentals?

What extra responsibilty whould the private LL have over an agent?

I m considering renting out a property which I have never done before so any advice would be appreciated.

 

[mortagage]

Basically if you pay an agent to manage your property they will have to deal with any problems within the property and this will be paid for from your monthly management fee.
It is also the letting agents responsibility to ensure that your property is in the same state at the end of the rental as it was at the beginning.
They'll also deal with placing your deposit with an independent body.
Of course, if you don't use aletting agent you have to deal with any issues within the property, even if it's in the middle of the night, at weekends or Christmas.

 

[growler]

Mortagage, thanks for that,

Basically if you pay an agent to manage your property they will have to deal with any problems within the property and this will be paid for from your monthly management fee.

So if something were to break down they would have it repaired and pay for it from the management fee??.......Am I understanding this correctly?

What sort of fee is generally paid?

thanks

 

[mortagage]

The more intricate details will be in the contract that you agree with your chosen company. I have worked for management companies who foot the bill for engineer call-out fees for when , for example, the washing machine breaks down or central heating fails, if a replacement machine is required the landlord will generally be responsible for this, but this is a cost that is generally under warranty or insurance. You are paying the management fee to do exactly that manage the property in your absence.
Costs do vary and it would be worth your shopping around to discuss your requirements and budget with companies in your area.

 

[growler]

mortagage, thanks for the advice.