Deciding whether to hire a letting agent in Paisley or rent privately requires careful consideration and research. With over 400 rules and regulations governing this industry, you must do your due diligence when selecting which route to take.
Letting agents can assist you in finding tenants, conducting reference and Right-to-Rent checks, make a tenancy agreement, and organise repairs. Furthermore, they collect rent and handle any complaints or issues that arise.
Cost
No matter if you choose to use a letting agent or rent your property privately, costs are involved. You must factor in fees for referencing, insurance, gas certificates and electrical inspections, among others, when making your decision.
Letting agents are invaluable in finding the ideal tenants, guaranteeing they are responsible and reliable individuals. Furthermore, they may assist you with negotiating the terms of your tenancy agreement.
They may offer insurance that safeguards your income if the tenant falls into arrears with payments.
The cost of a letting agent varies based on the level of service you require and which agent you select. Typically, fees can be calculated as either a percentage of your monthly rent or an agreed fixed fee over the entire tenancy period.
Utilising a letting agent can save you time and money, as they will find the ideal tenants, and maintain and repair on your behalf. They are especially beneficial for landlords who aren’t located nearby their property or lack time to manage it themselves.
Time
Private landlords enjoy more freedom to advertise their properties than letting agents, with no limitations on where or how they advertise them. Common platforms for this include Rightmove, Gallus Lettings and Gumtree – smaller property websites and classified ad platforms with fewer restrictions.
They also save on steep agent fees and the stress of conducting viewings, running credit checks and collecting deposits – all time-consuming tasks which could add up to hundreds of pounds per tenancy.
Another advantage of renting your property privately is cultivating a strong relationship with your landlord. This can be especially advantageous for tenants as it helps prevent costly void periods. Furthermore, you may be able to negotiate more reasonable deposit arrangements with them.
Tenancy length
When selecting whether to rent your property privately or through a letting agent, there are several factors to consider. One of the most crucial is the length of the tenancy agreement.
Landlords often offer leases of six to twelve months, as this provides them with the security of having a tenant while still giving them room to leave after some period.
To determine the optimal lease length, it’s important to carefully weigh each option’s pros and cons, considering your strategy, state laws and any eviction or early termination costs.
Most residential tenancies are fixed for 12 months – this gives tenants peace of mind and guarantees the property remains in excellent condition during this time. Despite this, it’s not uncommon for people’s circumstances to change during this period.
Legalities
No matter if you hire a letting agent or rent your property privately, there are certain legalities to take care of. This may include being registered as a landlord and fulfilling all necessary statutory requirements.
A letting agent should also assist you with creating a lease. This should specify how the property will be maintained and who is responsible for covering repair expenses.
The landlord should also have the ability to request references on any potential tenants from a letting agent. In some instances, private landlords may opt not to run traditional credit checks and instead rely on character references.
If you experience any issue with your letting agent, be sure to file a complaint in writing and follow the agency’s complaints procedure.
