Whether you have one property available to rent or several, as a private landlord you need to make a choice with how you go about managing them. Do you hire the services of a letting agent to manage your flats and houses to rent? Or do you manage this yourself? It can be a tough decision as both have positive and negative elements to them.
Selecting a letting agent might be convenient but can be very costly, while independent property management can be more cost-effective, but potentially a little daunting without the right skills and knowledge. Here, we examine both these options to see just what costs are involved and whether or not there are any viable solutions.
Letting agent fees
Much like property prices and rental rates, the fees charged by letting agents can be quite varied and can also depend on what you’d like them to do for you. Generally, as part of the lettings and management services available, you can expect the support you need with every area from deciding on what rent to charge, to marketing, viewings and drawing up contracts.
It’s important to remember though that these can be subject to VAT, but other fees such as commission rates, contract renewals and the continuation of a tenancy. Equally, if you have a number private properties to rent these fees apply to all the flats or houses in your portfolio.
Considering your time management
If you choose to take matters into your own hands, while you can save money not having to pay for these fees, as aforementioned without the right tools this can be challenging. Rather than having a substantial financial cost, you might find yourself having to spend quite a bit of time dealing with your property management.
Furthermore if you’re an accidental landlord and find yourself needing to let a property out of necessity rather than choice. The chances are you’ll have a busy personal or working life which again takes up time.
There is a way of essentially combining both of these options into one. In other words you can have all the property management tools that you’d get from a letting agent readily available – allowing you to manage your properties independently.
Rentr, is a new app specifically for private landlords which comes with all the features needed for you to successfully let your flats and houses – without the cost. Perfect for accidental landlords and established landlords alike, from your tablet or smartphone you can:
- Advertise your properties
- Book viewings
- Create and sign contracts
- Keep up-to-date with tenant referencing and tenant deposits
All of these different stages of a let and much more that you’d otherwise have to pay for from an agency, are also presented in a straightforward user-friendly fashion. So if you’re covered if you feel you might be lacking a little in knowledge and expertise. Finally, you can directly communicate with tenants via the app, instead of waiting on missed calls and email chains; again saving you more time as well as money.
It certainly seems the sensible option, so if you are a private landlord use Rentr to make your property management more affordable and practical.