Updating post from Reddit.
I am soon going to let out my apartment and am now seeking a trustworthy letting agency. However, since this is the first time for me to let out the property, I would like to get some advice from people with experience.
• What are the things I have to look at when hiring an agency?
• Is fee of 10%+VAT monthly and fee of 50%+VAT for the tenant finding reasonable?
• What do I have to make sure is in the contract to protect myself?
Just don't. Do it yourself.
If it’s only one it’s not worth it. Just do it yourself. Do these steps.
Get good landlord insurance to cover rent arrears and all legal repossession over. It will be well over £500 but trust me that’s cheap.
Get home care emergency cover probably with the insurance. Direct line are very good.
That’s all you need for one property. Manage it he tenant, keep them sweet but don’t make friends or be too friendly. Make sure to set up standing order to pay every month.
As a tenant myself (irrelevant I know but also in the same situation myself as I now am in ownership of 2 properties) I would strongly suggest that you do it yourself and do everything that the previous posts have suggested. (Landlord Insurance is a big one, and have an accountant too and home care insurance so you don’t get hit something with crazy repercussions for something you possibly can’t predict).
Having terrible tenants is also a possibility (not necessarily though but it happens unfortunately) and you need something to safeguard yourself and your property against anything unexpected or untoward but a letting agency will only do at most (and usually not) what you could possibly pay yourself for cheaper and with more recourse.