Need some help with this… Wanna move and in a negative trap with the flat do thinking of renting it out.. Is an agency a good option or best to do it mesel? Any tips well received.. How do I get the rent right?

many agents will screw you, as a tenant i find the average agent to be scum out to make life as hard as possible for as much money as they can get, speaking to owners who have used agents pretty much the same picture.

Sorry if that isn’t very helpful.

As for rent look around the area, look at your mortgage, what can you afford and what does the area support? I would also be prepared to drop the rent if you can get someone to stay a while. Void periods are not your friend. I also know this may not be PC, there is a reason why people say no DSS, yes their are good tenants, but there are a lot of social claimants who wouldn’t think twice of trashing the flat.

As someone whose GF just lost £6k through a tennant who stopped paying rent and had to be evicted, I’d recommend two things: use an agency and take out insurance to cover non payment and eviction costs (you can loose £1k in solicitors & barristers to get them out, plus all the rent lost in the meantime). Insurance is only £100 / year and with hindsight a very good bet. The agency means all the paperwork is likely to be spot on, one wrong date on a tenancy agreement and your contract is worthless. You also must have a deposit in one of the government approved schemes, who will refuse to refund it when your tenant runs off as the release process needs their approval (insane, but true).

That’s the kinda protection I was looking for even if it costs to start with… Good tips TA!

Agents – blood sucking scum
landlords – I’d be banned if I gave an honest opinion

There are good agents and good landlords, but they seem to be a minority.

Good landlords and agent:
Never seen or heard from, but always available to sort any problems quickly. Brings chocolate cake.

Crap agents and landlords:
Insist on “inspections” every day that ends in a ‘y’, and produces a written report itemising each and every un-mown blade of grass, toothpaste stain in the sink and speck of dust on the door frames. Will randomly increase rent as and when they need to pay for their holiday/car/hooker/gimp. Sleep in the spare bedroom (after all it’s THEIR house). Charge stupid money for any repairs (£70 to re-fit a hook and eyelet door latch, £120 for a cracked freezer drawer). And wander around the house without asking whilst you’re getting dressed.

I’ve rented property out for over 20 years,both residential and commercial.
You have 3 choices.
Do it all yourself.Advertise,vetting procedure,download lease agreement from the internet,lodge the deposit with the govt scheme.
Just use an agent to initially let it then you take over.
Let the agent do everything,pay the upfront fee and monthly commission.

I’ve used a mixture.Agents have got me a higher rent and have been able to advertise the properties better.
The lease agreements are pretty worthless if the tenant wrecks the place and moves out.Going through the courts to try and claim is pointless so you just write it off.
Some tenants believe the landlord is there for their every need.
I’ve been phoned up because a light bulb had blown,someone living around the back had a barking dog,and one tenant who’s daughter couldn’t find a parking space outside the flat.
Overall i’d use an agent as you are at arms length from the tenant.
My agent was really lax over utility readings which took months to sort out so thats something i’d double check wihen tenants are moving in and out.

I’m in a similar positino to you (kinda) – rent out “out house” to tenants, and rent where we live.

I do it all myself.
Simply put:
-you can charge circa 10% less than market rent, and still ‘get’ the same money (as you don’t have agent fees’.
-use the deposit protection scheme for the deposit
-use propertyhawk.co.uk for tenancy agreement and other advice, as well as a good inventory
-use a simple spreadsheet to keep costs/outgoings with a formula for running loss/profit
-keep receipts

I try to be a ‘good landlord’ and any issue that’s raised, fix it. Ultimately, it should pay dividends in the end as a happy tenant = happy me.

DrP

Footflaps +1 on the insurance.
I have a property in the UK but don’t live there so I use an agent for the convenience plus I also have friend who is on-hand locally to assist with any maintenance that is required as I generally find that this is an area where agents are somewhat lacking.
At the end of the day you have to remember that you are being paid to provide a service as the landlord, and if you do your part fully then you will find, in general, you get the tenants you deserve.
…..Just make sure the insurance is in place in case this does not happen!

I’m a landlord, (me and TINAS were lovers but it went sour), I say do it yourself but get some protection via insurance. If you pay 90quid a year to the RLA. You get all the free legal docs, excellent advice and support and insurance. They do referencing for a few quid per tenant and generally show you the ropes. An agent will do the same thing but you will learn nothing, be charged 15-20% of your gross, they will probably mess it up, and end up ruining your life.