About to become a landlord; what's the pitfalls?

[Mark Benson]

TpdNotts said:

It's difficult not using a letting agency when you've never done this sort of thing before. What if there is a tenancy dispute? I wouldn't want to have to speak to the tenants face to face.

In my experience, they'll involve you anyway and it becomes two lots of people to deal with. We found that letting agencies add little but cost a lot.

We use an agent to get tenants into the property (they deal with advertising, credit checks etc.) which we pay a fixed fee for, then we manage it ourselves. The website I linked to above has lots of good advice, read some of their articles and you should feel a bit more confident about it.

Generally (but not always), if people feel like they're being treated fairly, then they'll behave the same in return. However if they feel like a cash cow (when they deal with letting agents who don't have a vested interest in their happiness with the property for instance) they they'll care less about your property.

With agents, we went through 3 sets of tenants in 2 years. Since we ditched the managing agents, we've had 2 sets of tenants in 5 years and far less hassle to boot.

[TpdNotts]

I've had a quick look at the site you recommend and shall refer back to it for sure. It covers so many aspects. very helpful.

I never thought about the 'cash cow' thing before. I suppose if tenants know you on a real level then yes, they're more likely to behave responsibly and fairly.

Believe me, we're not in this to just make money as fast as we can without any work involved. I just have images of letting it then 6 months later the tenants leave and the plaster is off the walls and it's in a state of disrepair! It is worrying because its unknown territory.

[mk1fan]

TpdNotts said:

I wouldn't want to have to speak to the tenants face to face.

Then don't become a Landlord. If you can't deal with people face to face then you drastically increase your chances of being taken advantage off.

[TpdNotts]

I have no problem dealing with tenants face to face, I just would rather not if I can avoid it. I don't think that's a good enough reason to not become a landlord! If the benefits of not using a letting agent far outweigh the benefits of having one then yes, I would deal with things myself, if I'm harmed with sufficient credible information and know-how.

[M400 NBL]

Check out landlordzone.co.uk

My last tenants were a nightmare. Kids drawing on walls and gloss. The place was filthy. Crayons used on my tv, and pen on the sofas (that I would've binned anyway).

Those tenants were recommended by a letting agent that later went bust.

It's only been a month with my new tenants but they helped me gloss the last couple of doors so thati'd finish bmoving in day. And the spent time cleaning the place.... after i'd spent a long time cleaning the filth.

Is the place you're renting out local to you? Do you know any reliable tradesmen that could help in an emergency? Are you any good at DIY?

[TpdNotts]

M400 NBL said:

Check out landlordzone.co.uk

My last tenants were a nightmare. Kids drawing on walls and gloss. The place was filthy. Crayons used on my tv, and pen on the sofas (that I would've binned anyway).

Those tenants were recommended by a letting agent that later went bust.

It's only been a month with my new tenants but they helped me gloss the last couple of doors so thati'd finish bmoving in day. And the spent time cleaning the place.... after i'd spent a long time cleaning the filth.

Is the place you're renting out local to you? Do you know any reliable tradesmen that could help in an emergency? Are you any good at DIY?

Yes, it's local and yes I know a few tradesmen that I can call on to do work. DIY wouldn't be a problem either.