Privately Renting or Managed Lettings on Buy to Let Properties
January 19, 2010
Once you’ve secured you buy to let mortgage, it’s time to decide how to ensure your mortgage payments are made; through private letting or a managed lettings service provider.
Choosing to go privately rented does take a lot of fees out of becoming a landlord, but with it can come a lot more hassle. For a start, you have to deal with the advertising, as well as the viewings. It could take you a lot longer than you think to find a tenant, so be sure you have the time to dedicate to booked viewings.
Although rent management services will go through thorough checks to ensure your tenants will be regular payers, the fact is, given the current economical situation, it’s difficult for anyone to know anything that’s long term.
This work’s in favour of buy to let investors, as more people are turning to short term leases and tenancies on rented properties. Not advertising through a lettings agency will not only reduce your fees, but the fees for your potential tenant. At the moment, many people are grateful for any and all savings they can make.
As long as you maintain contact with your tenant, you should have no problems with payments. Be breezy, your tenant will not appreciate being harassed. Just touch base, and be friendly, and make yourself approachable. This will allow for diplomatic resolution if and when problems do arise.
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