LETTING AGENTS

MANY landlords hire a letting agent to either find a tenant or manage the whole tenancy. Using a third party means you will not be bothered by maintenance queries or late rent payments, but handing over the reins

comes at a cost. Agents typically charge 10 to 15 per cent of the rent to fully manage a property, but many charge extra fees for signing or renewing contracts, obtaining references, making credit checks, and dealing with inventories.

Sam Mitchell, chief executive of online estate agent HouseSimple, says: ‘Many landlords use a letting agent to find tenants and are then happy to manage the property themselves to save on management fees which can be quite substantial. But the advantage of handing over the management of the property to an agent is that you will not have tenants calling you at all times of the day and night when something goes wrong.’