So you are lucky enough to have a property that you want to rent out.
Perfect, because the rental market continues to grow from strength to strength, and having it in a great location for renters makes it more intriguing.
Finding renters for your property shouldn't be too difficult.
Should you rent out your property yourself or should you use an agent though? Doing it yourself The Pros of doing it yourself are there for all to see.
If you don't use an agent you obviously don't have to pay which means you keep all of your profits.
Similarly, personally renting your property out means you are in control of any repairs that are necessary.
Using an agent usually means the use of private contractors and trades people when it comes to repairs but if you are in charge, and have the skills this is a great way of saving money, and again maximizing your profit.
Finally, whilst not important to all landlords, the ability to choose your own tenants is also important to some, and if you personally rent your property you get to keep full control of who rents your property and for how long.
Using a Letting Agent The main benefit of using a letting agent is obvious; there is no hassle.
By transferring responsibility over to an agent you no longer have to find a tenant.
You also don't have to create your own contracts because the agent will take care of it for you.
These are important time-saving tools for property holders, especially those more interested in developing a portfolio of several properties than the maintenance of one.
Good letting agents have the experience necessary to make rent your property easy, and many of them will do this on fixed fee contracts so that you know you are not going to end up losing too much of your profit through add-ons or additional costs.
Which is better? Deciding whether or not to use a letting agent really comes down to the situation.
Some people are looking to maximize their profits and that means doing it yourself is the correct choice.
Some people are looking to maximize their time and that means using an agent is probably the right choice.
If you do not have the legal skills to draw up contracts or the time/knowledge necessary to maintain your property then, again, may be a letting agent is the correct choice.
What's most important though is that you choose the right choice for your circumstances.