Letting or Managing Agents

Managing your property

When you have chosen a property, you will need to decide who will manage it for you. If you manage it yourself, you will be responsible for:

• Finding tenants
  
• Checking tenants’ references
  
• Collecting the rent and maintaining the property
  
• Dealing with problems

You will also need to be aware of your legal responsibilities as a landlord such as -

• Carrying out repairs
  
• Ensuring the safety of gas and electrical appliances
• Ensuring that the furniture and furnishings meet fire safety requirements

Using a managing agent

Given the number of different responsibilities you face as a landlord and the limitations on your own time, you may wish to use a managing agent to look after your property for you. This will cost you approximately 10% - 15% of your monthly rental income.