Managing without an Agent

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Hi

Im new to all this. Decided to rent out my flat and had an agent advertise it. One viewer would now like to take it forward dealing with me direct. I think he would fail the credit test the agents will carry out. What are your views on this?

He has said he can provide his previous landlord reference? What should I be wary of? How do I go about preparing the lease, inventory etc?

Cheers

[Melboy]

If your Agent has introduced the tenant to you than you will have to pay their finder's fee.

If your prospective tenant is going to or likely to fail a credit check with an LA why are you taking the risk on?

Previous Landlord checks means, if possible, a face to face meeting. How do you know the person you are speaking to on the end of a mobile phone is not his best mate?

As a Newbie Landlord I would suggest a trip to the bookshop to buy a book on Property Letting or a good read of a website to gain as much information as possible prior to letting any tenant into your property.

Mel.

[J4L]

I have to say I agree wholeheartedly with Melboy above.

You have asked THE most basic of questions here and unless you are either very careful or just very lucky you may well get your fingers burnt, and your hand, and maybe your whole arm!!

[Selkirk]

I agree, do the referencing correctly or suffer the consequences, you do not and should not take any chances.

cheers

Selkirk

[Preston]

Hi

Whether you should manage for yourself depends entirely on what kind of person you are and to a lesser extent, who you know. If you are the kind of person who is happy to research new problems and read up on your subject, by all means do it yourself. Better still, if you have a friend or contact with some knowledge whom you can turn to for advice - and you are the kind of person who is willing to take advice - then give it a go. Its not that hard and unfortunately many agents - or more particularly their staff who are sometimes poorly trained and supported - may actually know less and be less efficient than you.

Be prepared for hassle, though, and to put the effort in when its needed, not when it suits you.

As for referencing, there are places on line that can do financial referencing for you. And its always good to supplement this with employers and previous landlord's references.

But I do agree with earlier contributors, if your agent has found the tenant, then you really ought to pay them for the work they have done. You never know, they may even become the friendly ear you can turn to for advice when you need it if you stay on good terms with them.

Preston