How-to Guides » OLD GUIDE Become a buy-to-let landlord

Sort out the management of your property

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1) Consider using a letting agent
The decision to use a letting agent or not can have a massive impact on the success of your investment.

Letting agents can be used to simply find and vet tenants or to completely manage the property. The latter obviously costs more - usually ranging from 10% to 15% of the rental income. This is a significant amount but the letting agents offer some important benefits, not least the ability to ensure everything is done by the book and you cover yourself legally with your tenants, which is crucial.

2) Get up to date on your responsibilities
If you choose to manage the property yourself, you will be responsible for finding tenants, checking tenants’ references, collecting the rent and maintaining the property and dealing with any problems.

You will also be legally responsible for carrying out repairs ensuring the safety of gas and electrical appliances and ensuring that the furniture and furnishings meet fire safety requirements.