Social Media – Is it making it easier to Let Privately?
In this ever tightening rental market, it is understandable that landlords are looking at cutting their costs wherever they feel possible. One seemingly simple cost to remove is the agent, to then let their properties privately using social media.
When considering this option, landlords need to consider the vast array of legal and compliance issues that they will have to tackle before being able to market or safely rent out their properties. They also have the opportunity to skip the referencing and Right to Rent (RtoR) checks as unnecessary extra work.
Both are short sighted acts of folly as the government is determined to drive up standards in the PRS (Private Rented Sector) and unless landlords are totally aware and understand the implications of each piece of legislation, they could be liable to a fine or worse. Not doing the RtoR properly is a crime and failing to know about the person/people you are putting into your valuable possession is madness.
By using a reputable agent or seeking the advice of a professional, the process can be simplified for landlords, allowing them to have peace of mind, the ability to carry on with their normal lives, as well as keeping both their properties, tenants and themselves compliant and safe!
Landlords do need to thoroughly vet a private tenant, as many will avoid an agent (ignoring costs which are about to disappear) because they either do not want to disclose a bad landlord/work reference or a poor financial/credit history. On the flip side, tenants should be checking landlords who let privately, to make sure the property is safe, has had the correct checks and certifications issued and is being properly maintained.
As can be seen there are various reasons to let/rent through social media, and for good knowledgeable landlords and tenants aware of the pitfalls, it can be a quick, cost effective and simple solution. However, for anyone who is in the slightest unsure, they should be taking professional advice or using a reputable letting agent, who will be looking after everyone`s welfare and safety.
For those landlords who do choose to self-manage their properties, we have a newsletter service, The Sunny Club, which keeps landlords up to date on all the changes in legislation and industry news they need to know.