DIY Letting Can Cost You Thousands
It starts with good intentions – save money, keep control, and manage your property yourself. How hard can it be?
But fast forward a few months and you are knee deep in paperwork, chasing unpaid rent, dealing with repairs, or worse, trying to evict a tenant who knows their rights better than you do. We are not here to scare you. DIY letting can work. But it is a lot more involved than people realise, and the cost of getting it wrong? That is where things add up quickly.
Here is where self managing landlords often lose money, even when they think they are saving it. The expertise of our pride is in helping you avoid these hidden costs.
1. Gaps in Paperwork and Compliance
It is not enough to just have a tenancy agreement. You need to provide a How to Rent guide, protect the deposit correctly, and serve all the legal documents at the right time. This requires a forward thinking approach to compliance.
The Risk: If any of this is missed, eviction notices can be thrown out and tenants can claim compensation. One small gap can cost thousands, and months of delays.
The Reality: Tenancy law changes regularly. Using outdated, generic online forms or missing the 30 day deadline for deposit protection is the most common reason landlords end up in legal hot water.
2. Poor Tenant Selection
Lettings agents screen tenants daily. They spot red flags and verify details you might miss. Self managing landlords often rely on gut feeling, and that can backfire if someone is not who they say they are or has a history of late payments.
The Risk: Fixing a bad tenant decision later is much harder and more expensive than getting it right up front.
The Solution: Professional referencing verifies credit history, employment, and past landlord references objectively.
3. Maintenance Delays and Disputes
DIY landlords often try to save money by delaying repairs or patching things up. But if a tenant reports a problem and it is not handled properly or promptly, they can escalate it to the council, and you could end up with enforcement notices or even fines.
The Cost: Quick fixes often cost more in the long run when they lead to bigger problems, or worse, council intervention.
The Structure: Professional management ensures repairs are handled by qualified contractors quickly, maintaining the property's condition and satisfying legal obligations.
4. Emotional Decisions
When it is your old home, emotions can get in the way. You might avoid tough conversations, agree to things you should not, or hold off on enforcing the rules. Tenants need clarity, not blurred lines, and that only comes with structure and confidence in the process.
Frequently Asked Questions
❓ Is not using an agent more expensive? Not necessarily. A good agent can actually save you money by avoiding voids, finding better tenants, handling compliance, and protecting you legally. You pay a fee, but you avoid a lot of hidden costs.
❓ Can I just use online templates for paperwork? You can, but if they are outdated or do not meet current legal standards, they could leave you exposed. Using incorrect or incomplete forms could make your agreement unenforceable.
❓ What if I only rent to people I know? It might feel safer, but it is actually riskier. Personal relationships make it harder to enforce rules or deal with problems objectively. The law does not make exceptions just because you are friends or family.
❓ Can I change my mind and bring in an agent later? Yes, but by then, the damage might already be done. If things go wrong mid tenancy, an agent can step in, but prevention is always cheaper than the cure. It is better to get it set up properly from day one.
Final Thoughts
Self managing sounds simple, but it can get expensive fast. There is nothing wrong with taking control of your own let. But it is a business decision, and needs the same level of planning, structure, and protection as any other investment. We take pride in providing that structure.
If you are thinking of going it alone, we are happy to run through what to expect, or take it off your hands completely.