Use a Property Management Company or go it alone?

Nelbell

Hi,
Looking for a bit of advice. I have a house which will be available to rent shortly. If I go along the lines of getting a Property Management Company to take away the hassle of sourcing tenants, viewings etc, will their fee be tax deductible? I live about 10 miles from the property, so is it worth my while paying the 6% management fee or suck it up and do the hard graft myself?
Pros and cons from people who opted for either option would be greatly appreciated.
Thanks in advance
Nelbell

Milk & Honey

The fee is tax deductible.
Advantages.
You save yourself the hassle of travelling to show the house. It can be a pain if tenants do not turn up for viewings after making appointments. This happens quite a lot. Unless there is high demand and a large number turn up to each viewing, this is very significant.
Agents generally keep paperwork such as inventories in order.
You can potentially sue a negligent agent.
Disadvantages
The agent may not try too hard and the property could be vacant for a long period.
Some can be indifferent and let in a bad tenant.

If getting an agent, reputation is everything. A bad one is worse than useless.