UK Landlord Forum / Life

I have two flats I rent out which I have organised for over 20 years but it seems to be getting harder to get decent tenants and to keep up to date and legal etc etc
The agencies in the area they are in   honestly don't seem to do anything for their 12%   And worse they charge the tenant about £500 to use them
So as I've just had a very bad experience and I'm getting older!!!
I'm wondering how many of you all use agencies and how many do it yourself

Any thoughts pls?

Quote from: Zoozan on February 16, 2019, 02:39:18 PMAnd worse they charge the tenant about £500 to use them

Not for much longer, they'll charge you more in all likelihood.

DIY.

I use an agent to find,do viewings,credit check,provide the necessary information and draw up documents.I do the inventory,take photos,do check-out and inspections.His fee is 50% of first months rent. I used to have full management at 10%,but changed over the last few years.

I've never paid for full management but then I can do it all myself and all my properties are within 10miles of where I live and my brother has a share so we can tag team the issues.

My point being a bit like HeavyK's point ... it's all very circumstance dependent and over time those circumstances change usually after some experience you are more likely to DIY.

Thanks for replies

Looks like it a " six of one...." situation

I'm going to continue on a diy system and see what happens

Although I must say that I have been absolutely shocked at the rudeness of the vast amount of prospective tenants this last round!!

If you do go DIY (welcome to the club) then you MUST check out/understand all the admin steps you need to do.  It would be a shame if your first DIY goes wrong because of a simple admin step you missed.  There are lots!

Best of luck

Yes thanks
I have been diy for over 25 years but the goal posts seem to be changed monthly and I'm getting older AND what the agents say they do v what they actually do is another problem
So as I get older I just wonder which is best.....

Neither seem to be wonderful but if you diy it still does seem as if you have more control
Dunno!!!

There is another option.
Not sure about your area but in mine agents do a guaranteed rent service.
For 8-9% fee (so you get 91% of the market rent) you rent them your property for 2-3 years and the agent sublets but pays you no matter whether it is sublet or not.
You never have to meet the tenants etc almost all the admin is off your shoulders. 

Although I still have met all the tenants as maintenance/access is easier that way.  You also don’t want a cannabis farm at your property so the odd look in on new tenants doesn’t hurt

You can hand off the maintenance as well for a little higher fee or delegate jobs up to a limit but I don’t do that.

I’ve let a few properties on this basis had one tenant for 17 years but also I know there have been evictions at other properties but I’ve been isolated from that.
Obviously no void periods but you do pay for but then you  seem to be paying 12% for not much at all.

Maybe something to look at.
Obviously though you need to find an agent you can trust/work with.

I have often wondered what I will do when I get older trying to manage properties... not sure I have a good answer

Never heard of agents doing that
And haven't seen anything in Somerset apart from when construction company's are trying to sell new apartments

But I shall look into it
THANK YOU AGAIN

It can be very difficult to decide on the best way to go forward. I only use agents for finding tenants, credit checks and do the rest myself which means keeping up to date with news and legislation as well as using a few decent trades people. I would never use a full management 'service' again. I've never heard of that guaranteed rent service either.
I think your decision ultimately boils down to what you do with your flats - if you keep them on then you will have to plan to be properly informed of your up to date legal and other responsibilities and if you have anyone to help you run everything (if you haven't got anyone, then how long do you feel you can continue alone - another 5, 10, 15 years? What then?).
Like I said in another post, adaptability is important with all the changes recently and to come in future.
An option I heard about is from a couple who have properties in a good student area and the uni/college took over the running from them - all they had to do was tend to maintenance/repairs.

I have two houses which I let. They are both 250 miles from me.
The first I let in March 2017 to a friend of a friend who came recommended. We drew up a mutually agreed AST and he has been a brilliant tenant - no problems at all.

The second house I initially tried to do myself through 'OpenRent' but the prospective tenant let me down at the last minute. Openrent had been very efficient at finding tenants and providing background checks, no problem at all with them.

Having been let down, I decided to enlist an agent to ensure the house was looked after and I would not have long distance stress. The first agent sat on their hands for 3 months with not one viewing. The second agent then found a tenant immediately, drew up a contract, shared it with me, took a deposit and the first months rent. The second months rent did not appear and the tenant ignored communications from the agent. It now turns out that although the tenant signed a contract it is not enforceable and he can more or less do what he likes with my property. Plus he has been to prison for 4 years for manslaughter.

In hindsight, I would do it myself, using Openrent for checks and contract but not go ahead unless I first met the prospective tenant and formed a good opinion of them. Either that, or not rent at all. I thought an Agent would save me stress and worry at a distance, but not so

What's Openrent ?

Quote from: Zoozan on March 05, 2019, 01:27:11 PM
What's Openrent ?

http://lmgtfy.com/?q=Openrent

Thanks.   I googled it but as you've used them can you recommend them ?    and do you know if they are used nationwide ?   as I've never heard of them before