Taking management in-house

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    Taking management in-house

    Morning.

    For the last 20 years I've been renting out property through an letting agent which is part of a estate agents.

    They've been fine overall but, similar to other folks here, prices have been increased due to the changes in tenant fees and change of management. I was paying a 5% for a rent collection only but now with the increases I'm not sure I shouldn't just take it and do it myself and just use an agency to find new tenants when needed. Overall if I did it myself I'd save about £250 pcm

    Just wondering if overall people think that's relatively easy to manage totally or should I consider staying with a professional for rent collection. Also slightly concerned that I don't know about all the regulatory requirements needed. I know about the Deposit Scheme and I know about gas safety checks but is there a resource or somewhere I can look to see what else I need to do from a legal (and I guess moral) view point.

    Currently lucky with my tenants (fingers crossed) one is rented by the MOD, one's with a teacher, one's with a young family which have made the place so nice and professionals have the others.

    Advice appreciated thanks.

    #2
    I'll only comment on one aspect. Using an agent to find tenants only is generally a very bad idea. You will tend to get the very worst possible tenants (they put the better ones in their own owned properties or ones they are managing) - they just get paid for lumping any tenant in there. If you are moving "in-house" then selecting tenants is the most important thing to move in-house. There are plenty of services that advertise properties to let.

    Given the state of play in 2019, I suggest you either learn how to do it, or sell up.

    Comment


      #3
      I agree with Mr Dod about using an agent for tenant find only.
      The agent's incentives and yours are not aligned.
      They get paid to produce a warm body that can pass their own credit check (which they will be flexible about).
      The more the tenants churn the more they get paid.

      If you have one property rented to the MOD, you already have two different types of tenancy in place, which may be an issue unless you knew that.

      Moving existing tenancies from an agent is always tricky, the best time to do it is when there's a change of tenant,

      One advantage of using an agent is that if the tenant calls with a problem, there's more people to take the call and less personal stress.
      Whether that's worth three grand a year, only you know.

      There are decent beginner courses from the RLA and the NLA.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

      Comment


        #4
        Thanks for the help. Yup, I think I need to get on a course to make sure I learn the necessaries before switching away.

        Appreciate the advice here as always.

        Comment

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