How to choose letting agent

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  • Beswick
    replied
    Thankfully, that kind of thing has never happened to me (I would guess that keeping properties well maintained reduces the risk a bit). In all that time, I reckon I've saved myself over £15,000 in management fees.

    I hope that by posting this comment, I haven't jinxed myself

    Leave a comment:


  • jpucng62
    replied
    The downside of managing yourself is the 3am phone call when water is pouring through the ceiling! Or the one when you are poolside with a cocktail!

    Each to his own

    Leave a comment:


  • Beswick
    replied
    If I could go back in time, I'd advise 'the old me' to do swot up on all the regulatory stuff and do everything myself. These forums are a great place for info, as is the Moneysaving Expert website. Find the relevant tradesmen (personal recommendation is best) too.

    I've found that if you get the property in top condition it looks good on the photos, looks good on the viewings, and will let quickly. If you then keep it that way by tackling any maintenance issues ASAP, your tenants will think you're great and you'll hardly hear from them. I now use the OpenRent website to find tenants, they also sell (individually) the services you don't want to do yourself.

    I've always self-managed, right from day one. I've always felt that giving up 6-12% of your rental income (plus other occasional fees) for the services of an agent does not represent value for money. I've also heard a story about an agent using tradesmen (for repairs & maintenance) who add a mark-up (percentage for the agent) to their invoices. The management agreements can be punitive to exit, one poster on here recently quoted 12 months' commission as an exit fee.

    I'd only ever use an agent if:
    1. I really didn't want to deal with tenants
    2. I didn't have much spare time to self-manage
    3. The property was too far away to be practical
    4. The property was in a really crappy area (attracting lower-end tenants) and they were the sort of people I wouldn't want to deal with

    Anyway, that's my opinion. However, I don't expect that everyone on this forum will agree with me.

    Leave a comment:


  • jpucng62
    replied
    I would visit them and have a chat about their approach, charges etc. The monthly charge is important, as is how they charge for deposit protection (this can vary quite a lot). Ask about their approach to repairs etc and choose one which fits with what you want AND offers good value.

    Remember the charges aren't everything but they will significantly impact your bottom line but having an agent who you can work with is also important.

    Good luck

    Leave a comment:


  • Mrs Mug
    replied
    See the link below on how to select a letting agent.

    https://forums.moneysavingexpert.com...mment_67759939

    Leave a comment:


  • LMK
    started a topic How to choose letting agent

    How to choose letting agent

    Hi. I am just getting ready to rent my property out for the first time.
    I am planning on getting a few letting agents around, seeing what they say, what they can offer (planning on going for the full management option), their prices etc.
    But is there anything in particular that I should be looking for/asking about/checking their information about?
    I've been reading some Google reviews of local agents and they all have bad reviews (although it's mostly from tenants rather than landlords but still...)
    Thanks!

Latest Activity

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  • Advice
    by Tallulahpop
    Hi all, I’ve joined this forum specifically to get some advice as I don’t know who else to ask 🤷‍♀️
    I currently live in a rented house but the landlord is selling so we found another house through a letting agent and have signed a contract stating our tenancy starts on 3rd October....
    24-09-2020, 11:16 AM
  • Reply to Advice
    by Lawcruncher
    Since signing by the landlord is not necessary, whether there is a binding contract depends on who said or wrote what in what order. Without knowing what has been said and done it is not possible to say if there is a binding contract.

    However, if the agent is saying that, you can, if you...
    26-09-2020, 11:28 AM
  • Reply to Landlord Renewal
    by DPT57
    Very little advice is fully impartial unless you pay serious money for it. They're not required to teach the landlord about the impact of the various options, just to recommend an option that is legal and workable. As you suggest, its up to landlords to learn the bigger picture if they want to understand...
    26-09-2020, 08:47 AM
  • Landlord Renewal
    by Bubbles101222
    Hi everyone, hoping someone can help please.
    I have been letting my property out for around 3 years. I have a good relationship with my tenants.
    I got an email from agent to say it’s time for renewal on 14th Oct 2020 & would I like to do 12 months, I replied yes, thinking I had no...
    24-09-2020, 18:53 PM
  • Reply to Landlord Renewal
    by tatemono
    er... are they not legally obliged to?

    More common is that most LLs don't bother to aprise themselves of the full facts. This LL is one of thousands of examples.




    Contracts aren't like dairy products. They don't stop being binding just because time passes....
    26-09-2020, 08:37 AM
  • Reply to Advice
    by tatemono
    kudos to you for the pragmatic solutions.

    Be aware that if you do choose option 2, it's possible that you will put whoever is planning to buy your current home in your own situation.

    I would immediately be looking for new accommodation. In the current climate, if a property...
    26-09-2020, 08:31 AM
  • Reply to Advice
    by Section20z
    Too subtle, will use the winking emoji in future. Lol....
    25-09-2020, 22:14 PM
  • Reply to Advice
    by doobrey
    I understood the inverted commas to mean "so-called" or "perceived".
    25-09-2020, 20:27 PM
  • Reply to Advice
    by jpucng62
    Why is this a 'greedy scumbag landlord'? It is a tenant (who presumably gave notice), who is not moving out because their new build isn't ready on time (because the builder hasn't finished it - probably due to coronavirus) - about the only person not to blame is the landlord!...
    25-09-2020, 20:02 PM
  • Reply to Landlord Renewal
    by DPT57
    Its the way that Agents make their money these days. They don't reveal the full facts to landlords about most things that are not in their interest because they are probably in survival mode. As above, if you're unhappy, do what the rest of us do and learn the business so that you can self-manage.
    25-09-2020, 15:28 PM
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