Are letting agents willing to manage properties let on an individual-room basis?

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    Are letting agents willing to manage properties let on an individual-room basis?

    I'm new to this forum so hello! I have a question:

    I am about to buy my first buy-to-let property. I intend to rent it out on an individual room basis (to maximise yield) and without using a letting agent (although this is my first BTL I do have experience of property and I am confident that I have the know-how to do this, and the property is very near where I live).

    However, there is a 30% chance that I will move abroad for work at some point in the next year. If this happens, my plan is just to hand over management of the property to a letting agent. However, are there any reputable letting agents who are willing to manage properties let on an individual room basis? If so, what sort of fees might be charged?

    The property will be in London E1 postcode in case anyone has specific recommendations. Incidentally, I have heard of one letting agent in the area which does this, but they seem dodgy as anything and I simply wouldn't trust them with my (or my tenants') money or to comply with legal requirements such as gas safety checks.

    #2
    Most letting agents will agree to manage a hole in the ground if you pay them enough.

    A less expensive option is to do the things you can yourself from a distance (e.g. rent collection), but employ a local cleaner for the communal areas (which the Ts are not responsible for), and have a local handyman to do minor repairs and maintenance.

    Alternatively, let it out on a joint contract and let the Ts be responsible for cleaning the whole property, plus the Council Tax and utility bills which can be a nightmare with separate tenancies under one roof.
    'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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      #3
      Originally posted by mind the gap View Post
      Most letting agents will agree to manage a hole in the ground if you pay them enough.

      A less expensive option is to do the things you can yourself from a distance (e.g. rent collection), but employ a local cleaner for the communal areas (which the Ts are not responsible for), and have a local handyman to do minor repairs and maintenance.

      Alternatively, let it out on a joint contract and let the Ts be responsible for cleaning the whole property, plus the Council Tax and utility bills which can be a nightmare with separate tenancies under one roof.
      Hello, and thank you for your reply.

      I think if I go abroad I would have to entrust the property to a fully-managed letting agent service -- I can't see how I would get new tenants, or deal with problems when I am 3000 miles away.

      I understand what you're saying re if I pay them enough letting agents will do almost anything. So, I suppose what I am really asking is would a letting agent manage individually rented rooms without charging excessively for it?

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        #4
        It depends on your definition of 'excessive'!

        I suspect they will charge the same percentage commission (10-15%?) per tenancy in a multi-tenancy property as they would for any other, but because HMOs of this kind attract younger, more shifting populations,they will charge you (and the Ts) renewal fees more frequently, not to mention spurious repairs/maintenance...that's how they make their money.
        'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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          #5
          The above post suggests that Agents make their money from neglected properties and repairs.

          I'd like to think a Good Landlord would want their property in a good state of repair and if 3000 miles away would want someone overlooking the works.

          The only answer to your question would be to visit or call your Local Letting Agents. They will charge a reasonable fee for their services.

          Ensure your agent is aware of the "The Non-resident Landlord Scheme" or you may end up in trouble with HMRC.

          You should call a letting agent and find out.

          P.S. Your question is a tad misleading, as agent could be managing the whole property of individual bedsits and not just one bedsit. They would be silly not to take you up on the offer. Especially with increasing Bedsit demand we are seeing due to benefits changes.

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