Using a rental guarantee agency

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Using a rental guarantee agency

    I am the LL to a three bedroom property in London which is currently empty as the previous tenants moved out .
    I am having difficulty getting back to the U.K at the moment because I am abroad in a Covid red zone Country ,
    I have contacted an agency who have visited the property and given me a rental quote and guaranteed for one year .
    I have some online searching about the agency and they seem like a new company and they do not seem to have an office , seems to be a just website
    I have looked on their website on their "tenants" section and they seem to be sympatric to tenants and state that strict landlords are unfair .
    Before I give the go ahead for the agency to find some tenants , what measures should I take ?
    I want to be assured that I will receive the rental income and that the agency doesn't put undesirable tenants in the property and then leave me with that problem .
    What measures should I take

    #2
    Don't use an agency that you have no experience of.
    If you don't have one, do any friends or relations have a relationship with one?

    Otherwise, I'd go for a large national or regional chain that's posted profitable accounts recently.
    You definitely want someone with a present on a high street.

    The biggest risk for you isn't that the agent is pro-tenant, it's that they go out of business with the deposit and all the information that you need lost.

    Your situation is far from ideal, and I'd personally consider doing nothing until you are able to discuss things face to face if you can afford it.
    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


      #3
      Go with an agency which has been around and national presence, as it's not only the agency you need to consider but also if they are a member of a redress scheme, client money, the list goes on..... until you are back in the UK I would resist giving it to anyone with very little presence in the market and certainly one which is not local to the area or has an office.

      Comment


        #4
        If the rent is "guaranteed", something is wrong.
        That's not commercially viable for an agent.
        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


          #5
          Originally posted by Luke View Post
          What measures should I take
          You could try asking here if any London-based LLs can recommend an agent. (Naming companies in public may be best avoided, but there are private messages).

          A company with no physical presence or track record that you know very little about is a definite no-no.
          There is a fine line between irony and stupidity. If I say something absurd please assume that I am being facetious.

          Comment


            #6
            Originally posted by doobrey View Post

            A company with no physical presence or track record that you know very little about is a definite no-no.
            This.....given they are aware of your current situation in getting back to the UK they could simply keep the deposit and every single penny in rent..... and practically what could you do ? I would not touch them. As said, go with a well known high street agent or leave it empty.

            Comment


              #7
              Is it true that only the agency would be able to serve an eviction order to the Court ?
              I seem to recall reading somewhere that because the tenant had an tenancy agreement with the agency , only they would be able to serve the eviction order and the property owner wouldnt be able to do so

              Comment


                #8
                No it isn't. That would only be the case if the agent was the LL, which is not the normal case and IMHO not a route you would want to go down anyway.

                When it comes to legal issues (that is, anything - gas safety regs, electrics, eviction) it is down to you. Depending on the contract with the agent, and their helpfulness/experience/expertise they may help (and may charge for it). But the agreement is between you and the tenant and the legal responsibility is yours. The agent acts for you.
                There is a fine line between irony and stupidity. If I say something absurd please assume that I am being facetious.

                Comment


                  #9
                  Originally posted by Luke View Post
                  Is it true that only the agency would be able to serve an eviction order to the Court ?
                  I seem to recall reading somewhere that because the tenant had an tenancy agreement with the agency , only they would be able to serve the eviction order and the property owner wouldnt be able to do so
                  If the proposal is that the agent rents the property from you and then lets it out to someone else, you should google "rent to rent scam" and "rent to rent problems" and, I would suggest you won't go ahead.


                  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


                    #10
                    I suspect the scheme the o/p mentions will have the agency as the landlord. Don't touch it mate.
                    To save them chiming in, JPKeates, Theartfullodger, Boletus, Mindthegap, Macromia, Holy Cow & Ted.E.Bear think the opposite of me on almost every subject.

                    Comment


                      #11
                      The agency guy made me an offer which was quite below the market rate , I was considering the offer and two days later he asked me what I have decided to do . I apologized for not replying earlier as I had been busy sorting my tenancy agreement out .
                      He replied "You MISUNDERSTOOD I gave you an offer , you dont need to sort an AST out , I will do it . Didnt you understand what I wrote , I really question your mental ability to read and understand what was written , I will tell you the offer once again using bullet points , so that you understand the offer this time " .
                      I wrote back telling him that I did understand his offer and I actually meant the new AST that I was discussing with the landlord of the new property that I was going to be moving into , which has nothing to do with him .

                      Comment


                        #12
                        If someone sent me a message like that, they'd be blocked and ignored forever.
                        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


                          #13
                          Originally posted by Luke View Post
                          He replied....
                          Nice guy. Sounds suitably professional.

                          Don't contact him again.

                          Originally posted by Luke View Post
                          What measures should I take
                          Find a proper agent.
                          There is a fine line between irony and stupidity. If I say something absurd please assume that I am being facetious.

                          Comment


                            #14
                            The agent is your tenant. He will then rent out rooms in the house and it will become a HMO and you won't know who is living there. Likely, rent will be 11 months for the first year (he needs time to set up tenants). He is also likely to rent out the living room and/or divide rooms in two to maximise profit. Lots of things will go wrong including ilegal stuff. Once he comes to the attention of the authorities, he will do a bunk and you as the 'landlord' will cop the whole pile of s1it that he leaves behind. THE END.

                            Comment


                              #15
                              Originally posted by jpkeates View Post
                              If someone sent me a message like that, they'd be blocked and ignored forever.
                              I just thought that I would tell him that he was the one who misunderstood .
                              He thought that I was referring to an AST between me and him, but I was referring to an AST between myself and someone else and nothing to do with either him or my property ...just thought that I would let him know

                              Comment

                              Latest Activity

                              Collapse

                              Working...
                              X