Type of letting agent scheme?

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  • Type of letting agent scheme?

    Hi,

    I was thinking of changing agents, as they will never garrenty rent and always are on the tnt side.

    So I was told that there are agents that garrenty rent even if tnt dose not pay rent or in between lets as agent take the reponsiblity. So the contract is not between landlord and tenant but between agent. It means slightly less rent, but you will always get paid no matter what, and agent will sort out all notices, legal issues etc.But the rent is less.

    Are these schemes ok, is it the safest option as long as the rent is fair.

    Regards
    Alien1x

  • #2
    ?????????????

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    • #3
      Originally posted by TonyH
      ?????????????

      Disclaimer:I have over 30 years experience in housing(both social and private) as an EHO and Building Surveyor.I am also a certified expert witness having spent the last 15years working in housing litigation.The advice I give is from experience in working for various Local Authorities and how the law is interpretated.Housing Law is a minefield and is continually being amended if in any doubt you should consult a solicitor or someone of equal legal standing.

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      • #4
        Are the agents offering this full management service members of an appropriate professional body?

        Have they provided you with a printed document setting out the scheme in full. Is it an insurance backed service?

        Hope this is more helpful than the previous replies
        Vic - wicked landlord
        Any advice or suggestions given in my posts are intended for guidance only and not a substitute for completing full searches on this forum, having regard to the advice of others, or seeking appropriate professional opinion.
        Without Plain English Codes of Practice and easy to complete Prescribed Forms the current law is too complex and is thus neither fair to good tenants nor good landlords.

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        • #5
          i find it hard to beleive that people have empty property for any extended lenght of time. if you do then there is something wrong.

          is the property in the right location?

          yes - next question
          no - sell it and buy somewhere that is

          is the property in good order?

          yes - next question
          no - get it sorted, better properties rent fatser for more money and are better looked after

          is the rent at a fair price?

          yes - next question
          no - then change the rent you are asking, too high puts people off but so does too low, they will assume it's not what they are looking for and not even go to look at it!

          agent doing their best?

          yes - you have a rented property OR you are lying to yourself about the above questions
          no - change agent or rent it yourself, it is not very diffiicult to rent property!

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          • #6
            The property was in good condition when the tenant checked in. Not sure what condtion it will be in when they vacate which is now overdue.When vacant I can get the repairs sorted if needed.

            The property is in a excellent location never had problem finding tenants via agent for 18 years. But the last 2 years I have had problems with agent and tenants so I'm looking for a change.

            I have the agents info pack setting out the scheme they offer.

            They have offices all over uk (could be just a franchise using the same name?).

            They are not members of any professional body.

            No info if there is a insurance backed service? Not sure what this means.

            No info on terms and conditions.

            On the full managenment scheme they offer the following based on the infon pack:

            Full inventory
            Photos of property- conditions
            Full rent collection
            Landlords paid by bacs
            Serving of eviction notices
            Property inspection

            Legal action asistance - tenanat not vacting at end of contract/breaks terms and conditions,need for eviction, all costs involved in pursuing tenant is al covered.During any preiod of court action,still receive rent from agent.

            Full indenity against legal costs for evition of sub tenants only.

            Full maintenance service
            No setup fees
            Income when property is vacant- still recieve rent from agent
            Income if tenant fails to pay
            Guaranteed contract start and payment date

            No commision rate fees.

            So whats your opinion on the above?



            However, other option I have is to let the property out to the Borough Council/Housing Association/ charity or trust for them to put there own tenants in. Any pros and cons in this?

            Regards
            Alien1x

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