New to Forum and landlording!!

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    New to Forum and landlording!!

    Hi, just joined this forum as we have recently refurbished a property and want to get it let asap. we need to pull the money back in from the rent to repay the refurb costs so would prefer to not use an agent but have only heard horror stories from people who have been there done that and had bad tenants, no rent payments etc..
    Is it really OK to go it alone? What would be the best/most important thing we need to do? There seems to be so many forms and checks and certificates total minefield!

    Thanks for taking the time to read and hopefully I will soon start to learn what this landlord thing is all about

    #2
    If you have the time just do it yourself. Make sure you use a decent referencing company, most can also offer rental guarantee insurance to help you if the tenant defaults.
    <a href="http://www.manchesterpropertygroup.co.uk/" target="_blank">Manchester letting agents</a>

    Comment


      #3
      Originally posted by gracygrey View Post
      What would be the best/most important thing we need to do? There seems to be so many forms and checks and certificates total minefield!
      Here is a guide by Shelter. Read through it, then you can decide if you want to go through all the hassle.

      http://england.shelter.org.uk/get_ad...ing_a_landlord

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        #4
        As already mentioned referencing is the key..... you have access online to all the companies rental agencies use and you can pay a little extra with some companies for "comprehensive referencing" where you can provide all the details from LL to credit and make your decision from there.

        I use 2 companies for tenant referencing these are endsleigh and letsure ..... both have rent protection policies. but if you google you will find many many companies who will offer the same service.

        then once you have your tenant make sure your paperwork is correct and signed.... your deposit is registered with a deposit scheme and your pretty much good to go ....

        Of course theres a lot more to it than that, however the majority is common sense

        If your still uncertain shop around your area and find an agent with good reccommendations and comp fees and ask them to do a let only service for you.....

        even if you get stuck at some point any good agency will offer advise and step in should a situation get beyond your control

        Comment


          #5
          Originally posted by gracygrey View Post
          Hi, just joined this forum as we have recently refurbished a property and want to get it let asap. we need to pull the money back in from the rent to repay the refurb costs so would prefer to not use an agent but have only heard horror stories from people who have been there done that and had bad tenants, no rent payments etc..
          Is it really OK to go it alone? What would be the best/most important thing we need to do? There seems to be so many forms and checks and certificates total minefield!

          Thanks for taking the time to read and hopefully I will soon start to learn what this landlord thing is all about
          Depending on where you are in the country, you could do a one-day landlord's introductory course. This will prepare you, and recommend further reading. You should then have the basics. Join one of the landlord associations too (RLA, NLA).

          However, if you're in a hurry to let your property (are you?) it might be advisable to use a reputable agent to find a tenant the first time round. Be careful what agreement you sign up to with an agent - don't get yourself locked in. And make sure that YOU are satisfied with the tenant's references and checks.

          If you live fairly near the property you will be letting, and you have the time, you might "manage" the letting yourself.

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            #6
            it may be a good idea to just use a letting agent 'tennant find service' only that way it may cost you about £400 but you will get a good tennant that has been referenced

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              #7
              If I were you, I'd check out local accreditation schemes as you get a certificate at the end to prove to tenants you know your biz.

              Ones close to me are - East Midlands Landlord Accreditation Scheme, Coventry Accredited Property Scheme, Midland Landlord Accreditation Scheme.

              Comment


                #8
                Originally posted by jrsteeve View Post
                If you have the time just do it yourself. Make sure you use a decent referencing company, most can also offer rental guarantee insurance to help you if the tenant defaults.
                The OP has informed us that they don't have time.

                Comment


                  #9
                  Originally posted by gracygrey View Post
                  Hi, just joined this forum as we have recently refurbished a property and want to get it let asap. we need to pull the money back in from the rent to repay the refurb costs so would prefer to not use an agent but have only heard horror stories from people who have been there done that and had bad tenants, no rent payments etc..
                  Is it really OK to go it alone? What would be the best/most important thing we need to do? There seems to be so many forms and checks and certificates total minefield!

                  Thanks for taking the time to read and hopefully I will soon start to learn what this landlord thing is all about
                  The cost to you using a good agent - money, but its a known actual amount.
                  The cost to you not using any agent - unknown costs, loss of time, grief, anguish, desperation, anger

                  Take your pick.

                  Comment


                    #10
                    Originally posted by thekaver View Post
                    a letting agent 'tennant find service' only that way it may cost you about £400
                    In your dreams!!!

                    Comment


                      #11
                      Well, ther is always a contrary opinion isn't there? I agree with thekaver and invariably use a good letting agent who is a member of ARLA or NEA and is well established with a high street presence to find my tenants. Yes, it costs, but, IMHO is is the best way to minimise the possiblity of tenant problems, particularly if you are inexperienced - and getting rid of a "dud" tnant costs an arm and a leg! I'm not, but, for me it removes the hassles of advertising, organising viewings, interviewing, referencing and credit checking. My properties are located in two towns about 20 miles from where I live. I use one agent in each town who meet the above criteria and have been using them for years. I get advice on current rental levels, tradesmen and all the other things which agents are in the "know" about and as you can see, I enjoy an excellent working relationship with them.

                      P.P.
                      Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

                      Comment


                        #12
                        Originally posted by HairyLandlord View Post
                        The OP has informed us that they don't have time.
                        Where have they said this? They're looking to go it alone without an agent = they do have the time
                        <a href="http://www.manchesterpropertygroup.co.uk/" target="_blank">Manchester letting agents</a>

                        Comment


                          #13
                          I have always used an agent in the past and been very happy with his services, but I have a property which is somewhat out of his area. It has been on the market for sale with a large high street agency for many months, but has not sold so I have decided to let - and thought I would handle it myself. I checked with this agent what their fees would be for a letting. For find only - they wanted 10% of the annual rent for as long as the tenant is in occupation - that smells remarkably like repeat fees to me and on a rent of £500 pcm would equal £600 per annum. As an initial finding fee, that seems about right, but every year???? I don't think so! Add a further 5% and this equates to their full management fee - but the list of "extra" charges made me wonder just what this management fee would actually be paying for.

                          I know it is risky - but I do know what my responsibilities as a landlord are, and as suggested plan to use a proper referencing agency etc. so, wish me luck in finding a decent tenant!!

                          And to the OP, you need to read this forum and learn. You have to know what your responsibilities are, and what to look out for in vetting prospective tenants - and what to put in the AST and what might not be worth the paper it is written on. To be honest, I would be tempted in your shoes to use an agent for a first letting - even just a tenant find.
                          Mrs Jones
                          I am not an expert - my posts are my opinion and should not be taken as fact!!

                          Comment


                            #14
                            Originally posted by jrsteeve View Post
                            Where have they said this? They're looking to go it alone without an agent = they do have the time
                            "recently refurbished a property and want to get it let asap."

                            Comment


                              #15
                              Originally posted by Mrs Jones View Post
                              what this management fee would actually be paying for.
                              Management fees can be money for old rope.

                              If your property is in great condition, with new or nearly new appliances and you've had all the services checked etc, you may not have any issues in the first year of a tenancy or let period and so the management fees paid to the agent will seem like money for nothing.

                              If your property is in poor shape, your agent will be working a lot for their fee and it will seem like money well spent, if the agent is a good one.

                              Management fees are, essentially, an insurance policy, in case something happens and when you, as the owner, do not wish to deal with whatever comes up.

                              Management also provides a barrier/cushion between the owner and the tenant, for owners who don't want to engage with tenants.

                              Comment

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