Experience of on-line letting

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    #61
    Interesting reading.

    Slightly ot but I notice you said you prefer 6 month contracts to 12 months Hippogriff. Can I ask why?

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      #62
      Because it gives you more options with regards to getting the tenant out easier. A T who wants to stay there 12 months will be there for 12 months regardless of if they have a 6 month or 12 month contract. A T who HAS to leave after 8 months, will leave after 8 months, regardless of if they have a 6 or 12 month contract. Just makes life easier.

      6 month AST's for me then periodic, everytime.
      "I'm afraid I didn't do enough background checks apart from checking her identity on Facebook" - ANON

      What I say is based on my own experience and research - Please don't take as gospel without first checking the gospel yourself.

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        #63
        Lots of experienced landlords will opt for a six month tenancy - at least initially. If you give a 12 month AST and they turn into tenants from hell you can't even get the ball rolling to evict them until they've been with you the 12 months.

        Also, you get the 'professional' tenants who will play you because they know the system. If you get duped by one of them, the last thing you want is a 12 month AST - you could well end up bankrupt!

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          #64
          Thanks for the replies. I've changed my tenancy agreement to 6 months. I'll then let it go periodic.

          I thought 12 month renewing each time would be best as that's what a lot of letting agents do but I'm guessing that's so they get paid for drawing up an AST each time.

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            #65
            Originally posted by CaveMan View Post
            I thought 12 month renewing each time would be best as that's what a lot of letting agents do but I'm guessing that's so they get paid for drawing up an AST each time.
            Exactly (or 6-monthly, as that generates even more income)i. Though to be fair some landlords and /or tenants do prefer the security of a renewed fixed-term agreement

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              #66
              Originally posted by CaveMan View Post
              I thought 12 month renewing each time would be best as that's what a lot of letting agents do...
              Ho-ho, thanks for giving me a chuckle this morning.

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                #67
                Yeah, lots of agents want the longest fixed term, then they can charge you 10% of the full rental value - at least that's my experience. One very large high street agent (one of the ones with the branded cars) told me the tenant was really keen to have a 3yr tenancy as they wanted to stay long term, I declined and when I did speak to the tenant, he told me that the agent had told him that the landlord was really keen on a having a 3yr tenancy and he agreed because he didn't want to lose the property. So 10% of 3 yrs rent is approx 5.5k plus Vat - that's how they afford the cars.

                Recently put a 1 bed up for let through an online letting agent and could have let it 10 times over - £79 all in. I think it depends on the property and area.

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