Renting My Flat - The Alternatives......

theboyedwards

I currently own a flat in London that I have been renting out since I left the city three years ago. However, since I no longer live close by, I rent it out through management agents who take a massive chunk of the rent and charge exorbitant rates to find new tenants. Even though the flat essentially costs me money, I want to keep it as a long term investment and wondered what peoples thoughts were as to how I can cut the cost of management agents? For information, there is always plenty of demand for renting properties in the area.

Any thoughts would be greatly appreciated.

Kind regards.

Tassotti

Do the agents charge for a renewl of the AST?

I have had letting agents offer me a great service of £100 + Vat if I want to renew the AST.

Once a tenancy period has ended, it automatically becomes a Periodic Tenancy. (no cost)

If there are any maintenance issues, the internet is a marvellous way of finding tradesmen to do the work for less.

If a tenant falls behind on rent, I can recomend Handy Harry who will evict with no questions asked!!!:rotfl:

Seriously, advertise locally, and the most IMPORTANT thing is vet your tenants.

Get credit checks on all in your property...don't rely on personal references

Use an online company to give you a full report. (This is what the Estate Agents do)

The most important thing you will learn as a lanldord is that

"it is better to have an empty proprty than one with a bad tenant in"

Best of Luck

Any specific qustions..pm me

Tassotti

Just reread your post..sorry wehn't way off line.

How often do your agents visit the property?

Once every three months?

Take a trip and check it out yourself...after all it is your own place..look after it.