Renting a property

ballyblack

Agree with ur post Chiefgoobster, my experience with agents is also dire

Do it yourself is not so difficult

I used Gumtree(free) to find the tenant

gibbyni

I currently live in a rented property and we have a good relationship with our landlord. We first found the property through an agent but after the first year we just took the agent out of the equation. Any problems we have I just give him a call. I know he has other rentals and to to sure how he operates them but this way works out good for both of us. I have been here now for 5 years and rent has stayed the same.

chiefgoobster

Also remember if you have a good tenant it is not necessarily worth hiking the rent up to chase current rental prices.
If you have rented your property out for say £500 month and the tenant is as good as gold , is it worth increasing the rent for say another £50 just because local demand dictates ?.....your tenant may then decide to leave.

The rental money is nice but good tenants are sometimes hard to come by.

SandLake

Thanks for all the great advice

I (whilst I am inherently a 'money saver') will at least start out with an agent despite the costs, probably the single most important thing this is that I will learn whats what about renting and after my first year can decide if I am getting value for money or to do-it-myself and all that entails

Thanks again!

rover25

Hi, Can I ask how you go about letting your house become available to the nihe to rent out to their tenants?

tara747

SandLake wrote: »

From what I have heard so far it is 7% of the annual rent as a 'finders fee' and then 10% of the monthly rental to manage it.

I am torn, both figures seem a bit steep to me but at the same time they effectively remove me from any responsibility. I would say that landlords insurance is approx 2.5% of the monthly fee and if that goes pear shaped the insurer is liable for a lot of money. If the agent has 'found' the right tenant then the 10% is money for next to nothing! The amounts might be right for the services separately but if you go for both then maybe 7% and 5% would be more realistic.

I live in hope.

OMG! 7% of the ANNUAL rent as a finder's fee??? :eek::eek::eek:

chiefgoobster wrote: »

7% for a ' finders fee ' ?....let's say the property rents for £500 a month....then that's £420 for ' finding someone'. Someone that has already approached the agent to say they are interested in renting a property , the agent takes details on an index card thing and files it. Flicks thru whenever to ' find someone'.....an easy £420 if you ask me.
10% to 'manage it '.....so that's another £50. Manage something that in all honesty you can do yourself. They only pick up the phone to call a tradesman , something that you could do yourself from a local phone book/directory etc.
The gas certificate check is once a year and often the tradesmen can recommend other trades etc.
Checking the property should be done by yourself. After all it is your property that you are concerned about.
If the property is in good order to start off with then it makes life a tad easier.Decorate it to a decent rental standard as poor workmanship will be noticed.

I've got a BTL and wouldn't waste my time on letting agents, some of whom are about much use as a polystyrene anchor.
Read up on the forums as much as you can about lettings , have a look at the Arla site (as someone said above) , join up with Landlord zone.

It's not a walk in the park but as long as you are 2 steps ahead of everything , it makes life somewhat easier. Keep all receipts and paperwork in order. When you find a good tenant do your best to keep them. A bottle of (non expensive) champers , chocs or flowers etc for their moving in day can work wonders !

Good luck.

Totally agree with all of the above. The OH and I rent a lovely house directly from a LL. He is a really decent guy, he does basic repairs himself and has a list of reliable tradesmen on hand for the complex stuff (plumbing, electrics etc). The house is decorated to a high standard and he and his wife gave us a peace lily and a bottle of wine the day we moved in - an inexpensive gift but a kind gesture that we really appreciated. The even send us Christmas cards. It has set the tone for a good tenancy and we have been here for 18 months so far. He doesn't have any other rental houses, just this one, but he is in every way a professional, decent LL. And we are good tenants - that's why he chose to rent to us. We are responsible, clean, tidy and quiet and we don't smoke.

I firmly believe that good LLs (and good properties) attract good tenants. If you rent out a kip with sheets strung across the windows instead of curtains, wee-stained carpets in the bathroom, mouldy walls, the cheapest charity shop furniture and shoddy appliances you deserve the tenants you get - and don't expect them to look after it (and yes, these houses do exist - I saw many of them as a student - thankfully didn't live in one!).

We have also rented from agencies (together and when renting with friends before we met). NEVER again. Tenants hate letting agencies on the whole. Some charge admin fees, carry out quarterly inspections of houses (I kid you not), are very abrupt and generally make you feel like a piece of dirt on their shoe. I would never ever rent through an agent again. The two experiences I have had of renting directly via a LL have been entirely positive; the same cannot be said of agencies (I could name at least three in Belfast that are absolutely appalling). Do it yourself if you can. Re finding a tenant, surely you would prefer to meet them yourself? Trust your judgement. Good luck.

SandLake

I hear what you are saying Tara and I do think that that would be the best way to go - but, I am a complete novice at this and I think that for my peace of mind I would be best going with an agent for a year and then after that go the DIY route.

I have now spoken to 3 agents - none of whom were very professional I have to say - and I have got the costs down to 7% of the annual rent for finding the tenant and £18 month a month management fee (management fee shouldn't be a %, its the same job irrespective of the rental amount)