Not sure if this idea is any good!

bigpat

Hi,

I have two flats which I rent out. Two MONTHS ago, I advertised one on Gumtree and took on a new tenant within a week. But I'm still getting some calls, emails and texts. I was saying to my wife that I could have let ten properties by now, if we only had them.

I've kept all the phone numbers etc. (about 15 of them) in case I need another tenant at short notice (it's worth a shot at least, might save on advertising) and it's occurred to me that I ought to be able to do SOMETHING with the fact that people are still contacting me for a flat I let back in July.

But what? Is there something I can do by way of introductions? It occurred to me to contact some landlords in the area and offer to advertise their properties under my name/number (clearly marked as an agent). Then when people contact me, I put them in touch with the landlord and if they agree a tenancy, then and only then would I take a small fee, say 25% of the first month, which would undercut the "proper" agents locally.

But is there any way to protect this? What's to stop the landlord/tenant agreeing to cut me out of the deal?

I don't know if this idea is even any good. Maybe it's pie in the sky.

Thoughts and suggestions welcome!

GAH

What you are suggesting is that you will become a Letting Agent.

Where will you find these landlords?

Landlords have two methods of advertising - privately or through an agent.

At present, there are currently plenty more tenants than properties out there, with probably 10 to 12 tenants all wanting the same property.

The thing is with tenants as well is, they come and go quickly, one week there looking, next week they have found a property.

From past expereince, Landlords that let their properties privately do not want any agents/third parties getting involved, and if an agent is letting a property for a landlord, is because they wanted a service.

Landlords that are letting preivately are doing it to save money, so they wouldn't use you.

And if you wanted to try and steal landlords away from an agent, you are going to need to be offering a similar level of service for a much reduced price, and you won't make money.

Don't want to crush you idea, but you wont make any money

ajs88

Its quite common for businesses to sell the details of clients and enquirers to third parties when they 'register'. If you were to make any money from enquirers then that would be the simplest way to do although I'm sure that there are regulations to check up on

antrobus

bigpat wrote: »

...I've kept all the phone numbers etc. (about 15 of them) in case I need another tenant at short notice ...

Data Protection Act 1998??

bigpat

Thanks for the honest feedback.

GAH wrote: »

What you are suggesting is that you will become a Letting Agent.

Sort of...yes

GAH wrote: »

Where will you find these landlords?

Rather conveniently, other agents advertise them by sticking big boards up outside the house/flat. Unless they've signed a contract which means they have to pay their existing agent even if they did not secure a tenant (and who'd sign one of those?) they may to amenable to an approach.

GAH wrote: »

.. if an agent is letting a property for a landlord, is because they wanted a service.

Landlords that are letting preivately are doing it to save money, so they wouldn't use you.

And if you wanted to try and steal landlords away from an agent, you are going to need to be offering a similar level of service for a much reduced price

Or maybe a very reduced (introduction only) service.

And I have no intention of selling the details. I doubt if the Data Protection Act applies. So far, all I've done is NOT delete the numbers and email addresses from my phone. Everyone with a mobile phone has some level of such "data" held.

podperson

From personal experience most letting agencies offer a wider service then just 'introducing tenants' - they will vet them, check references, arrange tenancy agreements, and often provide an ongoing service, eg dealing with complaints, repairs etc from the tenants. These agencies are generally used by landlords who don't have the time to arrange these things themselves. If they had the time to arrange all the other parts that you don't seem to be offering then I don't see how they wouldn't have time to put an ad in the paper or on gumtree. Also I don't know if this is nationwide but in my area all the letting agencies have massive boards outside asking for landlords as they have tenants waiting. There seems to be a lot of tenants looking at the moment so don't know how difficult any landlord would find it to get someone in - whether they were a good tenant I suppose is another matter.
Sorry, that's coming across as a bit negative but I would just say do some more research on whether there is actually a demand for the service.