Becoming a Private Letting Landlord?

stylus360

ognum wrote: »

Remember letting agents fees are often negotiable, maybe mention you may get more rental properties and they may go down. I pay a very low fee to one of my agents and they are very good.

Ask them lots of questions about how they conduct their buisness, how and when they transfer rent to you, in the past I have had agents who hold onto the rent for a few days before passing it on, I now have agents who do a direct transfer to me on the day the rent is paid by direct debit to them.

Decide if you want to be contacted before they send out anyone to your property. There may be things that you could do without them sending a tradesman.

You will still need to complete your own tax return, I am happy to give this job to my accountant (and claim the relief). You do however need to keep very up to date information on maintainence, mileage, etc or they cannot do their job.

Please remember this is a job it is not a hobby and your tenants deserve a good service and peace in their home.

What fee's are you paying to be considered low ?

Do they have any hidden charges ??

Do they cover periods when property is empty ??

Thanks

ognum

stylus360 wrote: »

What fee's are you paying to be considered low ?

Do they have any hidden charges ??

Do they cover periods when property is empty ??

Thanks

I have properties in two different areas of the country, I pay the agents between 5 and 8 % for full management.

One agent charges nothing to me for finding tenants and they charge the tenants less than any other agent. The charge me £25 for a repeat agreement the tenant pays nothing.

not sure what you mean about covering periods when the property is empty, if I am not getting rent they are getting nothing, however, they are excellent and fast at getting new tenants. tenants love them they are the best rated by tenants on review websites for the area.

They do show tenants properties in the evening and weekends etc. They will always contact me if the tenant has an issue with the property, but my tenants have my mobile phone number and email so they can contact me if they wish.

martindow

ilkz wrote: »

I have 2 people whom I know of which may possibly move in.

It is usually advised not to mix friends or family with letting houses. It makes dealing with any problems such as unpaid rent or evicting doubly difficult. It often ends up with broken friendships. Letting to thoroughly checked and referenced strangers is better in the business that you will be running.