Best Place To Advertise My Rental Property

cheap-information

lovinituk wrote: »

The agent we used to introduce charged 2 weeks rent and nothing further after that and had a tenant in within 24 hours. I guess you just need to shop around.

I shopped around with 3-4 different agents and they all had exactly the same terms in that they would take a cut if the tenants stayed on. The percentages varied and you could negotiate somewhat.

But I guess it is just London. They can get away with it, so will.

lovinituk

cheap-information wrote: »

But I guess it is just London. They can get away with it, so will.

Quite possibly. We are outside of London.

Conrad

Marktheshark wrote: »

Unless you can manage it yourself you wont be making any money.
Rental profit is 15% for those very good at it.

I have been buying lately and making a profit as follows;


£500 per month after all costs to include a 75% interest only 5 yr fixed rate. The rent is typically £800pm. This is based on property costing around £120k, but the prices are getting higher.


I prefer interest only as I treat the whole endeavour as an income producing business. Having more income means more accruing to re-invest.


20 years from now the mortgages will seem small and I can always sell a couple if I want to pay off a load of mortgage.


It's all very well having repayment mortgages but it slows down your expansion.

Conrad

OP - I am a self managing LL.
I own a high street mortgage shop and have a letting agent in my offices (not my company).


I struggled with Gumtree and found it produced a lot of no hopers that often have been rejected by agents.


So what I do is pay a small finders fee, and I take the enquiries myself directly. The agent I used puts my places on Rightmove.
There are lot of local cheap online providers now. I took my own photos. I think the fee I paid was £180.


I am VERY fussy. I always look for nerds, they make good tenants and pay on time. Nerds do things by the book. Never let to rough / hard types.
I did let one to someone on HB, big mistake, should have known better but the council were paying about 10% over the odds.

PlutoinCapricorn

lovinituk wrote: »

Use an agent solely to get your tenants and then take over managing it yourself.

We wasted money and had an empty property for weeks when trying to advertise it ourselves. We gave it to an agent to find tenants and had them signed up within 24 hours.

Then we took over from there and manage it ourselves.

This is exactly what the owner of the flat next to mine plans to do.

Has your local council got a property management arm?

misswoosie

I recently received an email from urban offering to advertise on rightmove/zoopla and primelocation etc for £65 plus VAT which includes a tennancy agreement, or they offer a tennant finding service for £109 plus VAT. Agents up here (NE) charge about 20% for full management service, so it's still very possible to make money. It's possible to buy something for £100k and rent for £600-650 per month.

lovinituk

PlutoinCapricorn wrote: »

This is exactly what the owner of the flat next to mine plans to do.

Has your local council got a property management arm?

No idea I'm afraid.

Marktheshark

It can seam like easy money at first, but you have to factor in other things, like a new boiler every 5 or so years, Gas safety checks, roof repairs, leaks and floods from baths and sinks and the old nugget of tenants doing one and trashing the joint.
As I said, the very best might scrape 15% per annum and this is proven out by the fact most landlords are small private investors, if it were possible to make more, banks and investment companies would be in on the act.

You can think, great making £500 a month, then bang the boiler breaks and its £2000 hand in pocket time.

Tassotti

I've had excellent results using makeurmove.

They do a free trial. 21 days on RM and Zoopla.

I just use them to find the tenant, then I self-manage

tillycat123

I'm going to be renting a property out soon, I was looking at using open rent or upad.
Open rent is £49 and that covers advertising, tenancy agreement, and deposit handling. Seems to have good reviews.The only thing I was not keen on was that the agreement you cant add your own bits to it, its standard.

Upad was £150 ish and does allow you to add what you like to the agreement.