Being a Private Landlord

Old_Git

agents cant anticipate non payment of rent .
Yes they can ask for reference from a previous landlord but that has no bearing on future rent payments or future behaviour.

If a tenant was behind with the rent and you wanted them out would you give them a glowing reference to get shot of them ? Most landlords would .

fierystormcloud

I feel sorry for anyone who is a landlord, if they have to depend on the rent for the mortgage, and they have a mortgage on their OWN house to pay (plus repairs and maintenance.) Because you can guarantee that people will not pay the rent on time, and all sorts of things will go wrong with the property!

Also, landlords like this are often dreadful (sorry OP, no offence intended.) I say this because they don't have a BEAN to spare to do the most basic of repairs, and consequently, don't do them in a hurry, if at all in some cases. I have known several landlords like this (usually 'reluctant landlords' who don't give a fig about their rented property, and don't spend a penny on it, but they go ape if the rent is a second late.)

The landlords who are better, are the ones with multiple properties, (including some or all, that have been paid for many years ago,) and who are doing it because they wanted to be a landlord, and invested wisely in the right properties,. These type usually look after them, and act like proper landlords; not hassling the tenants or thinking of the property as 'their home,' and coming when the tenant needs them. Then again a landlord with only one or two properties can be OK, if the properties are paid for, (or more or less paid for.) As I said, it's the landlords who are desperate for the rent to pay the mortgage, and have no equity to speak of in the property who seem to be the worst.

As I said, I don't envy the OP, and landlords like her.

I do wish her well, but if I were her, I would sell up. Yesterday!

Majestic12

Get an agent to look after your property. They should take care of credit refrencing, gas safety checks, contracts etc.. Pay their fee of 10-15% of gross annual income (thats the ballpark usually)

Also get loss of rent insurance.

ognum

Majestic12 wrote: »

Get an agent to look after your property. They should take care of credit refrencing, gas safety checks, contracts etc.. Pay their fee of 10-15% of gross annual income (thats the ballpark usually)

Also get loss of rent insurance.

I pay my excellent agents 8%, everything is negotiable!

AleMrsT

ognum is giving some excellent sound advice.
Was it the agents fault the tenants didnt pay? NO.
Was it the agents fault there was washing up in the sink? NO
Did the agent act on your behalf by marketing it straight away for potential tenants, aware that you cannot afford to have it empty? YES.

Why have you let this agent go?

Managing the property yourself, with NO experience, living so far away, is a disaster waiting to happen. Unhappy tenants = unhappy landlords.

By all means get recommendations from local people about which agents to use, but how involved is your friend prepared to be? Will they do inspections? Will they manage repairs for you? Will they expect a fee? What if they don't want to/can't do it anymore?

A GOOD agent is worth the money you pay them. a BAD agent is easy to spot.

ognum

Try looking at the website Allagents and read posts from both LLs and tenants, it's pretty easy to spot the poor agencies.

Always use independent agents, I have in the past had independent agents who sold out to big corporates, within weeks the service goes downhill.

You need a small independent agent who knows all their properties, all their LLs and all their tenants. I can phone my agents give my first name and they immediately know who I am and what I am talking about.