Landlords - Full Management or Tenant Finder Service

ali137

Hi

I am going to let out a property Birmingham and i live in London. I cant decide whether to do a Landlords Full Management or Tenant Finder Service with estate agents.

Can someone who has used both services please tell me the pros and cons of both service.

With the finders service is it a one off payment to find the tenant with a 12 months tenancy, and after the 12 tenancy if the same tenant wants to renew do i have to pay extra to the estate agent again???

If i do go for the finders service i was thinking of taking out the Lanlord deluxe cover below, what do you guys think?

https://www.247homerescue.co.uk/landlords/#a_aid=56965fb57139b&a_bid=ec3458c6

I have arranged three estate agents to come and value the potential rentle income and explain both services

My work colleague is saying go with the finders service as his brother has used this service

ognum

You live in London and the rental is in Birmingham, who is going to provide any help to your tenants when and it is when and not if they have a problem?

When the boiler breaks will you be finding a plumber etc etc or will you have someone help you do this.

I have some rental property but I spend much of my time away from the UK so use a full service agent. Unless it is an emergency he will ask my permission to get something done but he arranges it, goes to the property and waits, hold keys etc.

For this I pay a tax deductible 8% approx, I am happy to do this for the sake of my tenants.

You need to decide if you have the time to go back and forth to Birmingham!

Innys1

As Ognum says, if you don't live down the road, the logistics of property maintenance can make a letting only basis a false economy.

I live 20 miles from my tenancies and it's not easy when work needs to be done. 100 miles away would make it impossible, in my view.

Being a landlord is not a licence to print money. There are obligations that go with being a landlord which, it seems, you may not have thought through?

HappyMJ

ali137 wrote: »

Hi

I am going to let out a property Birmingham and i live in London. I cant decide whether to do a Landlords Full Management or Tenant Finder Service with estate agents.

Can someone who has used both services please tell me the pros and cons of both service.

With the finders service is it a one off payment to find the tenant with a 12 months tenancy, and after the 12 tenancy if the same tenant wants to renew do i have to pay extra to the estate agent again???

If i do go for the finders service i was thinking of taking out the Lanlord deluxe cover below, what do you guys think?

https://www.247homerescue.co.uk/landlords/#a_aid=56965fb57139b&a_bid=ec3458c6

I have arranged three estate agents to come and value the potential rentle income and explain both services

My work colleague is saying go with the finders service as his brother has used this service

The Premium service looks much better value. I wouldn't go with the Deluxe cover. It's not worth it.

[Deleted User]

I also look for reviews on the LA you are thinking of going with and google 'problems <LA Name>'.., just in case. I'd be wanting to look at their TA's, what they do if a tenant doesn't move out, look at the forms they issue when etc. Not all agencies know what they are doing.

I'd also join a Landlords association.., you seem to have a fair bit to learn as yet.

I'd also calculate the income/profit (allowing for repair costs etc) and if you can afford to employ an LA and still make a profit from renting the property. What happens if you get a bad tenant, have to evict after months of not paying rent and then have to pay a new set of fees to the LA?

Also as a tenant myself, I'd advise any LL to do their own research into a tenant. Credit checks passes, good references can still be obtained on nightmare tenants (LL wants to get rid of tenant etc, only bankruptcies and CCJ's show up on a credit check, the tenant can have heaps of unpaid bills not on public record which is all a credit check can show). Personally I'd want to see a tenants bank statements or a summary to make sure they were paying rent as they should be, photo's of their previous tenancy.., I'd probably even visit their previous tenancy if they were still living there.I'd also be checking them out on social media! But that's me, I've been on this forum a long time lol.

G_M

Managing a property from 100 miles away is tricky.......

Read this post too:

* Letting agents: how should a landlord select or sack?

Taken from this thread:

Tenancies in Eng/Wales: Guides for landlords and tenants

ali137

Thanks for the replies. now i cant decide what to do. If i do full management all the estate agent will be doing is collecting the rent and passing on to me.

If emergency cases arises with the property, e.g boiler breaks down i will be using 24/7 home rescue below. I will give the number to the tenants.
https://www.247homerescue.co.uk/landlords/#a_aid=56965fb57139b&a_bid=ec3458c6



If the tenants dont want to get out even if i do full management what right does a estate agent have to get rid of the tenants. I will still have to go through a legal process.

I already have a property in London that i pay full management for but all the agent does is collect the rent, gas safety check, and if maintenance arises i normally get a quote myself and get the job done. takes 7% for doing nothing.

---

Spoke to agents this Saturday and choose tenant finder option but they always said i can change to full management.

G_M

ali137 wrote: »

Thanks for the replies. now i cant decide what to do. If i do full management all the estate agent will be doing is collecting the rent and passing on to me.

If emergency cases arises with the property, e.g boiler breaks down i will be using 24/7 home rescue below. I will give the number to the tenants.
https://www.247homerescue.co.uk/landlords/#a_aid=56965fb57139b&a_bid=ec3458c6



If the tenants dont want to get out even if i do full management what right does a estate agent have to get rid of the tenants. I will still have to go through a legal process.

I already have a property in London that i pay full management for but all the agent does is collect the rent, gas safety check, and if maintenance arises i normally get a quote myself and get the job done. takes 7% for doing nothing.

---

Spoke to agents this Saturday and choose tenant finder option but they always said i can change to full management.

You've read the link in my post yes?

ali137

G_M - I have read your post

After a nights sleep i have now decided to go with the full management option for the sake of £85 a month its worth it. The diesel cost is around £50 up and down from London to Birmingham.

Thanks for your help guys