First time accidental land lord - top tips?

Crashy_Time

buggy_boy wrote: »

It is Ironic as its usually estate agents that are giving these wild valuations in the first place to get the business..

Yes, but without letting fees (Are they being banned in England?) they need actual sales to make any money, hence the fantasy price sellers being told to wake up?

Crashy_Time

00ec25 wrote: »

argh but that is also a key aspect of "accidental LLording" - the property normally is the one you used to live in as your home, and therefore may have deep rooted sentimental attachment.

thus making the accidental LL totally unable to cope with the treatment afforded said property by tenants who do not see it in the same light. End result accidental LL's expectations of tenants is unrealistic and leads to tension over issues many tenants would not incur in a non accidental LL's property

Yep, it becomes their home when they pay you rent, you have to emotionally detach yourself.

AdrianC

00ec25 wrote: »

...in a non accidental LL's property

Perhaps we should coin the phrase "deliberate landlord"?

Crashy_Time

I don`t get the hatred for "Accidental" or any other kind of landlord? It is someone`s right to keep their property and maximise any returns from it surely?

00ec25

AdrianC wrote: »

Perhaps we should coin the phrase "deliberate landlord"?

nooooo, stop trying to derail my one track mind. Even Crashytime is an accident because he chose to live his life hating those who own property since he made the mistake of selling rather than becoming an accidental LL and now cannot get back on to the ownership ladder

AdrianC

Anyway, getting back to the question posed in the thread title...

There are only two top tips.
1. Research.
2. Plan.

Just as in any business activity. Which is exactly why "accidental" gets so much ire...

Crashy_Time wrote: »

I don`t get the hatred for "Accidental" or any other kind of landlord? It is someone`s right to keep their property and maximise any returns from it surely?

Who are you, and what have you done with the real Crashy?

Crashy_Time

00ec25 wrote: »

nooooo, stop trying to derail my one track mind. Even Crashytime is an accident because he chose to live his life hating those who own property since he made the mistake of selling rather than becoming an accidental LL and now cannot get back on to the ownership ladder

I may have an accident laughing when the BOE loses control of interest rates....it is going to be...well....INTERESTING to say the least

Smodlet

Crashy_Time wrote: »

I may have an accident laughing when the BOE loses control of interest rates....it is going to be...well....INTERESTING to say the least

Phew! The real Crashy is back.

PeterJones2018

Crashy_Time wrote: »

Yes, but without letting fees (Are they being banned in England?) they need actual sales to make any money, hence the fantasy price sellers being told to wake up?

I think letting agencies will still make money, by charging landlords.
Otherwise there would not be any letting agencies in Scotland, would there?

There's no rule saying estate agents must also take on lettings, is there?

Gwendo40

PeterJones2018 wrote: »

I think letting agencies will still make money, by charging landlords.
Otherwise there would not be any letting agencies in Scotland, would there?

There's no rule saying estate agents must also take on lettings, is there?

I don't know of any that are only lettings agents in my area, they're all estate agents that have expanded the lettings side of their business massively thanks to BTL and the lettings fees gravy train.
The business of actually selling houses seems to have become little more than a sideline for them.