Thinking of using a fully managed letting service

jill36_2

Has anyone here rented out a property using an estate agent on a fully managed let agreement.

Would you recommend using this method?

anselld

It is tempting to think that method allows you to be "hands off" and not take responsibility for the rental Business.

If practice, the L remains legally responsible and anyone who thinks they can just let the Agent get on with is is going to be sadly disappointed.

It is also expensive if you calculate it as a percentage of profit rather than a percentage of turnover.

Cakeguts

We do and it is brilliant but you have to choose your agent very very carefully.

jill36_2

My mother has moved in with me and is mortgage free. So any rental received has to be better than us selling it and banking the proceeds.

jill36_2

Can you give me some tips please

Stubod

..yes we rent out my parents old property and as we had little knowledge we went through an agent for a "fully managed" service for a 10% fee. (NB In Wales if you are a Landlord you have to take a test and be registered, but if you use an "approved" agent then you still have to register as a landlord but their is no need to take the test yourself). There are a lot of "legalities" and having no previous knowledge we found it simpler to just employ an agent...so far so good, so I would recommend if you are in any doubt....

Pixie5740

jill36 wrote: »

My mother has moved in with me and is mortgage free. So any rental received has to be better than us selling it and banking the proceeds.

Why does the rental income received have to be better than banking the proceeds? Why are letting the property and banking the proceeds the only two options on the table?

00ec25

jill36 wrote: »

Can you give me some tips please

yes, read every word of every page of every link on G-M's guides to selecting agents and being a LL

LETTING AGENTS: tips for selecting/tips for sacking

NEW LANDLORDS: Advice & Information for New Landlords

remember the word agent means they do what you say because you remain legally liable for every single aspect of being a Landlord - ignorance of the law is not a defence, nor is "but the agent said..."

G_M

You took the very words out of my mouth.......

flora48

It depends on your circumstances, if you a local to the let property and have a good range of contacts for repairs and maintenance or can do repairs yourself then you may wish to manage your own property.

I rely on my letting agency to deal with all the repairs and maintenance, oversee the tenancy and deal with all queries from the tenants. Yes I pay for this service, 9% of the rental, but it suits me and I believe provides a better service to the tenants.

scriv

I lived 300 miles away from my let property and was very happy to have it fully managed by the letting agent in the block, who was also the managing agent of the block and had an on-site office. The charge was 10% of the rent and to me it was well worth it.
They were excellent though - take care in whom you appoint.