Property management

victoria1140

Hi

We have been trying to sell our house with no luck and though we've redecorated neutrally the housing market is still very flat.

We've started looking at renting our house out but can't believe how much the estate agents are charging 1/5 of the rent plus then adding in taxation costs .

We will cover house insurance and also British gas seem to do a comprehensive repair cover insurance .this will be at our expense.

However we aren't sure how to vet potential renters but also would like a guaranteed rental income..

Are there good online companies.I don't mind a fee but what justification is there at £170 a month for a letting agent.

anselld

20% seems on the high side even for agents offering full management. Try shopping around.

Alternatively you can advertise and get referencing and rent guarantee insurance from OpenRent for a one-off fee but you will have to host viewings and do your own management.

G_M

Full management contracts go from around 10 - 15% generally. But you are right to be cautious - there are many other costs you'll bear (including tax).


See


* New landlords: advice, information & links

* Letting agents: how should a landlord select or sack?
And don't imagine letting the property while trying to sell as well is a solution......

quotememiserable

I pay 10%, and on rent much lower than yours. Shop around.

AdrianC

victoria1140 wrote: »

We have been trying to sell our house with no luck and though we've redecorated neutrally the housing market is still very flat.

Do you mind showing us the RM link, so we can make suggestions as to why?
Are you getting viewings?

We've started looking at renting our house out

Ah, the "I couldn't sell it so I became an accidental landlord" situation...

Are you SURE you want to set up in the residential letting business? Yes, business. It is a business. No more, no less.

There are a lot of legal obligations on you, and a lot that can go wrong. Do you know what you're letting yourself in for?

but can't believe how much the estate agents are charging 1/5 of the rent plus then adding in taxation costs .

20%+vat is too high.

However we aren't sure how to vet potential renters

So use an agent for a tenant-finding service. They'll charge a one-off fee, which should be less than a month's rent.

but also would like a guaranteed rental income..

GUARANTEED? Good luck with that...

Are there good online companies.

Use a local one. How does a national online know who are the good plumbers in your area? How do they manage viewings?

I don't mind a fee but what justification is there at £170 a month for a letting agent.

If they can find sufficient customers willing to pay it, then that's all the "justification" they need.