online letting agent

[toursound]

Hello

Already asked this over @ landlordforumproject but still awaiting a any response so thought id ask here

This is my first post so please go easy on me.

Im a new landlord, just completed on my first property and am currently bringing it up to rental standard. I should have it ready in a week or two. Anyway every penny counts and though i want to be responsible i don't want to get ripped off. I rang a few local lettingagents and was quoted anywhere between £450 - 650 to find me a tenant (my property is in central manchester). So i started to look into online letting agents.
I found 2 that caught my eye

http://www.openrent.co.uk

and

http://www.lets-rent.co.uk

they both seemed interesting.

They both look like they offer the same service, but Lets Rent is completely free for landlords. Where as openrent costs £79 for the same service. But by the looks of things Openrent is more established. Also found Upad. Which claim to be the biggest online lettingagent? I don't how true this but there fees looked extornaite considering they are and online agent? Or is that just me?

Anyway would like to know who people have used before and the pros and cons of an online agent. The general gist is you do the viewings yourself i know, and i happy to do this.

Let me know thanks in advance.

[Grampa]

If you are a new landlord I think you are making a big mistake if you go for tenant find and not fully managed with a good agent for at least the first year or 6 months.

[toursound]

If you are a new landlord I think you are making a big mistake if you go for tenant find and not fully managed with a good agent for at least the first year or 6 months.

Hello Grampa,

Could explain what a traditional agent is bringing to the table in 2 parts please, to justify there fee. As apposed to either the letting agents I have found above or any you have used in the past. Maybe specifically the lets-rent example above who claim to do everything a traditional agent does but for free? Automated and all documents kept online.

1) Unmanaged service > is there a difference in standard of tenant find between online and traditional in your experience? and if there is, is the price difference worth it?

2) The managed service > for 12% which is the cheapest i can find right now locally, and require them to find the tenant (£500). What are they brining to the table. Is it just that they have a decent network of tradesman which in the days of myhammer and localtrades websites I find redundant. I understand that not everyone is a dab hand at DIY but as i'm living locally i want to know the difference between me accepting the phone call of the tenant with a leaky tap and my local agent. Apart from them getting 12% of my monthly rent for the privilege I am unable to see there value for money.

Certainly not dismissing the idea. Just would like to here the logic behind it and I'm taking all the advice onboard as i'm new

Thanks

[Mortitia]

Toursound,

Oh that property management was about a leaking tap! I suggest you trawl through the many posts on here from newbies crying about unpaid rent, trashed properties and tenants who won't pay or leave or who are manipulating the courts system against their landlord - yes you have all this to look forward to. What will an online agent do about that?

Why is keeping all your documents online so attractive? Say the firm goes bust as iigloo just has?

I have used Upad recently in London for tenant find only - hopeless - all the applicants were scammers of some sort and I would argue the rejects whom an experienced agent would have weeded out before wasting my time. It took 3 months to find the right tenants in the end but my usual agent came up with the goods.

[Chestnut]

Toursound,

Your best 'agent' might just be you! Think through exactly what it is that you want an agent to do for you.

If you consider yourself capable of managing your tenancy yourself and prepared to learn the ropes about all the various matters to attend to (that agents quite reasonably charge for), finding tenants, obtaining references, guarantors, agreements, deposits, epcs, gas certificates, legal stuff, termination notices (use good solicitor rather than agent), etc. etc. and you say you can fix a tap - why not give it a try?

With only one property to cut your teeth on, do you really need an agent?

I don't have any experience of on-line agents and my experience of using traditional ones solely to find tenants has been no better than doing it myself using adverts in local paper.

Given the choice I would opt for a real human local agent that I can meet and talk to, rather than the impersonal obscurity of an on-line one.

[toursound]

Hello Mortitia

Thanks for your reply. As for the issues you have raised:

Oh that property management was about a leaking tap! I suggest you trawl through the many posts on here from newbies crying about unpaid rent, trashed properties and tenants who won't pay or leave or who are manipulating the courts system against their landlord - yes you have all this to look forward to. What will an online agent do about that?

As for as i'm aware and can tell, correct me if I'm wrong. A traditional agent wont fix any of the above problems just like an online agent wouldn't. The agent is there to procure me a tenant and even if its a traditional agent its me who has the final say if they can rent my property. Thus removing all liability from the agent. Ive read the horror stories, and researched this for a long time before i took the dive into buying a BTL. And from what i've read the comeback to an agent after you end up with a bad tenant is almost farcical they completely wash there hands of you and you have no legal comeback when this happens. So if both the traditional agent and online agent both do full referencing there is no difference in this situation. Unless you know of a local agent upon this happening is going to pay my court fees? If anything the reason I'm drawn towards an online agent is i get to the viewings and can personally judge the character of a potential tenant who I'm going to be handing over the keys to my £200,000 investment.Maybe thats just me.

Why is keeping all your documents online so attractive? Say the firm goes bust as iigloo just has?

I'm a simple man who hates paperwork simple as. I don't trust a local agent to have all the paperwork just as much as i don't trust an online one from going bust. With so many traditional agents setting up over night and the disappearing the next day with landlords and tenants money, its hard to trust anyone in this industry from what I've been reading online and in the press recently. However the fact that its stored online , means i can take a digital copy very easily and have it in multiple backups that i can access anywhere anytime. I guess for me its just a connivence thing.

I have used Upad recently in London for tenant find only - hopeless - all the applicants were scammers of some sort and I would argue the rejects whom an experienced agent would have weeded out before wasting my time. It took 3 months to find the right tenants in the end but my usual agent came up with the goods.

Can i ask what the scams where? (to give me the heads up) Ive not heard great things about Upad if I'm honest and i wouldn't use them because i do think their price is not even remotely competitive between a traditional agent and them selves. If I was going to pay £299 then I would just pay £400 and use someone local most definitely. They are the biggest tho so surely by percentages alone they will have more people trying to abuse the system.

Hey Chesnut

Thanks for the reply

If you consider yourself capable of managing your tenancy yourself and prepared to learn the ropes about all the various matters to attend to (that agents quite reasonably charge for), finding tenants, obtaining references, guarantors, agreements, deposits, epcs, gas certificates, legal stuff, termination notices (use good solicitor rather than agent), etc. etc. and you say you can fix a tap - why not give it a try?

You may just be right Chesnut, thanks for the vote of confidence. I guess with a service like Lets Rent which is totally free, i have nothing to loose at all. The worst that can happen is i get like Mortita said "possible scammers" and i then go with a local agent - Nothing Lost. Or i end up with some great tenants, and a comprehensive service all for free saving me hundreds. But by the sounds of it I've got nothing to loose unless someone else can convince me otherwise.

Given the choice I would opt for a real human local agent that I can meet and talk to, rather than the impersonal obscurity of an on-line one.

Your bang on the money here tho, an online agent will never match that one to one experience. And that i guess is what you are paying for. Some people will always want this. it doesn't appeal to me or something i feel i want to pay a lot of money for, if some one is offering the same actually services for free like the agent above. But it will to some people. Ive got no crystal ball, but I'm guessing that local agents will still exist in some form one way or another no matter how the industry ends up.

thanks guys

[Chestnut]

Toursound,

I hope you don't misunderstand me. I know of agents who provide very good service, including fixing taps, and at all hours. But they will have their price.

Something that claims to be free most probably isn't. Nothing is free - just charged another way.

Being a DIY landlord can be hard work, can take up a lot of time, needs a range of skills, and isn't easy for newcomers.

[Richlist]

The most important thing that any potential landlord can do is choose their tenants very very carefully.

1. Get Referencies.....bank, employer and previous landlord.

2. Take out rent guarantee insurance.....its not expensive.

3. Get a home owning guarantor. Carry out reference checks on the guarantor. Give the guarantor a copy of the AST. Make sure the guarantor document is drawn up as a deed.

4. Don't let to people with pets or children......the risk of them giving you problems are big.

5. Don’t let to anyone under 18 (minors). Draw up your own limits….I prefer nobody under 25.

6. Don't let to smokers........you won't get rid of the smell.

7. Don’t do Company lets.

8. Don’t let to anyone on Housing Benefits.

8a. If you do choose to let to applicants on Housing Benefit CHECK that your mortgage & freeholder (if your property is leasehold) allows it.

9. Don't let to anyone who isn't working full time.

10. Inspect properties every 3 months.

11. Only let initially on a 6 month AST.....that way you can both part company after 6 months if you don't get on.

12. Use a reputable Lettings Agent OR one who has been recommended OR do it yourself (only if you know what to do).

13. Meet your tenants personally. Make sure you ask all the right questions and gauge whether they are right for you.

14. Protect the deposit in one of the official schemes.

14a. If you have a dispute with your tenant(s) over deductions from the deposit remember…..you can either go through the DPS adjudication process OR take the tenant to the Small Claims Court for recovery of your losses where you may have a better chance of success.

15. Issue a section 21 notice as soon as the deposit has been protected.

16. Make sure there is a detailed inventory & schedule of condition……signed by both parties.

17. Remember its a business....so avoid emotion & being overly sympathetic to your tenants.

18. Read as much as you can about renting & letting i.e. educate yourself.

19. Don’t let to anyone who doesn’t speak or understand English.

20. Don’t forget that you will need an Energy Performance Certificate (EPC)…….before you market the property.

21. Don’t forget to get an annual Gas Certificate.

22. You are responsible for ensuring anything electrical in the property is safe so consider getting the electrics checked professionally….and any appliances you provide.

23. Try to avoid having your property classified as an HMO……meeting regulations is expensive and time consuming.

24. Make sure all adults living at the property are on the AST & any other documents.

[toursound]

Hey Chesnut

Something that claims to be free most probably isn't. Nothing is free - just charged another way.

Of course they are making money somewhere, no one does nothing in this life for free. Most online agents are clear in their pricing and tell you what's included from what I have seen myself. Lets Rent that I've been looking at doesn't include property management for example, so I know I'll have to source my own if i wanted that. But it does include everything else i can think of to let my property and they clearly state the tenant is charged £85 for referencing but no other admin charges. This is where they are clearly making their mark up.

Others charge extra for extras, but they're all relatively clear on what isn't and what is included. E.g. OpenRent charge a fixed fee for rent gaurantee insurance. etc etc.

Being a DIY landlord can be hard work, can take up a lot of time, needs a range of skills, and isn't easy for newcomers.

Your right checkout, i'm not scared of a bit of graft and especially if its going to save me thousands of pounds. I chose to enter buy to let to make and save money for my future and not give it away to every BTL vulture out there that can offer me a "must need" service. But you correct i imagine that it will be a graft, and i understand this is not for everyone. I will keep you updated on how i get on

Hey Richlist

Thanks for that checklist theres certanly i a few things on there that i never even thought of much appreciated for that one

The most important thing that any potential landlord can do is choose their tenants very very carefully.

This is what i have thought from day one, and from what i have read online in other forums. Its the biggest decision you can make from what i can gather. Thats why i am drawn towards an online agent like Lets Rent, because i can show the tenant round myself. I really do like the idea of that. I know i could probably accompany a traditional agent when they do the viewings but then i'm thinking what exactly am i paying them for? If i'm handing the keys over to my life savings, i want to make sure i've looked them in the eye before i do

cheers guys

[Richlist]

_{I know i could probably accompany a traditional agent when they do the viewings but then i'm thinking what exactly am i paying them for?}

_WRONG.

_{I use a 'traditional' agent for tenant find and do my own accompanied viewings......the agent doesn't come along, they just call me to make the appointment for the viewing.}

_{What else does the agent do:}

_{* advertises, issues the broadsheet, places the property in shop window, newspaper and online.}

_{* vets the applicant against my selection criteria.}

_{* handles references.}

_{* takes deposit (to my requirements) and handles deposit protection for me.}

_{* arranges rent guarantee insurance/ guarantors}

_{* deals with the AST ( to my requirements), any extra contract clauses & S21.}

_{* Arranges any permissions required eg freeholder, managing agents, insurers etc.}

_{* Offers good advice and is always on hand to help with queries.}

_{* Is happy to help with contacts for repairs.}

_{* Has been in business for 25+ years.....is experienced, knowledgable, trained/ qualified, members of professional bodies, well respected and recommended.}

_{*......and I get all that for very little cost.....but they do handle all my portfolio.}

_{I'm not sure I'd get that from an online offer.}

[toursound]

Hey Richlist

_{I know i could probably accompany a traditional agent when they do the viewings but then i'm thinking what exactly am i paying them for?}

_WRONG.

_{I use a 'traditional' agent for tenant find and do my own accompanied viewings......the agent doesn't come along, they just call me to make the appointment for the viewing.}

_{What else does the agent do:}

_{* advertises, issues the broadsheet, places the property in shop window, newspaper and online.}

_{* vets the applicant against my selection criteria.}

_{* handles references.}

_{* takes deposit (to my requirements) and handles deposit protection for me.}

_{* arranges rent guarantee insurance/ guarantors}

_{* deals with the AST ( to my requirements), any extra contract clauses & S21.}

_{* Arranges any permissions required eg freeholder, managing agents, insurers etc.}

_{* Offers good advice and is always on hand to help with queries.}

_{* Is happy to help with contacts for repairs.}

_{* Has been in business for 25+ years.....is experienced, knowledgable, trained/ qualified, members of professional bodies, well respected and recommended.}

_{*......and I get all that for very little cost.....but they do handle all my portfolio.}

_{I'm not sure I'd get that from an online offer.}

According to the Lets Rent website they offer and all for free for the landlord:

_{* advertises on the major property portals online.}

_{* handles references.}

_{* takes deposit (to my requirements) and handles deposit protection for me.}

_{* arranges rent guarantee and guarantors}

_{* deals with the AST ( to my requirements) - Digitally}

_{* collects first months rent}

_{* Offers good advice and is always on hand to help with queries.}

_{* Members of professional trade bodies, experienced, knowledgable, trained. (i'm going to email them and ask them how long they have been in the letting business and what qualifications do they have because this isn't anywhere to be seen on there website)}

So what you are getting for your traditional agent over someone like Lets Rent or another online agent that offers a comprehensive package.

1)Advertises in you local newspaper? Which accounts for less than 10% of leads these days ive read from multiple sources.

2)Vets the applicants against my criteria. aka when making a booking asks them a couple of questions. Something i could do when speaking to the potential tenants to make the viewing??
3) Arranges permissions required from freeholder, insurance etc? Something i have not truthfully thought about. Can you explain more. Surely this is a one time process. Once i have permission this does not need to be obtained every year correct?
4)Is happy to help with contacts for repairs? In what sense please divulge. In a sense they manage your property for a fee? Or if i'm managing myself i can just ring up and ask for a plumber they will give me the number of people they use. Even though they are charging other people for the privilege of this? Im finding that hard to believe.

So for these extra bits. What do they charge you if you dont mind me asking?

[Chestnut]

I've too have looked at Lets Rent website and their local francise. All looks good in presentation. Advertising is free, referencing is £85 (not free) as they state, marked up to cover their costs. No information about charges for other managed services (e.g. tradesmen).

Local Lets Rent francise website looks human and traditional, quoting over 20 years experience. Offers 'Letting Only' - £85, 'Letting & Management', and 'Total Package'. I expect services of latter two schemes are marked up also, when they send you the contractor bills. Why not get a quote for 'Total Package' and check?

One drawback is no flexibility on AST clauses - you can't add your own or modify - have to use their standard.

I guess Lets Rent system actually costs similar to traditional, but priced to Landlords in different way, with optimised use of internet facilities.

Afterthought: Toursound - Do you work for an on-line company like this?

[toursound]

Hey Chesnut

I've too have looked at Lets Rent website and their local francise. All looks good in presentation. Advertising is free, referencing is £85 (not free) as they state, marked up to cover their costs. No information about charges for other managed services (e.g. tradesmen).

As far as i can tell from there website, the £85 is charged to the tenant. So the complete service in theory is not free, but its completely free for the landlord. No business i guess can work without any income i guess. It is at least free for one party.

As for the managed service this sis something they don't do when i emailed them. There reply was they are "working on a competitive and low priced national solution for property management, to drive down property management prices for the 21st century" or whateva that means ha. Hopefully they will keep me informed.

Local Lets Rent franchise website looks human and traditional, quoting over 20 years experience. Offers 'Letting Only' - £85, 'Letting & Management', and 'Total Package'. I expect services of latter two schemes are marked up also, when they send you the contractor bills. Why not get a quote for 'Total Package' and check?

I didnt think they had any local partners or franchise? Could you pm me the link please?

One drawback is no flexibility on AST clauses - you can't add your own or modify - have to use their standard.

This is true. They emailed me a copy of that swell and it is fully comprehensive and you can modify it in a sense of "No pets, smoking, student etc etc" It did look water tight when i compared to the ARLA one i have.

Afterthought: Toursound - Do you work for an on-line company like this?

No chesnut i'm a sound engineer by trade. basically a Roadie

[bdh198]

Toursound

First thing to say is that there are some excellent agents who will provide a very good service. However, there are some very poor agents, and some who are quite frankly borderline criminal. The problem is that letting agents are not regulated and this makes it very difficult to sort out the excellent agents from those you should avoid:

http://www.bbc.co.uk/news/business-23350885

I have had several of my properties fully managed by a variety of agents. My experience is if there is nothing going wrong with the tenancy or property then they do a good job, but it's not a difficult job (monitoring collection of rent, sending me a monthly invoice and chasing the tenant if they fall behind with rent). However, when things have gone wrong then my experience is that I have been as involved, if not more so, as they are trying to sort the problem out.

An example recently is a tenant I had who was notoriously late paying rent, and then stopped altogether. The agent did what they were supposed to do and reminded them, several times by letter and calling them. However, it got to the stage where they were nearly three months late and the only option was to investigate court action (they were already due to move out at the end of the month). It was only then that the agent told me that if court action was taken that was the end of their involvement, and I would need to instruct my own solicitors. They told me that despite paying them 12% of the rent a month (along with their numerous other set up charges, contract renewal charges and tenant check out charges) I did not pay a premium for court or eviction proceedings. I was shocked that all they were actually doing in that example was sending letters and telephoning the tenant, something I could quite easily have done myself.

On many occasions my agents have taken a backseat when an issue has arisen and I have had to step in to sort it out myself because I know the property better than the agent, and therefore I am the best person to give advice on issues such as maintenance, utility services etc.

The advantage of the agent having a list of 'reliable tradesmen' is not something to fill me with confidence. It is far better that you begin to build up relationships with tradesmen you know you can trust from work they have done for you, or from recommendations you can trust. I have been suspicious on many occasions that a particular tradesmen the agent has instructed has had a 'bit too cosy' relationship with them!

The horror stories of agents being there to step in a three in the morning when a pipe bursts are extremely rare, and if they do occur it's not difficult to be prepared yourself with names an numbers of emergency services who can help out. Just think, who would you call if it happened in your own home?!

The most valuable service I find agents provide is a tenant find service and to be there to show prospective tenants round the property. No matter what service you have (fully managed, tenant find only or self-managed) you will always be the one who will ultimately decide whether a particular tenant is right for you, and that selection process should be thorough and rigorous irrespective of the service you are being provided with.

In regards to online agents, I have met the founder of Upad at an event organised by David Lawrenson (if you're new to the game, read his book!) and it looks like a good service, and one I will certainly consider using in the future.

P.S. In the example above of my tenant who didn’t pay rent, I was about to start a claim in the Small Claims Court when I thought I should double check what the guarantor’s position was (ALWAYS GET A GUARANTOR!). To my astonishment the agent hadn’t properly spoken to them! A few quick phone calls and two transfers to my agent’s bank account later, and the outstanding debt was completely paid!

[bdh198]

I suggest you trawl through the many posts on here from newbies crying about unpaid rent, trashed properties and tenants who won't pay or leave or who are manipulating the courts system against their landlord - yes you have all this to look forward to. What will an online agent do about that?

What would a fully managed service do about that?... In my experience, absolutely nothing!

[toursound]

Toursound

First thing to say is that there are some excellent agents who will provide a very good service. However, there are some very poor agents, and some who are quite frankly borderline criminal. The problem is that letting agents are not regulated and this makes it very difficult to sort out the excellent agents from those you should avoid:

http://www.bbc.co.uk/news/business-23350885

I have had several of my properties fully managed by a variety of agents. My experience is if there is nothing going wrong with the tenancy or property then they do a good job, but it's not a difficult job (monitoring collection of rent, sending me a monthly invoice and chasing the tenant if they fall behind with rent). However, when things have gone wrong then my experience is that I have been as involved, if not more so, as they are trying to sort the problem out.

An example recently is a tenant I had who was notoriously late paying rent, and then stopped altogether. The agent did what they were supposed to do and reminded them, several times by letter and calling them. However, it got to the stage where they were nearly three months late and the only option was to investigate court action (they were already due to move out at the end of the month). It was only then that the agent told me that if court action was taken that was the end of their involvement, and I would need to instruct my own solicitors. They told me that despite paying them 12% of the rent a month (along with their numerous other set up charges, contract renewal charges and tenant check out charges) I did not pay a premium for court or eviction proceedings. I was shocked that all they were actually doing in that example was sending letters and telephoning the tenant, something I could quite easily have done myself.

On many occasions my agents have taken a backseat when an issue has arisen and I have had to step in to sort it out myself because I know the property better than the agent, and therefore I am the best person to give advice on issues such as maintenance, utility services etc.

The advantage of the agent having a list of 'reliable tradesmen' is not something to fill me with confidence. It is far better that you begin to build up relationships with tradesmen you know you can trust from work they have done for you, or from recommendations you can trust. I have been suspicious on many occasions that a particular tradesmen the agent has instructed has had a 'bit too cosy' relationship with them!

The horror stories of agents being there to step in a three in the morning when a pipe bursts are extremely rare, and if they do occur it's not difficult to be prepared yourself with names an numbers of emergency services who can help out. Just think, who would you call if it happened in your own home?!

The most valuable service I find agents provide is a tenant find service and to be there to show prospective tenants round the property. No matter what service you have (fully managed, tenant find only or self-managed) you will always be the one who will ultimately decide whether a particular tenant is right for you, and that selection process should be thorough and rigorous irrespective of the service you are being provided with.

In regards to online agents, I have met the founder of Upad at an event organised by David Lawrenson (if you're new to the game, read his book!) and it looks like a good service, and one I will certainly consider using in the future.

P.S. In the example above of my tenant who didn’t pay rent, I was about to start a claim in the Small Claims Court when I thought I should double check what the guarantor’s position was (ALWAYS GET A GUARANTOR!). To my astonishment the agent hadn’t properly spoken to them! A few quick phone calls and two transfers to my agent’s bank account later, and the outstanding debt was completely paid!

Hey Solent

Thanks for reply and sharing your past experiences.

This is exactly how i pictured it would go down for me if i used a traditional agent. I would end up doing the majority of the leg work myself and feel utter resentment for paying them a monthly fee or a months rent just for finding me a tenant. Maybe its just me because i do like things to be done properly and efficiently. I can seriously imagine its all rosy until things go wrong, after you have been paying them a ?% every month for very little work then in your time of real need your left on your own to confront it by yourself. And i bet the agent was still demanding his monthly %?

The article post was interesting. Mandatory regulation can only be a great thing for the industry. It should hopefully sort the wheat from the chuff. This will be mandatory for online agents as well which is a great thing.

Thanks for your input again.

[Grampa]

Hey Solent

This is exactly how i pictured it would go down for me if i used a traditional agent. I would end up doing the majority of the leg work myself and feel utter resentment for paying them a monthly fee or a months rent just for finding me a tenant. Maybe its just me because i do like things to be done properly and efficiently. I can seriously imagine its all rosy until things go wrong, after you have been paying them a ?% every month for very little work then in your time of real need your left on your own to confront it by yourself. And i bet the agent was still demanding his monthly %?

.

Though this is true of some agents it is not of the majority.

I do not know of a single agent in my neck of the woods who charge their percentage if the rent hasn't been paid. How can you charge on what hasn't been collected unless it states so in the T&C's you signed with the agent. If anyone did sign up to that more fool them.

Your quite right agents do very little for their fee we only do:

1. Research a property type and area to get a realistic valuation.
2. Generate a floor plan and attractive ad.
3. Advertise the property on rightmove, zoopla, our own website and in our window.
4. Advise the landlord on what to do to the property to make it more appealing and comply with letting statute.
5. Explain to the landlord the importance of deposit protection and inventories and the pro and cons of housing benefit if they choose to go down that route.
6. Erect a eye catching to let board outside the property.
7. Arrange for a epc, gas & elecy cert if needed and paid for by us. Repaid out of first months rent.
8. Contact all the people in our data base who have registered with us looking for that property type.
9. Weed out the undesirable's who enquire.
10. Full reference any tenants checking for, ccj's, previous addresses, landlords, employers, income. proof of id etc etc. (not by phone but in writing)
11. All info relayed to landlord for approval before agreeing to granting a tenancy.
12. Drawing up a bloody good tenancy agreement that I would say is better than most and I have seen many other agents contracts. (I collect them) also adding in any other clauses that are needed or relevant.
13. Protect the deposit correctly and provide the P/Info.
14. Provide a 50-60 page inventory at no costs . (half description half photos) tenant signs every page.
15. Provide info pack for tenants explaining tenants obligations, condensation control, maintenance procedure's and a few others.
16. Tenants also signs other doc relating to smoke detector's, returning signed inventory, HB disclosure agreement (just in case they ever go on HB). Data protection stuff, photo copies of keys given out.
17. The tenant is checked in.
18. Visit the property about 12 weeks later and provide the landlord with written 2 page report then every 4-6 months thereafter. Could be more regular if required or needed.
19. Tailor any maintenance requirements to the landlord and get numerous quotes if needed. Grrrrrr
20. Check any contractors are correctly insured
21. Pay for any maintenance invoices ourselves then recover the payment from the rent. Therefore the landlord has a interest free loan for a month or even longer if it is a big job. I have even funded the odd 5-10k jobs for my bigger landlords then spent the next 6-12 months getting it back thro rent.
22. Deal with any other disputes or issues that may arise such as arrears, noise, neighbour's, parking etc etc etc.
23. Serve any section 21,section 8, section 13, section 6, section 22 notices as required
24. Complete and submit court forms to gain an eviction order if needed
25. Attend court with the landlord.
26. Advise and re-grant a tenancy when needed..
27. Liaise with the local benefit office if the tenant is on HB.
28. Check out the property after the tenant vacates and deal with any deposit disputes which may also include corresponding with the deposit scheme used.
29. Keep up to date with the latest changes in letting law and case law such as the recent Superstrike case which has major implications for thousands of tenancies in the uk and put the landlords in a very vulnerable position when trying to evict and a x3 deposit liability.

This is just some of what we do so yes we don't do a lot for our 10% so best to do it yourself.

[toursound]

Though this is true of some agents it is not of the majority.

I do not know of a single agent in my neck of the woods who charge their percentage if the rent hasn't been paid. How can you charge on what hasn't been collected unless it states so in the T&C's you signed with the agent. If anyone did sign up to that more fool them.

Your quite right agents do very little for their fee we only do:

1. Research a property type and area to get a realistic valuation.
2. Generate a floor plan and attractive ad.
3. Advertise the property on rightmove, zoopla, our own website and in our window.
4. Advise the landlord on what to do to the property to make it more appealing and comply with letting statute.
5. Explain to the landlord the importance of deposit protection and inventories and the pro and cons of housing benefit if they choose to go down that route.
6. Erect a eye catching to let board outside the property.
7. Arrange for a epc, gas & elecy cert if needed and paid for by us. Repaid out of first months rent.
8. Contact all the people in our data base who have registered with us looking for that property type.
9. Weed out the undesirable's who enquire.
10. Full reference any tenants checking for, ccj's, previous addresses, landlords, employers, income. proof of id etc etc. (not by phone but in writing)
11. All info relayed to landlord for approval before agreeing to granting a tenancy.
12. Drawing up a bloody good tenancy agreement that I would say is better than most and I have seen many other agents contracts. (I collect them) also adding in any other clauses that are needed or relevant.
13. Protect the deposit correctly and provide the P/Info.
14. Provide a 50-60 page inventory at no costs . (half description half photos) tenant signs every page.
15. Provide info pack for tenants explaining tenants obligations, condensation control, maintenance procedure's and a few others.
16. Tenants also signs other doc relating to smoke detector's, returning signed inventory, HB disclosure agreement (just in case they ever go on HB). Data protection stuff, photo copies of keys given out.
17. The tenant is checked in.
18. Visit the property about 12 weeks later and provide the landlord with written 2 page report then every 4-6 months thereafter. Could be more regular if required or needed.
19. Tailor any maintenance requirements to the landlord and get numerous quotes if needed. Grrrrrr
20. Check any contractors are correctly insured
21. Pay for any maintenance invoices ourselves then recover the payment from the rent. Therefore the landlord has a interest free loan for a month or even longer if it is a big job. I have even funded the odd 5-10k jobs for my bigger landlords then spent the next 6-12 months getting it back thro rent.
22. Deal with any other disputes or issues that may arise such as arrears, noise, neighbour's, parking etc etc etc.
23. Serve any section 21,section 8, section 13, section 6, section 22 notices as required
24. Complete and submit court forms to gain an eviction order if needed
25. Attend court with the landlord.
26. Advise and re-grant a tenancy when needed..
27. Liaise with the local benefit office if the tenant is on HB.
28. Check out the property after the tenant vacates and deal with any deposit disputes which may also include corresponding with the deposit scheme used.
29. Keep up to date with the latest changes in letting law and case law such as the recent Superstrike case which has major implications for thousands of tenancies in the uk and put the landlords in a very vulnerable position when trying to evict and a x3 deposit liability.

This is just some of what we do so yes we don't do a lot for our 10% so best to do it yourself.

Hey Grampa

You do all this for 10% and don't charge a tenant find fee as well?

Whats your agency called?

[Richlist]

best to do it yourself.

Yes I agree.

I'm of the opinion that in spite of the effort made to try to provide a balanced view, the OP has already made up his mind to go with an online agent and there is very little that we can say that will persaude him otherwise.

In the words of Dragons Den........I'M OUT.

[toursound]

best to do it yourself.

Yes I agree.

I'm of the opinion that in spite of the effort made to try to provide a balanced view, the OP has already made up his mind to go with an online agent and there is very little that we can say that will persaude him otherwise.

In the words of Dragons Den........I'M OUT.

I have not at all. Just not heard valid reason to yet. Sorry.

[Chestnut]

Hi folks,

Having looked further I may have been wrong to think that local agents that call themselves "Lets Rent....." are francised from Toursounds on-line Lets-Rent.com.

The former I looked at offer traditional services from human beings, as I quoted from one of their websites.

To use the latter on-line service, which appears to offer 'find only', you have to register and agree their t&c that requires payment of £100 (part recoverable??) per tenancy up front, with requirements such as EPCs and gas certificates put in place by landlord beforehand. Nothing about maintenance and legal afterwards - I guess you have to organise all that yourself, and of course pay!!

Not for me - I'm Out too!

[Grampa]

Hey Grampa

You do all this for 10% and don't charge a tenant find fee as well?

Whats your agency called?

I have no need to tout for business on these forums and choose not to advertise my business name as some discussed issues are with current tenants or landlords.

[Grampa]

I have not at all. Just not heard valid reason to yet. Sorry.

Weren't the 29 I listed enough?

[toursound]

I have no need to tout for business on these forums and choose not to advertise my business name as some discussed issues are with current tenants or landlords.

Weren't the 29 I listed enough?

I understand this andf thats fair enough. But if you could answer my original question. The lovely long list of your serrvices that you listed, this is all included in your management fee? You don't charge a tenant find fee?

I could list 40 services but it is all dependant on what I charge whether or not its value for money grampa.

[toursound]

Chersnut

Hi folks,

Having looked further I may have been wrong to think that local agents that call themselves "Lets Rent....." are francised from Toursounds on-line Lets-Rent.com.

The former I looked at offer traditional services from human beings, as I quoted from one of their websites.

To use the latter on-line service, which appears to offer 'find only', you have to register and agree their t&c that requires payment of £100 (part recoverable??) per tenancy up front, with requirements such as EPCs and gas certificates put in place by landlord beforehand. Nothing about maintenance and legal afterwards - I guess you have to organise all that yourself, and of course pay!!

Not for me - I'm Out too!

Correct me if im wrong but where on earth does it say you have to pay £100? Its a completly free service for landlords. Its not only a tenant find service. It clearly states that they do everything, Tenant find, Tenant Referencing, Tenancy Agreements, Deposit registration and first months rent collection. All for free. They cleary state that they charge £85 for the tenant to be referenced and this is where they make there money. Taken from there FAQ:

What charges are there for Landlords?

Zero. Absolutely nothing.

In fact check out our referral system and you can earn £10 for every property listed that’s referred by you.

Upfront and Honest: No admin fees, no contract signing fees, no hidden charges.

Then how do you make money?

We make a small mark up on the referencing costs. Our referencing costs are still significantly cheaper than the traditional agents. And we don’t charge any other admin, processing or any other unfair charges which tenants are usually hit with by traditional agents."

Your completely right tho, they don't do any management after. This is clearly stated. If your after a managed service then use someone else. And EPC can be sourced online for £45, and lasts 5 years. Please don't make out this is hard work. If you can complete a BTL mortgage you can purchase an EPC. Don't make out this a grave task that you traditional agents tirelessly toil over.

Again its all down to budgets and value for money. If you happy to pay a a traditional agent £500 and sit back and they do everything. Fine. If your happy to pay Lets-rent.co.uk ZERO, right your own advert and do a few viewings yourself, thats the only difference then go with them. It what you class as value for money. Some people wont think twice about dropping £500 on a local agent. But many will.