slstevens Posted December 10, 2014 Report Share Posted December 10, 2014 I have just bought a 2 bed flat in Reading, which I am looking to let out with minimal hassle. I work long hours, and I'm often abroad, so I need to be able to manage the property with minimal effort. All the agents that have got back to me with their management fees have seemed pretty extortionate (7% - 12%) of the rental. I've been looking at various rental management platforms online - rentify, upad and openrent, which looks like it would be significantly cheaper (and even possibly easier than dealing with a letting agent) and I'm just wondering whether any seasoned landlords out there have any advice as to which one I should choose. I'm looking for value, but would probably prefer a 'full' solution that handled everything for me rather than one that is a bit cheaper but required more work. I realise that this is a bit of an open ended question, but it's quite a big commitment, so any advice or pointers would be very welcome and much appreciated! Link to comment Share on other sites More sharing options...
Richlist Posted December 10, 2014 Report Share Posted December 10, 2014 7%-12% might start to look incredibly cheap after your online low cost management company screws up big time and it all start to cost you a heap of time, effort & money. Is it reasonable to assume that the costs will often be a result of how many things are included in the package ? Thats one reason why there is such a range. There is no better recommendation than to choose your lettings agent BY recommendation. See if there is a local landlords association who can suggest a suitable agent. Link to comment Share on other sites More sharing options...
Mortitia Posted December 10, 2014 Report Share Posted December 10, 2014 How do you expect an online agent to inspect and manage your property? All that is likely to happen is that they get the rent paid into their bank account, take a fee and hopefully give you the rest. What are they going to do if T does not pay rent? What if T sub-lets? How will they know? What are they going to do is T trashes property and you are too busy abroad? What are they going to do if boiler brakes down or there is a toilet blockage? These are the questions you should be asking along with what experience this so called agent may have of dealing with these everyday pains in the neck that are better dealt with by an experienced locally based agent with a proven track record. Link to comment Share on other sites More sharing options...
Chestnut Posted December 10, 2014 Report Share Posted December 10, 2014 Entirely agree with responses above. You need to find an experienced locally recommended agent who is a human being based preferably within walking distance of your property. If you want minimum hassle you must expect to pay for this service. Link to comment Share on other sites More sharing options...
fionaf Posted December 11, 2014 Report Share Posted December 11, 2014 So glad we choose properties all within a few miles of our home, mainly so we don't have this dilemna. We know a few other landlords and have reciprocal arrangements to be the point of contact in the event one of their tenants calls whilst on holiday. We have a reliable list of tradespeople between us, to the extent the local church now asks us for recommendations of works people. Doesn't help at all of course if you are miles away but if you have a good list of tradespeople even working long hours like I do - managing it yourself doesn't have to be a major hurdle. I know some landlords who actually find it takes less time dealing direct with the tenant than dealing with a poor managing agent. Never having used an agent I can't compare. Link to comment Share on other sites More sharing options...
slstevens Posted December 12, 2014 Author Report Share Posted December 12, 2014 Thank you all so much for the responses that you've sent to my question. It has definitely given me some food for thought, and if anyone else has any other suggestions or questions that I ought to be thinking about when considering either to self-manage/use a high street letting agent/ using an online letting agent, I would love to hear them. Link to comment Share on other sites More sharing options...
Mortitia Posted December 12, 2014 Report Share Posted December 12, 2014 Sometimes YOU just have to get out there and make mistakes. Read all the forums on MSE, landlorzone and this one and see what you are up against. Link to comment Share on other sites More sharing options...
Melboy Posted December 12, 2014 Report Share Posted December 12, 2014 In your case go for an established letting agent with a couple of good solid recommendations from other landlord's. Forget any online agency for the reasons that have already been stated above. I don't use any LA's but there again I almost know exactly what I am doing. Link to comment Share on other sites More sharing options...
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