idelix Posted October 16, 2013 Report Share Posted October 16, 2013 Hello, I'm looking for information on some decent and not to expensive property management services. Could someone who had experience with biggest estate agencies could provide me their fees and if it was really worth it ? Maybe better idea is to take smaller management company or even individual to get more personal approach and eventually cheaper deal and use bigger agency just to find tenants. Thanks Link to comment Share on other sites More sharing options...
Mortitia Posted October 17, 2013 Report Share Posted October 17, 2013 Why don't you ask the 'bigger' companies yourself and tell us how much they charge? Most of us do our own managing so the question is out of our experience. Where in England and Wales are you letting? Link to comment Share on other sites More sharing options...
Richlist Posted October 18, 2013 Report Share Posted October 18, 2013 I don't, and I suspect others here don't offer a 'run around & find all the information for you' service. We generally operate a DYOR system here (stands for - do your own research) and are happy to then clarrify, add, correct, disagree with you. Link to comment Share on other sites More sharing options...
idelix Posted October 19, 2013 Author Report Share Posted October 19, 2013 Thanks, but I was hoping for answer from someone who use such services and can share opinion. If you have no idea about property management services why bother responding to this post... Link to comment Share on other sites More sharing options...
Richlist Posted October 19, 2013 Report Share Posted October 19, 2013 Thanks, but I was hoping for answer from someone who use such services and can share opinion. If you have no idea about property management services why bother responding to this post... Getting an answer you don't like is never going to be very popular. Asking a general question like you have makes it virtually impossible to provide a meaningfull answer. 'Property Management' is usually best carried out by a local lettings agents and as we we have no idea where you are located or what services you require.....you aren't getting much of a response. Good luck. Link to comment Share on other sites More sharing options...
Shazbot04 Posted October 20, 2013 Report Share Posted October 20, 2013 I use a LA who do full property management and to be honest I have totally wasted my money. I have a nightmare tenant who has always been late with rent. I have voiced concerns about neighbour complaint and the agency said maybe it's a hate campaign against tenants. They carried out an early inspection of the property and found it to be damaged but have never followed anything up. I'm now stuck with a tenant who refuses to pay the rent and have a damaged property. You assume your safe going through an agent but when things turn bad they don't want to know. I am with a big company my rent is £550 and they take £66 they wanted me to pay £125 to give tenants another 6 months. Tenant paid £350 fees to move in and I paid £495. If you want to go through a Lettings agent I would use the cheapest as I think they would all be the same. Paying more does not always mean a better service. Hope this helps. Link to comment Share on other sites More sharing options...
Richlist Posted October 20, 2013 Report Share Posted October 20, 2013 If you want to go through a Lettings agent I would use the cheapest as I think they would all be the same. They are NOT all the same. SHAZBOT04 has had ONE (bad) experience and now thinks, incorrectly, that it represents the status quo. Link to comment Share on other sites More sharing options...
Melboy Posted October 21, 2013 Report Share Posted October 21, 2013 So Shazbot04 when are you going to start the eviction process? LA's are not all the same. I am very happy with mine and the service I receive. Having said that I would never use the big company LA's and that is based on bad experiences in the past with my main complaint of dealing with people who were less than professional and the constant inability to get through to the person I needed to talk to. Link to comment Share on other sites More sharing options...
Mortitia Posted October 21, 2013 Report Share Posted October 21, 2013 I find if I approach a new agent to tenant find they immediately try and sell me a DHS tenant until I firmly give them my requirements. No one wants the dodgy tenants on the council's books that fill letting agents files. The agent gets paid by tenant (or council) and landlord so they are laughing and when things go wrong it is your problem. Shazbot04- take a long look at Richlist's check list of boxes he needs ticked before he will let a property. It is on this site in previous posts. Use that as your default list next time you need a tenant and learn how to manage yourself until you find an agent up the the job. Link to comment Share on other sites More sharing options...
Chestnut Posted October 21, 2013 Report Share Posted October 21, 2013 I concur with advice above. I have had some difficult tenants sourced and referenced by reputable agents. As a professional friend recently advised, referencing etc. can only check on financial status, and no substitute for direct contact by regular visits to learn personal traits and circumstances. But I also hear that DIY Landlords will have to use knowledgeable agents in future to obtain adequate references that comply with new laws, because DIYers will be unable to keep up with legislation (e.g. immigrant checks). Any comments? Link to comment Share on other sites More sharing options...
Richlist Posted October 21, 2013 Report Share Posted October 21, 2013 I have fantastic lettings agents but even they send the occasional 'wrong un' around to view my places. Even the best agents make mistakes. Applicants do not always tell the whole truth and can get thru the agents filter sometimes. It's up to you to ensure you have a 'firewall' in place that blocks out those tenants you don't want to accept......as the saying goes.....the buck stops with you. The things you need to do are in the following order: 1. Pick the right lettings agent. 2. Pick the right tenant. 3. Claim ALL the expenses you are entitled to. Link to comment Share on other sites More sharing options...
Richlist Posted October 21, 2013 Report Share Posted October 21, 2013 But I also hear that DIY Landlords will have to use knowledgeable agents in future to obtain adequate references that comply with new laws, because DIYers will be unable to keep up with legislation (e.g. immigrant checks). Any comments? Yes I've heard these rumours but am not worried about it. IMHO any landlord letting to benefits or unemployed persons needs to question wether they should be in that market. For the vast majority of the rest of us we are letting to EMPLOYED persons. I tend to only let to professionals.....doctors, teachers, engineers etc etc. I would argue that their employer .....usually a medium to large organisation..... would have carried out all of the appropriate immigration checks required for them to be employed. What could my immigration checks possibly add to that already carried out by a large HR department process ? Link to comment Share on other sites More sharing options...
matilda Posted October 22, 2013 Report Share Posted October 22, 2013 I just going through this very exercise in my area (East Mids) I found three out of the five agents contacted all quoted 10% + vat for full managed service. Link to comment Share on other sites More sharing options...
Richlist Posted October 23, 2013 Report Share Posted October 23, 2013 Hopefully you asked them to define what they meant by a 'full managed service' and you didn't assume that you knew what was included ? Link to comment Share on other sites More sharing options...
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