Freelance Hellraiser Posted June 30, 2008 Report Share Posted June 30, 2008 Please post your views about letting privately here - pros, cons and experiances both good and bad. Link to comment Share on other sites More sharing options...
LillyGrenham Posted July 4, 2008 Report Share Posted July 4, 2008 I would personally always prefer to use an agent as, letting property is something I do outside of my full-time job, I would say these are always things that I don't have time (or enough experience) to do. Would be good to see everyone else's view on this though. Link to comment Share on other sites More sharing options...
Reg Posted July 4, 2008 Report Share Posted July 4, 2008 Hi Lilly (a.k.a. Freelance Hellraiser), if I had absolutely no experience I would use a letting agency, otherwise I would do it myself, as it's generally money for old rope. Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted July 5, 2008 Report Share Posted July 5, 2008 La to assist in finding tenant (as it can waste a lot of time doing viewings...especially when propestives dont turn up) then for referencing, all manangement, repairs etc do it yourself .......as generally LA do nothing other than let t pay rent into their bank acc ...they sit on it for a few weeks making interest ...while they dream up some un neccessary expsnses...like £25 to change a light bulb £45 to reseal a bath £60 to have have lawns cut (that are in fact patios!) etc Not all LA .........but more than you would think ! The Rodent Link to comment Share on other sites More sharing options...
J4L Posted July 6, 2008 Report Share Posted July 6, 2008 There are many agents out there who deliver a substandard service. Unfortunately because of the high %age of these good agents get tarred with the same brush. People like Simon use agents to their benefit and this is fine for people who have experience of things that can go wrong. I have come across a LOT of Landlords who do not understand/know the law and many have knocked my door looking for guidance after being sent up the wrong track by other local agents. Some of the b******t that spills out of some of these agents' mouths is laughable. I'm not one to blow my own trumpet but I'm going to retort to a few of Simon's comments purely to demonstrate what a good agent can/will do. "as generally LA do nothing other than let t pay rent into their bank acc ...they sit on it for a few weeks making interest" My Landlords get paid their rent minus our charge within 2 hours of it hitting my account. Occasionally it DOES take 3 days but that's a banking issue and nothing I can do about that, apart from making a £25 CHAPS payment. If they wish to pay this then of course we will oblige. "while they dream up some un neccessary expsnses...like £25 to change a light bulb £45 to reseal a bath £60 to have have lawns cut (that are in fact patios!) etc" When works are required on a property the Landlord will ALWAYS get a call prior to work taking place and a price given. Many times we get a few quotes to allow the Landlord to make an informed decision. e.g. 2 weeks ago we took on a property that needed some real work on the garden. 1st quote was £350 (from a guy that we use a lot) I wasn't happy with that and called in a new company for a quote that came in at £125!! Of course the Landlord was happy. Another thing here to note is we DO NOT add a %age on these works for ourselves for organising this as many do. I feel this 'should' be part of the management fee and not an extra expense. Not all LA .........but more than you would think ! Absolutely correct Simon, it's down to you guys though to ascertain these things 'before' you sign into any contracts. Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted July 6, 2008 Report Share Posted July 6, 2008 My Landlords get paid their rent minus our charge within 2 hours of it hitting my account. Most payments come onto banking sytem at or soon after midnight ....you doing night shift on rent payments Gareth !? The Rodent Link to comment Share on other sites More sharing options...
GPEL Posted July 6, 2008 Report Share Posted July 6, 2008 The following (& variations of) is just a quick example of why it may take a while to receive a BACS payment. Tenant pays 1st of the month (a Friday), that takes 3 working days to transfer. During these 3 days there is a weekend and a bank holiday, delaying the payment by a further 3 days. So the payment made on a Friday, isn't received by the agent until the following Thursday. The agent then has to wait another day to process the payment because the bank advises that payments listed on the same day statement could be returned due to insufficient funds. So it's now the Friday after the initial payment was made. If the payment is then processed the day of confirmed receipt, it takes another 3 working days to transfer to the agent. So it's now taken 12 days to get from tenant to landlord. Not because the agent is holding on to it (HSBC business banking is 0.25% interest on business current accounts) but because the bank processing times are much too slow, possibly because it the one that gets the high interest from the money markets. Def'n not the fault of the agent but they are the ones wrongly accused. Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted July 6, 2008 Report Share Posted July 6, 2008 3.1 PAYMENT The Tenant shall pay in advance by monthly payments by standing order “the Rent” to the landlord’s nominated account: A/c xxxxxxxxxxxxxxx A/c No. xxxxxxxxx Sort Code xxxxxxxxxx Bank Address xxxxxxxxxx unless advised otherwise in writing by the Landlord. (Please note cleared funds must be lodged into the Landlord’s nominated bank account on or before the 1st day of each month, in order to achieve this, standing orders should be set for the 24th of the month before. Failure to comply with the above will result in a late payment fee of £5 for every day until cleared funds are received into the above mentioned account.) A clause from my ast ....LA needs to insert something similar....and with todays "faster payments" on money tx there will be NO MORE exuses !!!!!!!!!!!!!!!!! I would have this inserted in my LL/LA agreement if I used a LA .......... The Rodent Link to comment Share on other sites More sharing options...
BarryM Posted July 6, 2008 Report Share Posted July 6, 2008 As a landlord (off my own patch) and an agent...... A lettings agent should be able to secure you a higher rent from a more reliable tenant by virtue of the extent of their applicant base, their understanding of their applicants' requirements and knowledge of the local rental marketand applicable law/regulations - combined with them being available to facilitate the process by actually being available to show your property when it counts (i.e. when tenants can view) and in a manner that tenants will respond to and appreciate. ^There's nothing that a competent individual can't do themselves, given time, attention to detail, experience and motivation. As a landlord I often come across agents that don't measure up, occasionally some that do. Personally I find the time invested in finding a good agent worthwhile. But I would say that wouldn't I? In the current market, for affordable proprty to let, IF you know what you are doing and have the time to dedicate yourself to the task, letting privately shouldn't be too onerous. Why not give it a go? Otherwise I recommend instructing a couple of agents. Nothing like a bit of competition to keep everyone on their toes! Barry www.chard.co.uk Link to comment Share on other sites More sharing options...
J4L Posted July 6, 2008 Report Share Posted July 6, 2008 "Most payments come onto banking sytem at or soon after midnight ....you doing night shift on rent payments Gareth !?" Ok well I didn't word that quite right did I. Ok well 2 hours from when I see it, which has actually been just after midnight on occasions! Link to comment Share on other sites More sharing options...
J4L Posted July 6, 2008 Report Share Posted July 6, 2008 rent due on the 1st? Standing Order signed for the 27th of the month so it gets to me on or before the day. Landlord gets his money on the day his rent is due. Link to comment Share on other sites More sharing options...
GPEL Posted July 6, 2008 Report Share Posted July 6, 2008 Payment made on 27th leaves tenants account that day, takes 3 working days to arrive at agent and then another 3 working days to get to landlord if paid immediately and there'll be a weekend in there somewhere as well. Total transfer from TT to LL via agent may take 8 days from start to finish. Payment due to LL on first of month won't be in his/her account that day (unless there are 35 days in a month) if original payment left TT account on 27th and paid to LL via agent. Fact of life that bank processing delays everything, subject to how long they take. Some take up to 5 working days, especially Building Societies. Point is that delays aren't always the agents fault and some tenants just can't pay a few days early as pay day is last day of the month. Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted July 7, 2008 Report Share Posted July 7, 2008 Payment made on 27th leaves tenants account that day, takes 3 working days to arrive at agent and then another 3 working days to get to landlord if paid immediately and there'll be a weekend in there somewhere as well. Total transfer from TT to LL via agent may take 8 days from start to finish. Payment due to LL on first of month won't be in his/her account that day (unless there are 35 days in a month) if original payment left TT account on 27th and paid to LL via agent. Fact of life that bank processing delays everything, subject to how long they take. Some take up to 5 working days, especially Building Societies. Point is that delays aren't always the agents fault and some tenants just can't pay a few days early as pay day is last day of the month. Agreed ....which is why over the years i have wound so date back to 24th so that 99% of the time it is with me when i want to see it ........... Agreed ...that topass thru another acc en route will add a min 3 days to tx so answer has to be to revise ast to set so date at 20th of the month to arrive by 1st of next month ...even then may take a few extra days with banks ttp.. Original point was that SOME LA DO Take the Pxxx ...a colleage of mine rarely sees his B4 20th each month ...and has yet to receive full payment without "expenses" of some kind which he is constantly arguing with LA about both in terms of price and justification of wether first it is doen to LL expense and if job was neccesary at all.............. The Rodent Link to comment Share on other sites More sharing options...
J4L Posted July 7, 2008 Report Share Posted July 7, 2008 If the 27th is on a Friday then yes of course there's a weekend in there, occasionally there will be a bank holiday in there aswell but regardless of this there is no excuse for not paying the LL as soon as is possible. I have received a payment into my account today for a Tenant who pays on the 6th. Her standing order is set up for the 3rd, payment due in yesterday, arrived this morning, Landlord already paid!! When I speak to LL's re payment dates etc I explain that, yes, it can sometimes take 3 or 4 days to hit their account but then offer that if they are not happy with this they can open an account with the HSBC where they will get an INSTANT transfer of money. This above LL has taken me up on this and opened an account in the same branch. This may be a good thing to offer LL's who are worried about their payments. Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted July 7, 2008 Report Share Posted July 7, 2008 So much easier to just collect the rent yourself as a LL ................hahahah !!!!!!!!!!!!!!!!!!! # Or get LA to change to YOUR bank! The Rodent Link to comment Share on other sites More sharing options...
J4L Posted July 7, 2008 Report Share Posted July 7, 2008 Or get LA to change to YOUR bank! The Rodent Not so much of a joke here Simon because we've actually done that aswell and opened various accounts with different branches to help Llandlords out. Link to comment Share on other sites More sharing options...
J4L Posted July 7, 2008 Report Share Posted July 7, 2008 haha you like the LLandlords thing? double L! It's a WELSH thing! Sorry. Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted July 7, 2008 Report Share Posted July 7, 2008 So are sheep and wellies ..but you can expain that one ...not me! Wales .......where men are men and sheep and bloody fast runners..... (Calm down ....i am a welshman!) The Rodent Link to comment Share on other sites More sharing options...
heebs Posted July 8, 2008 Report Share Posted July 8, 2008 Hello...newbie here...but experience of using letting agents..WASTE OF MONEY.... THEY dont produce the tenants...you can come across good tenants just by your won advertising..free..on gumtree..in sainsbury local to property... I used Foxtons..they took £9000 for a 24 month let finders fee..both tenants and me are fed up of them making a mockery of everything and ruining our relations...we get on much better without the agent being rude to me and them simultaneously Used a local agent for £800 finders fee..the tenant ran off after 5 weeks with rent arrears and trashing my house..i found a replacement tenant myself through gumtree who is great...the agent refuses to pay back a penny of the £800...nice total £9800 i could have saved just for the sake of a few minutes of advertising and some viewings... LA are useful for LL who live far from their proerties or do not have the time/ability to do viewings.. Link to comment Share on other sites More sharing options...
J4L Posted July 8, 2008 Report Share Posted July 8, 2008 well unless my maths are shocking 9k for 24 months is way way over the odds. Would you like to break that down for me? What have you got a castle???? Link to comment Share on other sites More sharing options...
thepropertylandlord Posted July 11, 2008 Report Share Posted July 11, 2008 Please post your views about letting privately here - pros, cons and experiances both good and bad. Letting wihout an agent is really only a good idea if your property is mid-market or down-market for its type. If you are trying to achieve a top rental for say a two bed flat then you may have to use an agent. One thing to bear in mind is that you can guarantee your rent and legal expenses in the event of problem tenants – we run such a scheme at rentalguard.co.uk which costs less than £99 a year to insure rent up to £2500.00 pcm (little bit of advertising!) but of course there are other companies that offer these useful schemes. One thing to bear in mind is this. Dodgy tenants tend not to like agents because of the checks they carry out. All rent guaranteeinsurance schemes requirte that you fully credit check the tenants. This aspect alone can help deter rogue tenants! Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted July 11, 2008 Report Share Posted July 11, 2008 Letting wihout an agent is really only a good idea if your property is mid-market or down-market for its type. If you are trying to achieve a top rental for say a two bed flat then you may have to use an agent. One thing to bear in mind is that you can guarantee your rent and legal expenses in the event of problem tenants – we run such a scheme at rentalguard.co.uk which costs less than £99 a year to insure rent up to £2500.00 pcm (little bit of advertising!) but of course there are other companies that offer these useful schemes. One thing to bear in mind is this. Dodgy tenants tend not to like agents because of the checks they carry out. All rent guaranteeinsurance schemes requirte that you fully credit check the tenants. This aspect alone can help deter rogue tenants! Hi Property Landlord , and welcome to the site Here is your baptism of fire !!! Utter Rubbish I get upto 20% more than "agent" lets in the same street as them trying to let like for like prop. Also people like to deal DIRECT with a LL knowing that he has a vested interest in the property and is more likely to respond to provblems than an agent , will charge less on set up fees ...if any at all...............and in my and many other cases do a much more thorough job of referencing (see tenantref.co.uk ) ...a bit more advertising ...but not for my self! Who will not only credit check, id check , prev LL check, emploment and income verification BUT will also indicate a suggested credit (rent) limit all for less than £25 ...which the T pays ..so at no cost to us the LL... Credit checks DO deter idiots ...as does presenting a professional well organised approach...but you can do this youurself so easily ........... Far too many agents do not do proper referencing and have no systems in place for dealing with problems .... The Rodent Link to comment Share on other sites More sharing options...
BarryM Posted July 12, 2008 Report Share Posted July 12, 2008 On properties I own that are "off my patch" I generally do find agents useful only as a mechanism for coming up with "interested parties" - in may cases they come up with prospective tenants that I am unhappy to proceed with. Depends on your risk analysis - my potential downside is a problem tenant who won't pay and won't leave. Their downside in this situation is rather less painfull. Tenants who use agents will pay for a service. They get chauffered around in aircondioned cars, at times to suit them, to view property that accords with their criteria. I've just rented aproperty myself, I don't begrudge the agent his fee as he actually listened to what I was looking for, and only had to show me one property which I took on the spot - at probably more than I would pay if I'd taken a week out of work to find it myself. The week off work would have been alot more expensive. Link to comment Share on other sites More sharing options...
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