stephensteve Posted May 5, 2012 Report Share Posted May 5, 2012 Hi Guys, I am new to this forum and would appreciate some help. I am amazed at how much my agent charges for such little work. My tenant has a contract for another 5 months, so I would like to keep them. I would like to save myself the agents fee and manage it myself, how do I do this ??? Link to comment Share on other sites More sharing options...
Grampa Posted May 5, 2012 Report Share Posted May 5, 2012 How much does he charge and what do you expect him to do that he isnt doing?? Link to comment Share on other sites More sharing options...
Melboy Posted May 6, 2012 Report Share Posted May 6, 2012 You will almost certainly have to pay your LA out of your contract and that is something that only you can negotiate with your LA. It does depend on what your LA does for his money? Are they doing their job? Regular inspections? Keeping you informed of events etc.? Link to comment Share on other sites More sharing options...
Mortitia Posted May 6, 2012 Report Share Posted May 6, 2012 No doubt you have a tenant who pays rent on time and keeps the place spotless. What happens when he/she goes and you unwittingly get the tenant from hell? Even then the agent might not be up to dealing with it. You will definitely have to buy your way out of the contract you signed obviously without reading it! Mortitia Link to comment Share on other sites More sharing options...
stephensteve Posted May 6, 2012 Author Report Share Posted May 6, 2012 Thanks for your answers, as for "You will definitely have to buy your way out of the contract you signed obviously without reading it! " I have been living in Australia for 4 years and was glad of the agent. A lot of documents are in transit (including contracts) and i haven't got them to hand, any positive, friendly advise is always welcome, cheers Link to comment Share on other sites More sharing options...
Melboy Posted May 6, 2012 Report Share Posted May 6, 2012 If you have had the same tenant for the last 4 years (?) without complaint then the LA has been doing his job especially as you are out of the country. Have a read though this forum for the horror stories and the tenants from hell. Changing horses midway you may regret that decision trying to manage your rental property on the other side of the World. You don't say when you are returning to the UK and of course you didn't mention your overseas status when you posted your question to the forum. Link to comment Share on other sites More sharing options...
stephensteve Posted May 7, 2012 Author Report Share Posted May 7, 2012 HI again, I haven't had the same tenant for the past 4 years, I have been living in Oz for the past 4 years,...now I am back in the U.K. The agents have found a good tenant but 15% of the rent for merely collecting it and inspecting the property every 4 months seems excessive, I wonder if Landlords insurance would cover all the situations that the agent would encounter??? Evicting tenant, chasing rent, malicious damage,etc Any more thoughts???? Link to comment Share on other sites More sharing options...
Grampa Posted May 7, 2012 Report Share Posted May 7, 2012 Try negotiating with your agent. Most agent would rather take a lower % than lose a client. Link to comment Share on other sites More sharing options...
Richlist Posted May 7, 2012 Report Share Posted May 7, 2012 Any more thoughts???? Yes. I also agree 15% is to much but I think you are approaching the matter from the wrong direction....see below. I wonder if Landlords insurance would cover all the situations that the agent would encounter??? Evicting tenant, chasing rent, malicious damage,etc You should be focusing your efforts on selecting suitable tenants and putting safeguards in place so that you don't need to evict tenants, chase rent or experience malicious damage. Letting property with an expectation that these things are going to happen is not the best approach. You should ensure...... * References are obtained/ checked and applicants refused. * You take rent guarantee insurance. * Your ask for a home owning guarantor. * You exclude non English speakers, under 25's, unemployed, people with pets, smokers, people on housing benefits etc etc. * Regular 3 monthly inspections are carried out. Link to comment Share on other sites More sharing options...
stephensteve Posted May 8, 2012 Author Report Share Posted May 8, 2012 Thanks very much for all your great advice, I shall follow the positive bits. Cheers, Steve Link to comment Share on other sites More sharing options...
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