myhouse Posted June 20, 2006 Report Share Posted June 20, 2006 I have two 5 bedroom houses in Anfield for 8 months now. After meeting serveral agents, displaying varying degrees of interest..I opted for the most enthusiastic and optimistic - given that my choice of properties would do better in the London area than Liverpool. To my dismay..nearly four months into my contract they have only sourced and placed two clients into my entire portfolio..I have also advertised privately and have been charged £75.00 per tenant to sign them up after them saying "they would not charge me for finding my own tenants.. taken half the money in letting fees..held on to the deposits and only just transferred the funds to my account last week after many, many phonecalls (incidentally, i signed a contract which states the following:- a) The Agent requires six months termination notice. Rental income will be transferred at intervals of no more than three months I am now very worried - as the 'lack of performance' will mean I go bust in two months - if I cannot find tenants. I have already put one property back unto market.. Can anyone recommend a good agent/mangement company for this area. i am also considering sacking the agent and taking on the mangement myself - I live in London and that would not be a practical solution..but could I make any worse a decison.. I don't really know at present. If I did take this route can anyone recommend ways of managng this project - to avoid the lengthy route of costly mistakes.? Appreciate any help I can get. My houses.. Link to comment Share on other sites More sharing options...
Melboy Posted June 21, 2006 Report Share Posted June 21, 2006 Sorry to hear of your problems and it is obviously a worry for you at this time. Can I just say to anyone reading this and it is not having a dig at "myhouse" that the Television Property programs have a lot to answer for over the past 5 years for giving the impression that becoming a Landlord or a Property Developer is the path to riches.....it most certainly 'aint for the vast majority! Personally, I would not have bought 2 five bedroomed houses for multiple occupation by various Tenants as newcomer Landlord. Fraught with problems if you go down this route in my opinion. Good luck with your sale. Link to comment Share on other sites More sharing options...
ilovemydog Posted June 21, 2006 Report Share Posted June 21, 2006 Goodness, I agree with Melboy, 2 five bedroom properties just screams "hassle" for newbies - I am a "newbie" starting with a One bedroom Maisonette. I've been wanting to do this since I was a teenager, and have been watching the markets and proceedures since then, (15yrs)but would never go in other than a "First time buy" property, suitable for letting. (but I haven't let mine yet - just picked up keys, so I hope I dont have to eat my words !! ) Maybe you should sell and start with a more realistic property, easy to manage, to let and to maintain. Link to comment Share on other sites More sharing options...
plym77 Posted June 23, 2006 Report Share Posted June 23, 2006 Gosh, what an awful situation to be in... I am sorry to hear about this. I dont know if this helps at all, but one of my clients (I am a Chartered Tax Adviser) had similar problems and what he did is went with an agency that gives him a guaranteed income every month. The company then goes off and finds tenants themselves. The guaranteed income is generally a bit less than market value since it is the property company that is then taking the risk - they make their profit by keeping whatever they can make on top of the 'fee' they pay you. This aint an ideal situation as you would not be getting the level of income you would on the open market, however, you would at least be relieved the hassle and if you go with a management company they would charge you a fee anyway. Some income is better than none... It may be worth doing for a year while you get back on your feet? Just a suggestion really. Unfortunately I cannot remember for the life of me the name of the company that does this or the name of client and unfortunately it would take too long to try and find it to give you the name (I have hundreds of clients) - but it may be worth a search on the internet though? I hope this helps and best of luck Plym77 Link to comment Share on other sites More sharing options...
plym77 Posted June 28, 2006 Report Share Posted June 28, 2006 I have remembered the company... Morgan-Gould Properties Limited - Tel: 01443 226 957 - They are based in Mid Glamorgan, but may take properties, or direct you to a similar company, outside Wales... worth a try? Hope it helps Plym 77 Link to comment Share on other sites More sharing options...
sifly Posted June 29, 2006 Report Share Posted June 29, 2006 I agree with plym77. Best to get a company that will get you a guarenteed rent. Obviously you get less rental income for the guarantee, but on the positive side you will more than likely still be able to keep the properties and gain in the long run via price rises, rather than immediate income. Another option, depending upon the local authority, is to check Housing associations in the area. They pay a fixed rent for a term (3/5 yrs). only problem is you have no say on who moves in. The local council may also have a scheme to house council tenants in private properties. Worth considering. Link to comment Share on other sites More sharing options...
thebiglandlord Posted June 29, 2006 Report Share Posted June 29, 2006 Really sorry to hear about your problems. When I first started out I had a lot of problems but things are running very smoothly now. You have watch out for most of the estate agents, most of them are crooks, I am based in London and I have several properties in West Hampstead, Belsize Park, Finchley & Frognal and I can tell you in the early days I was with the so called 'big professional estate agents' but I soon found they are the biggest crooks and not to be trusted! (Namely Paramount Properties, Greene & Co and Park Heath Estates!) Professional I think not, more like dodgy dealers! The best thing to do is go with a local estate agent who has a personal interest in doing well for you the customer, I have found smaller agents work harder for you and they are more honest in their dealings. They work for you and not just to line their pockets. Unfortunately the great new local agent I have found is in West Hampstead so they can't help you out but search and make a sound judgement call and you will be ok. Good Luck. The Big Landlord. Link to comment Share on other sites More sharing options...
myhouse Posted July 6, 2006 Author Report Share Posted July 6, 2006 gosh!! You have all been a tremendous source of support.. It is tough out there.. I have (only yesterday) amicably parted company with the lettings agents..who not only told me to get lost.. but have failed to answer any of the genuine concerns that I had regarding their running of my business. They have turned out to be a bunch of thugs.. If anyone can recomend a good agent in Mersyside i would appreciate it. I am going to get in touch with the company that Plymm has suggested..so thanks! I also just found out that no rent has been collected since May 3rd, so I have written to the tenants informing them not to send anymore money to this company but to pay me direct.. and also given them a deadline date to bring rent up to date.. Thank s again myhouse Link to comment Share on other sites More sharing options...
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