Letting a property out

C

Chicken Kiev

Midfield
Looking to let a house out and been looking at agents prices etc. Don’t want any hassle so gonna do it through an agent and just let them have all the shit what goes with it.

Is 12% management fees about the norm?
 


Agents will take your eyes out. They're in cahoots with tradespeople. My advice would be let them do no more than advertise it for you, and that's only if you absolutely have to do that even.
 
Chicken Kiev said:
Looking to let a house out and been looking at agents prices etc. Don’t want any hassle so gonna do it through an agent and just let them have all the shit what goes with it.

Is 12% management fees about the norm?
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Aye, 10% + VAT, haggle with them, loads will drop too 8% + VAT and also get your set up fees knocked down.

Go with someone who is on Propertymark or NALS

Nicky Winterwasp said:
Agents will take your eyes out. They're in cahoots with tradespeople. My advice would be let them do no more than advertise it for you, and that's only if you absolutely have to do that even.
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If you knew the amount of legislation for letting a property out now you would be shocked.
 
Neb_Safc said:
Aye, 10% + VAT, haggle with them, loads will drop too 8% + VAT and also get your set up fees knocked down.

Go with someone who is on Propertymark or NALS



If you knew the amount of legislation for letting a property out now you would be shocked.
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This. There are umpteen ways you can make serious, far reaching and sometimes irreparable errors, even before the tenant has taken up occupation. I spend a good slice of my working life trying to unpick mistakes made by landlords who’ve had a go themselves. Even agents are often not up to speed. If you want recommendations in Sunderland go with cooper lets or Peter heron. They both know what they’re doing.
 
You still get to deal with all the hastle. All the agent does is collect the rent, take a cut of it, pass it on to you two weeks later and if there are any problems ring you up to sort them out.

Do it yourself, use them for advertising property and initial financial vetting. Don't believe anything they tell you about how great the potential tenants are. Let them draw up a short list then do your own assessment.

Meet the potential tenants and speak to their last landlord. Don't believe written references, ring the referee and check.

Assume all tenants are thieving, scruffy bastards who will destroy your investment. That way you'll be pleasantly surprised to discover they are actually alright and pay the rent on time and look after the place.

Apart from that one twat I'm still chasing through the courts. Attachment to earnings should be approved next week. It will take a while but I'll get every penny the (unt owes me.
 
I would go through an agent from experience.
However they should call you when any work needs doing. Still a pain in the arse as you end up making all the decisions in any case.

Fingers crossed you get a good tenant.
 
Chicken Kiev said:
Looking to let a house out and been looking at agents prices etc. Don’t want any hassle so gonna do it through an agent and just let them have all the shit what goes with it.

Is 12% management fees about the norm?
Click to expand...
Get it up for sale and get rid of it ,not worth the hassle unless you have a few .Unless you are in a crap area like millfield /pallion/edenvale and have no equity in the house I’d say renting it out Is a last resort .
 
Chicken Kiev said:
Looking to let a house out and been looking at agents prices etc. Don’t want any hassle so gonna do it through an agent and just let them have all the shit what goes with it.

Is 12% management fees about the norm?
Click to expand...

Consider the additional tax, upkeep, possible agency fees, any lost revenue from when the property is empty... You're better off selling the property and sticking it in a reliable passive investment fund for 10 years and forgetting about it. You go from a massive ballache to having to do nothing and still making money.
 

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