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  • Buy-to-Let

    Easyproperty 3% full mngt fee!!!

    Afternoon, I have a a couple of rental properties where the existing tenants are moving on & was going to just ask the usual letting agent to find me a tenant & continue managing it. As usual I planned to just swallow the ridiculous expensive admin fees/ double inventory check / deposit fees as well as my 12% + VAT monthly mngt fees because I am only a part time landlord (I have a busy day job). Until I stumbled across this on the internet... easyproperty appear to be doing 3% + VAT for FULL MNGT..

    https://easyproperty.com/full-property-management/

    This seemed incredibly low to me (vs the high street) & like all things in life that are too good to me true I wanted to sanity check (!) & get a sense of other more experienced landlords experiences with them to date?

    I found this as well which was pretty glowing in general:
    https://www.trustpilot.co.uk/review/easyproperty.com

    Has anyone had any first hand experiences here? I calculated if I moved all my portfolio over to these guys that I would be saving ~7% of my monthly rent.

    I had a look at other remote services eg Yellow lettings (I love these guys podcasts) but they charge 10% + VAT so not nearly as good value. Has anyone written a blog or can point me in the right direction re the difference between all these online agent services? tks all thoughts appreciated
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    Hi Jimbo,

    Like anything in life, you get what you pay for imho.

    If you want to go cheap, expect poor service and costs that will almost certainly be more than going with a reputable agent, with an on-the-ground presence, and local knowledge.

    The margins in lettings are quite slim and I would be very surprised how 3% plus VAT could be a sustainable business model.

    We have many discussions here of landlords who have gone for the cheapest management option and ended up with problems costing far in excess of a fully managed service at 10%, which I personally am quite happy to pay. Smile
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    It will be a loss leader to get business. 3% is not a sustainable business model for a letting agent even without high street shop presence.

    In life if something seems to good to be true it normally is and in property that mantra is especially right.

    I'm a letting agent and know what good systems, good staff, processes, training and development etc. cost and Its a damn site more than 3% per month

    We never have and never will compete on price, its a sure fire way to not only dilute your brand and quality of service but also a quick way to going bust

    There will be a market for the cheap agents and some landlords who value price over service and quality will be attracted to them, just as there is a market for a no frills airline

    Just be very careful Jimbo. I've wrote a brief report on questions to ask your letting agent and its on our website https://www.thecastledenegroup.com (Hope you don't mind V)

    Have a look and grill them, if you're happy with the answers then great, give them a try just be very careful and go into this with your eye wide open

    JP

    It will be a loss leader to get business. 3% is not a sustainable business model for a letting agent even without high street shop presence.

    In life if something seems to good to be true it normally is and in property that mantra is especially right.

    I'm a letting agent and know what good systems, good staff, processes, training and development etc. cost and Its a damn site more than 3% per month

    We never have and never will compete on price, its a sure fire way to not only dilute your brand and quality of service but also a quick way to going bust

    There will be a market for the cheap agents and some landlords who value price over service and quality will be attracted to them, just as there is a market for a no frills airline

    Just be very careful Jimbo. I've wrote a brief report on questions to ask your letting agent and its on our website https://www.thecastledenegroup.com (Hope you don't mind V)

    Have a look and grill them, if you're happy with the answers then great, give them a try just be very careful and go into this with your eye wide open

    JP
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    John Paul MARLA
    Managing Director
    Sunday Times Letting Agent of the Year 2014
    Investors In People GOLD accreditation
    http://www.thecastledenegroup.com
    Neither is the (most) expensive to best choice 1. Margins are small 2. Being over charged as you have just described. My suggestion would be; if you have a portfolio of properties to try one first and if you are happy with the service migrate over. If not, revert back and/or look for other options. There are many other ways to reduce your overheads and preserve your rental income these days, as such by using an independent management company.
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    3% management - seems from website everything else is added cost. Take vists or property inspections for instance. If landlord wants to be more hands on OR pay per service then sounds ok.

    £9 per month, est fee based on Northern House price - would pay for one persons hourly wage. Its not sustainable and an indicator of time to be spent by agent on service - a loss leader perhaps.
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    Thanks to everyone here, really appreciate the thoughts/comments.

    Vanessa, in life I tend to agree with your comments re getting what you pay for. Hopefully going via an online agent I wont be paying for the expensive local overheads on the prime high st real estate/business rates & fancy branded cars, if I have to give up a bit of local knowledge on the area for that then I think that's something I am comfortable with if they are only going to charge me 25% of the price! I normally instruct my agent at what price to market the properties anyway & I note one of the 'reputable' on the ground agents I use actually out-sources all the mngt to somewhere in Southampton already anyway.

    I think if it was from a less trusted/well known brand I might be more concerned, but I find it difficult to think someone like Stelios would tarnish the "easybrand" if it wasn't up to speed on all the legals/processes etc. That said i will still be doing full DD & I think I am most likely to take Caretaker's advice & move one or two properties over to them to trial before making a more strategic decision on the rest.

    As a consumer I love buying the cheap deals/loss leaders in supermarkets & I always fly easyjet/ryanair to save £ when I can. I totally understand that some people want the "BA service" that JP describes & I think there will always be a place for that as well, but given this is the equivalent of a 7% rent increase & a 75% saving on my high st agent I will at least try it..

    Also back to my first comment if anyone has actually tried these guys & has a real life experience pls pls let me know as I would love to hear..

    Best of luck to all, this really is a great forum Vanessa
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    Most of the glowing reviews only seem to be about tenant find. For the management I'd imagine, as someone else said, that they add on fees for anything beyond collecting the rent and passing it on to you.
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    [Image: 75pxLogo.jpg]

    http://www.brumhomes.co.uk / Facebook

    Local to Birmingham/Solihull? Join our Facebook private rentals group:

    http://www.facebook.com/groups/RentalBhamSol/

    Twitter: @RentalBhamSol

    Likewise Jimbo10, please let us know the outcome if you do decide to use Easyproperty!
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    Lettingsupermarket.com -4%

    I don’t want to be seen as promoting another property portal.
    However, Martin Alexander from property118.com is recommending Lettingsupermarket.com. They charge 4% for Full letting and management.
    I assume as he is a well respected person in the ‘property’ market it may well be value for money. I am going to a landlord soon and obviously need to be careful in choosing the right letting agent.
    I would be very interested to hear of any landlords who have used this service. Has anybody used- lettingsupermarket.com?
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    So for your 3%. Do you get your property advertised in the local shop window as well as the usual portals? Do they have local knowledge? Do they do all the viewings, inventory, tenancy, property checks? Do they offer a 24 hour emergency telephone number for your tenants? RGI if required? Do you have a single person you can speak to should there be a problem? Will they call around to the property to see if the tenants are still there if the rent isn't paid? Will they supply or provide a local repair/gas safe cert/ legionaries RA. Are they members of ARLA or other reputable Lettings regulatory body? Should your property be the type that attract LHA tenants do they do the claim and chase payment? I am sure there are many other things that I have missed.
    There is so much more that the independent high street agent offers over a faceless online agent. I am biased I am a letting agent and at the price they are offering they could not physically look after your investment property in the way it should be without all the additional charges that no doubt are hidden.
    As for lettings supermarket Mark Alexandra (whom I do respect)has a minority share in the business and is based in Hartlepool, I certainly wouldn't want eithier of these company looking after my Manchester Property
    I wish you the best of luck and if you do try there managing service please come back with a review of the service and all the charges.
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    [Image: New-logo2.png] Manchester based investor. I buy, sell, renovate and rent investment property in East/North Manchester Wink email: mike@brentwoodinvestments.co.uk Call: 0161 681 3724


    Hi Michael, thanks for the thoughts. Few responses from what i have been able to find out so far:

    Do you get your property advertised in the local shop window as well as the usual portals? No Just rightmove/zoopla & prime location at a cost of £9.99 per week or £59:99 for 2mths

    Do they have local knowledge? Not clear BUT I do, I spent a lot of man hours searching for my properties & I keep a close eye on the rental market in my area & what similar properties achieve. I feel confident that I know what the 'going rate' is, if i didn't i shouldnt ever of bought them!

    Do they do all the viewings, inventory, tenancy, property checks? Yes to all according to their website https://easyproperty.com/our-services/

    Do they offer a 24 hour emergency telephone number for your tenants? Yes according to the web link https://easyproperty.com/full-property-management/

    Do you have a single person you can speak to should there be a problem? Unclear

    Will they call around to the property to see if the tenants are still there if the rent isn't paid? Unclear

    Will they supply or provide a local repair/gas safe cert/ legionaries RA? Yes according to the website https://easyproperty.com/our-services/

    Are they members of ARLA or other reputable Lettings regulatory body? Yes RLA according to website

    Should your property be the type that attract LHA tenants do they do the claim and chase payment? My properties are not LHA so NA for me

    What amazes me most about this is that its not 30% off or even 50% off..I will save 75% vs what I am currently paying & am already thinking about using the funds to reinvest back into my portfolio...will let you know how I go/provide more info on costings/level of service when I do.

    Best of luck all
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