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my business partner put one of his properties on facebook when it became vacant and did credit checking himself and issued required documentation, went well enough
That's precisely what I have done the last couple of times that I have had a property come up for rent. The only issue I have had is a few time wasters who arrange a viewing, then never show up or contact me. So far it's been a relatively painless experience, with no extortionate fees to worry about.
Jamie, if you're able to do the viewings then why not do the whole process yourself?
As Kat C mentioned, OpenRent is £30 and I've used it several times now, always came up trumps.
This fees ban may cause a lot of LL's that were not quite sure about taking on full management to reconsider their position now.
If you self manage you can tenant find in my view .
Just need reasonable interpersonal skills and a bit of studying the legislation
Advertise on Open Rent / FB / Gumtree / local community websites
Gen up on AST / EPC / Gas Cert / Deposits / Right to Rent regs and you on your way
Jonathan Clarke. http://www.buytoletmk.com
So you are most of the way there . I do my own referencing . I speak/ visit guarantors , their boss, their character references, check their bank statements , their savings, their title deeds , interview once then again if required . I trust my own judgement rather than a 3rd party. I dig down as much as i can. The more you do the easier it becomes. Some people are not cut out for it and that`s fair enough but tenant selection is crucial for me . Set it up right by spending the time and asking the right things and its worth it .
When referencing agencies ask me for a reference for an old tenant of mine their processes are woefully inadequate I find . Sometimes just an e mail asking 3 questions . No real DD just a paper exercise . I could put anything in there and they would not have a clue
If you are handing over a 200K property to someone and expecting 10K in rent every year it requires a bit of work up front to secure that . So I would say give it a go. You can do twice as much as any agency because you have a vested interest in getting it right . If you self manage and only pay for a tenant find then they have no real ongoing interest in getting the right tenant for you as they earn no more money from you on that property just a one of fee . If it goes wrong there is very little comeback on them
So give it a go i would yourself and maybe tap into someone locally initially to give you a hand whose done it before. Get them to come along with you and pay them £100 for guiding you through until you are confident enough to go it alone. Much much cheaper and more effective I suggest than paying someone £720!!
I haven`t had one since the new rules came in so haven`t check it out in full but yes my gut says i would just take a holding deposit of say a week or two rent and that can come off the 1st months rent
You need to watch how long you can keep the holding deposit for.
IIRC it looks quite demanding to do a tenancy within that period.
You can modify the 15 days you can keep the holding deposit for as long as you have a written agreement with the tenant (which specifies how long you get to keep the deposit for). TFA Schedule 2 2(2)
Does it really take you more than 15 days to set up a tenancy?