X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Buy-to-Let

    Fees ban now look at the new charges to us

    Has anyone else been told by their estate agents what the new fees will be for tenant find only but includes referencing and issuing a contract by the estate agents. 
    I manage my own properties so have only ever used this tenant find service but I’ve just had confirmation of fees moving forward and for a tenant find it will be the first months rent plus vat subject to a minimum of £600+vat
    This £350 more than I was paying before ! 
    Is anyone offering or looking at different ways to do this and cutting out the estate agents ?
    0
    0

    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

    0
    0

    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.

    0
    0
    I use openrent to advertise which is free or about £30 to have it on Zoopla and rightmove. They have referencing, contract and deposit services too for small fees (I do that myself)
    SpareRoom is good for a room too.
    1
    0
    Thanks for this Kat, who do you use to reference new tenants and does this cover confirming that they are eligible to rent in the U.K ?
    0
    0
    openrent offers referencing as part of their 49£ package including right to rent check and tenancy creation. I really cannot understand why someone still uses high street agents. Why not throw the money right away out of the window?
    1
    0

    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.

    5
    0

    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

    Good Luck

    1
    0

    Jonathan Clarke. http://www.buytoletmk.com


    Hi Jonathan 

    Thanks for the info. I do already issue new tenancy agreement and all the other necessary bits of paperwork that’s required. The only thing I’ve never done is go out there and find a tenant myself and then get them referenced. 
    Who do you use for your referencing ? 
    Also I hear the with the new ban you can take from a tenant 1 weeks holding deposit, I’m not exactly sure how this works, do you have any idea ? As it’s early days with this new ban I’m not sure if anyone has needed to use this yet and what it’s actually for. 

    Cheers 

    Jamie
    0
    0

    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

    0
    0

    Jonathan Clarke. http://www.buytoletmk.com