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  • Buy-to-Let

    Upad or Openrent or Local EA

    Currently yes but as you know gov has decided that the cost should no longer be borne by tenants so that will be phased out.

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    Yes, that's the tenant, but what about the landlord - the person currently looking for advice on which service to use?

    Essentially, what I'm asking is, if a landlord uses your let-only service, will they have to continually endure tenancy renewal fees while they retain the tenant you sourced?

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    Hello, I am your Landlord.

    No. it's a one-off fee payable when the tenant moves in. I have some landlords who still have the same tenants after 7, 8 + years that we put in on initial 6 month agreements. Whether those landlords let tenancies go periodic or draw up renewals I do not know.

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    Jezza, that's pretty rare, so good job. Is that standard policy across all branches, or does it vary branch by branch?

    My advice to the OP: if you do go with a local agent, I recommend using one that doesn't enforce tenancy renewal fees!

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    Hello, I am your Landlord.

    I run a franchise so cannot answer for other branches but I agree fully with your advice and have often suggested that landlords ask that as part of the landlord/agent interrogation at the outset

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    Hi,

    I would like to share my experience with OP and others. Full time employee, started BTL in 2015. Currently hold two 3 bed houses 12 miles away from home.

    Initially, tried to use local EA for fully managed and talked/interviewed all EA’s but surprisingly found them not worth for their lack of knowledge compare to what they charge. All of them don’t know all regulations, use their contract as minefield like the trickiest one and if they fail ultimately the landlord is responsible. I can go on and on. 10% plus VAT is a lot of money even it is tax deductible expense.

    Decided to educate myself, learn as much as I can and manage by myself using Openrent. It was the best decision I have ever made.

    Will I ever use EA for BTL? Probably not.

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    Initially, tried to use local EA for fully managed and talked/interviewed all EA’s but surprisingly found them not worth for their lack of knowledge compare to what they charge.

    This highlights why it is so important to vet a lettings agent, just as you should vet any other entity that you are considering a commercial interaction with.

    See - How to vet a lettings agent ... 12 questions to ask

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    As a first time landlord it’s a good idea to use a letting agent for say 1 year so that you see how it’s done and how much work is involved.

    Afterwards you may decide like I did that 10% is too much for the work involved. I now use Openrent for letting and manage it myself, I find it really easy. The tenants text me with any issues and I send my electrician/plumber/handyman. I normally go to the property with the builders to check on the state of the property and the builders’ work.

    I only let to people that I feel I will get on well with, if I don’t I serve a section 21 at the earliest opportunity.

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