Cutting out the middle man (Letting property without estate agents)Make Text Bigger
I am a Landlord with a small portfolio of properties in London (mostly within Zone 2). I am using the services of various estate agents but after experiencing everything from bad tenants to having to do everything myself (despite signing up for a “management service”) – to put it bluntly, I feel ripped off, and I don’t feel that estate agents represent value for money.
Without going into all the details, and to get straight to the point, I want to take all of the properties off the estate agents and managing it myself. I am doing all of the work already as it is, and I am paying estate agents on average, in excess of 10% of my rental revenues for the privilege of running around like a skivvy.
The service I am looking for is a simple introductory (and possible viewing), where tenants are vetted (i.e. referenced) – and ideally, the service provider does the property viewing (i.e. showing prospective tenants the property). I am aware that Estate agents provide a similar service, but those I have spoken to so far, want to extract a commission for as long as the tenant remains in the property (even though I will be doing everything from rent collection to management). I want to pay a one off fee (“finder’s fee”, if you like). I’m not interested in paying a recurring commission.
I would like advice from Landlords in London who manage their own properties, on the following details:
1. How do they get their tenants (remember if using third parties for this, I am only interested in paying a “one off” fee)
2. What kind of reference checks do you do (any specific reputable reference agencies?)
3. How frequently do you inspect the property once its let out
4. Do you have the frequency of inspections as part of your AST agreement?
I would be very grateful for any advice from London landlords – who have experience in this matter.
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