Tag Archives: lettingsupermarket.com

Do you feel trapped by your property portfolio? Landlord News, Landlords Stories, Latest Articles, Lettings & Management, Property Investment News, Property Investment Strategies

Could you run your property portfolio from the other side of the world?

Could you run your property portfolio from the other side of the world?

If you couldn’t, without making a lot of changes, ask yourself “why not?”

Whether you live next door or the other side of the world isn’t really the point. The real question is whether you are working as efficiently as possible and whether you can take time out, either for fun or through necessity.

I know for sure that I could up roots at any time because I spend less one hour a week managing my portfolio, and I can assure you it is substantial.

I only ever meet tenants because I want to, and only then if there’s a problem I’d rather discuss with them personally.

The one hour a week is probably an over exaggeration, it’s a lot less most weeks. Usually it’s just a few emails between my letting agent and accountant and the occasional telephone call. That’s about it.

What I really can’t understand is why some landlords give themselves such a hard time. I’m all for trying to save money but doing everything yourself doesn’t necessarily achieve that objective. Furthermore, time is far more precious so if you can outsource what you do to somebody else who will do it just as well if not better, and possibly even cheaper, wouldn’t you agree that is makes sense to at least consider doing that? Also, if the cost is less than you can earn or what you value the time at why wouldn’t you set up your property portfolio so that you could run it from the other side of the world?

Here’s a list of the things you are already doing if you are managing your property portfolio correctly:-

  • Visiting your property, taking particulars and floor plans.
  • Setting up an online account to store your documentation so it can be accessed at any time
  • Advertising your property on the major property portals
  • Organising viewings
  • Referencing tenants and guarantors
  • Getting an inventory and schedule of condition prepared by an AIIC quailified inventory professional
  • Tenancy and Guarantor Agreements
  • Taking meter readings on check in and check out and informing utility companies of tenancy change over
  • Protecting deposits and serving prescribed information within 30 days
  • Re-serving prescribed information when tenancies become periodic
  • Arranging annual Gas Safety Certificate
  • Checking rental payments are received on the due date and taking appropriate action if they are not
  • Issuing notices from time to time as necessary
  • Responding to and dealing with maintenance issues quickly
  • Performing periodic inspection of properties
  • Organising Rent Guarantee insurance
  • Check Out at the end of the tenancy

Some of this costs money, all of this takes time.

Now what if I were to tell you that ALL of the above could be outsourced with no up-front payment and a regular monthly fee of £34.99 plus VAT which you are not even tied into beyond the first 12 months?

I found out about this service late 2012 and wrote an article about it. I immediately started to refer landlords to the company offering the service and the feedback I’ve always had has been exceptional. By May of last year my business partners realised that the business offering this service was about to take off so we did a deal to acquire 26% of the shares.

There were several doubting Thomas’s but the business has been a fantastic success and is already into profit.

The business is LettingSupermarket.com – they are members of ARLA, they have Client Money Protection Insurance, they have Professional Indemnity Insurance and they operate in most areas of England and Wales. They are planning to have full coverage by the end of this year (2014) and we will be helping them to recruit new staff but more about that in later articles. Just as a taster though, staff will be experienced Inventory Clerks, they will be self employed i.e. not tied to working only for LettingSupermarket.com and they will not pay a franchise premium. The next recruitment campaign will be in Kent.

Contact LettingSupermarket.com

 


Focus on Lettings in Greater Manchester Latest Articles, UK Property Forum for Buy to Let Landlords

I have just completed a telephone review with our partners at LettingSupermarket.com and one of the questions I asked was “what is the most popular area in the Country for Letting Supermarket right now”.

Chris Sheldon, a Director at Letting Supermarket said “without a doubt it is Greater Manchester. We manage more properties there than anywhere else in the Country and time to let is also faster than anywhere else, so much so that we are currently very short of stock in the area.”

Greater Manchester is proving increasing popular to investors and this is probably due to rental yields being relatively high in comparison to other areas of the UK. There also appears to be a migration of business out of London to tap into the lower costs and availability of staff in the North West. The most prolific move in recent times being the BBC but do not under-estimate the number of other businesses locating to the area and the associated prosperity they are bringing with them. If you haven’t visited Manchester in the last few years it’s well worth taking a look, be prepared to be shocked!

Chris went on to say “we are also experiencing strong demand in the North East”.

LettingSupermarket.com has been trading for just over a year and Property118 recognised the potential of the business early on and acquired a 26% stake in the business in April of last year. Focus on Lettings in Greater Manchester

Unlike most other online letting agents, Letting Supermarket have agents throughout the UK to deal with inventories, viewings, check in/out and regular viewings.

Due to not having a branch office network they keep their costs right down and charge as little as £24.99 pcm plus VAT for full management for properties where the rent is less than £1,500 pcm. They are members of ARLA and carry professional indemnity insurance as well as client money protection.

If rental income for a property is less than £1,500 pcm and the property is outside of the M25 there are no up-front fees for landlords to pay whatsoever. Also, the management contract only ties you in for 12 months so if you do decide to ‘go it alone’ after the first year there is nothing else to pay, even if you keep the tenants they find for you.

If your property is located inside the M25 or the rent is greater than £1,500 pcm there is an additional £200 premium payable to cover increased costs of professional inventories and a London weighting on payments to agents.

For further details please complete the form below.

How to save money and stay protected

Please complete this form if you would like further information
  • Please enter a value between 1 and 999.

 


A New Years resolution to save money on your property management Landlord News, Latest Articles

It is that time of year when we start to get a bit of time on our hands to review what are plans are for the next year. After getting to know and work closely with Tony and Chris at LettingSupermarket.com we did a small scale Victor Kiam (if you remember he liked the razor so much he bought Remington). We now own 26% of LettingSupermarket.com so if you use them to manage your properties you will also be supporting Property118.com in the process 🙂

We just don’t know where you can get the same level of service from a fully bonded ARLA agent with client money protection for the same costs. Feedback from our readers who have tried them has been exceptional, that’s what persuaded us to acquire share in the business.

Tony and Chris Sheldon started LettingSupermarket.com with the idea of offering the same personal service as high street letting agents, which online services struggle to maintain, but still strip away the costs involved with running high street offices.

Even if you are thinking of self managing would it really be worth the hassle of trying to organise everything yourself and could you be certain that you would be able to do it for less? A New Years resolution to save money on your property management

I have added two examples of different levels of support they provide and it would definitely be worth contacting Chris or Tony via the form below so they can give you a call and have a chat.

Professional property management from £14.99 + VAT per month

This service could save you a small fortune. For just £14.99 + VAT a month your property can be managed by an ARLA bonded and accredited agent which carries Client Money Protection insurance. The service includes:-

  • Visiting your property, taking particulars and floor plans.
  • Setting up an online account to store your documentation so it can be accessed at any time
  • Advertising your property on the major property portals
  • Referencing tenants and guarantors
  • Inventory and schedule of condition prepared by an AIIC qualified inventory professional
  • Tenancy and Guarantor Agreements
  • Taking meter readings on check in and check out and informing utility companies of tenancy change over
  • Deposit registration (This is an additional cost of £25 + VAT annually)
  • Gas Safety Certificate as required (additionally charged)
  • Rent Collection with payment forwarded to your account by BACS and monthly rental statement
  • Check Out at the end of the tenancy

If you want the letting agents to do viewings, periodic property checks and manage all maintenance issues the monthly fee is £24.99 + VAT. The gold package is priced at just £34.99 + VAT per month and includes rent guarantee insurance with legal protection insurance. The rental guarantee policy, which is underwritten by a fully FSA accredited insurance company, pays out if the tenants fall more than a month in arrears and thereafter for any further missed payments until vacant possession of the property is recovered. The legal protection insurance covers all costs associated with eviction.

How to save money and stay protected

Please complete this form if you would like further information
  • Please enter a value between 1 and 999.


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