169741

Hi everyone,

I'm new to this business and currently own one property that is been managed by a letting agent. I am paying them £100 per month, for what looks like doing very little.

Can someone tell me what I need to do to take it on myself i.e. what forms will I need the tenant to sign, they paid a 3 month in advance deposit (which is currently being held by the agent), do I take that, if so where do I put it? And any other advice and recommendations would be very much appreciated.

I look forward to learning much and in the future to be able to give advice myself.

Thanks

Lorna

Hi Lorna, replying as an Agent they are probably doing quite a bit for you that you're not aware of. You will need to register in one of the deposit schemes, take the inventory from the Agent, arrange the regular inspections of the property and the check out, deposit return and work out any damages or dilapidation charges you wish to make (and can prove) as well as all of the legal requirements, notice serving correctly, rent increase, new AST, not to mention all of the maintenance calls, quotes, invoices etc etc. You state that you are new to this business so perhaps it would be more sensible to enquire if you could drop down a management level instead? Most Agents offer a Rent Collection only service where they deal with all of the legal stuff but you get the maintenance calls....

you will no doubt have signed an agreement / terms with your agent, and there would no doubt be charges incurred to break the agreement (unless they have failed to provide a satisfactory service in which case there would be an argument of them having breached, but that doesn't seem to be the case.) Why not do a bit more study on the NLA online library, and/or attend a course or two, then decide at the end of the tenancy if you want to self manage or not, at least you would know what they are actually doing for their fees. If no "problems" are in being, that is unlikely to be just good luck! I have self managed and am fully capable of doing it, but now due to lack of time I use agents who do a good job.

Thank you so much for your responses, they are very helpful. How much do you think we should pay an agent if they just collected the rent and we did the maintenance? We currently pay them £100p/m. Is that figure good value for us?

Thx

Lorna

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