Updating post from Reddit.
(Couldn't see how to add a flair - posting as a landlord).
We've had a rental property for about 14 years and started as absolute novice landlords. The first tenants paid rent on time every month in full. We found them via a lettings agent but we managed it ourselves as it's close. We tried to to be decent landlords for our tenants. When there were issues, we rectified them immediately. In their four years, we kept rent the same as we were happy not to have any payment concerns. When the tenants left, there was so little wear and tear we were able to return their depoasit in full. They got onto the property ladder and recommended us to friends.
Prior to letting we put the rent up 6% - a bit lower than newrby properties. The next couple have been every bit as reliable. So, once they were in, we didn't raise their rent either. We did briefly consider it when rent soared around here and inflation went mad. But we figured, covid had hit, they'd had two babies, and we could manage. We did a couple of big improvements while they were there: new heating, and a new front door as the old one was drafty. This couple, now a family, gave us 1 month notice the other day . They're moving because they're also able to buy now. They mentioned a family member as a prospective tenant if we wish.
We feel lucky to have had one empty month in 14 years, and no damage.
But now, we are considering moving away from the area. I have the usual anxiety about letting to a new tenant and have read some horror stories on this sub. It would have been helpful to have the flat to move into if we needed it as part of our sell and relocate. I think, however, that the second property council tax of 200%, and (if I've understood corretly) laws against letting for a limited period (a few months) means we would probably need to let again.
Since we hope to move about 100 miles away, I am considering going the managed route, perhaps picking a guaranteed rental letting agency. I imagine they take a huge slice, but I'm getting about 70% of the current market rate. Does anyone have experience of letting agents/guaranteed rental schemes that they can share? I get the feeling most landlords on the isub are professional landlords but thought I'd ask, just in case.
I'm sorry, I can't help you directly because I deal directly with my tenants, pretty much like your business model. All I can say is, being 10mins from the properties makes it so manageable so I can't imagine what 100 miles is like.
Pretty much every one of my tenants has complaints about their experiences with letting agents, for reference. They seem to be universally shite.
We are ten minutes away at the moment. That’s helpful intel about the letting agents though (and worrying!!)
Has anything happened in those 14 years that required you to be there within 10 minutes?
That’s such a great question! No. It’s convenient, of course, to pop round on the very rare occasions. Eg a meeting g to check the property. Thanks for this.
Relatively new landlord of a couple of years here through a limited company and I live more than 100 miles from the property. Tenants have been great and have lived there for some time I never quite understand the need to be in close proximity to the rental property unless you are someone who can actually carry out any necessary works yourself directly. I suppose ensuring insofar as you can that tenants have a direct line to you and don’t feel any barriers to speaking to you with any issues is the key. I’ve heard some bad stories of letting agents but I imagine of course those with multiple properties might find self managing unworkable especially if not a single let. Whether you put the rent up or not depends on your circumstances of course just did the first rent increase which wasn’t insignificant was scared about it but tenants were ok with it but discovered that a number of issues had not been reported. The second property council tax point is discretionary speak to the council you are moving to or hope to. Not sure on your law against letting for a limited period point.
I’ve started to use this company viewber which allows you to book people in to provide you with detailed reports to inform your management of the property. Pretty reasonable and payments are one off rather than a subscription model like letting agents. I’m sure personally I will need to use letting agents in the future but as of right now and potentially with the next property in the next few months self managing albeit remotely is workable.
Wish you well!
Thanks for sharing your experience and the website. Given my relative inexperience I definitely felt better to have done some property checks in person and to get to know the tenants a little. But if we started with new tenants and then moved I imagine we’d be ok having met them first. Plus we know reliable people here for gas safety/electrician etc.
If you can at all just manage it remotely. The cost of managed can be extortionate for often terrible service.
Openrent has a managed option where for, I think, £100 a year they will act as the direct point of contact for issues (electrics, plumbing, etc) BUT I think it's up to three call outs per year.
I would keep a book of trusted tradies and as long as the house is relatively sorted just play it by ear and earn more money.
I’ve definitely got some good and trustworthy tradespeople. Thank you.
I know you asked for landlord advice so I hope you don’t mind me giving my opinion: a lot of renters are fully aware that agent managed properties are just adding another layer of communication and cost which delays resolution and minimises them to another ticket in a queue. As you’ve been in the area for so long I imagine you’ve already found your ‘go to’ tradesmen for things you can’t do yourself (plumbing, boiler and electrics at a minimum), if not then ring around a few local office blocks and ask office managers who they trust and who they’ve had bad dealings with so you can prepare your own list, someone might even such one company who can attend to most issues
Thanks. That’s a helpful point of view. Yes you’re right we know a few good people for sure. And we’ve always been able to respond quickly, which has perhaps been the reason the tenants have been good to us too.
You’re most welcome, I’m sure whatever decision you make it’ll all turn out grand, best of luck