Updating post from Reddit.
Howdy folks,
My dad is a landlord, he owns three properties, two semis and a first floor maisonette.
He has been a landlord for around 12 years and has changed letting agents a couple of times but feels like whoever he is with, they are useless. If there is ever a problem his tenants always reach out to him (he prefers it this way as he has lost good tenants before because agencies haven't passed complaints/issues on to him).
He's not very computer literate and keeps all of his documentation in paper format but he wants to know how hard it is to go solo without the letting agent. One of his concerns is how to advertise a rental without an agent. He is retired, so has got the time to go out to places if needed.
Can anyone provide any advice or experiences please?
Thank you
If that's what he is concerned about, advertising is the easy part. It's a simple website called OpenRent. They try to upsell you "agent"-like services, but you can decline and DIY.
However, if he's not computer-literate, perhaps you could volunteer. It is easy, but it does take time responding to queries, I guess.
Otherwise, your dad could employ an agent on a "Tenant-Find Only" basis.
I'd caution your dad from going alone right now. We're in the midst of change. It would be better to start doing DIY when the dust settles and we know what the new rules under rental reform are.
He likely wants to be a member of the NRLA for their documentation, as he will DIY.
Another vote for both OpenRent and NRLA.
OpenRent is great; they get you on to RightMove which is all you need, for about £30. Also have a B excellent online system for screening applicants, communicating with them, and logging application status.
Strongly recommend NRLA, well worth the fee for all the paperwork and a very good advice helpline. PM me if you or anyone else wants my referral link (which will get us both a £15 discount)
I'm not against helping him out with the online stuff. He's also a bit lost at sea with what he needs to do in terms of keeping documents up to date, electrical certs etc. He uses all his own tradesmen so doesn't rely on an agent for that.
Hard to take you serious with that name! 😂 But that aside drop these guys a line (www.landlordlab.co.uk) and they might be able to tailor something for your Dad. Main reasons I moved to them were the same as your Dads and I also have my preferred tradesmen. The bit I struggled with was the compliance and record keeping side and that’s getting more and more onerous. They have the back end property management systems and expertise on this and will stay up to date which I struggle with (it’s overwhelming to be honest). We did a discounted deal where they helped with the marketing and referencing (using Open Rent) and I did viewings and chose the tenants. I collect the rent and they do all compliance. They have a tenant portal which records everything and allows the tenant to report and they’ve never taken more than a day to contact me if it needs more than advice (I let them deal with £50 or less and they’ve never needed it). Feel free to PM me if you want an intro.
Thank you very much I'll have a chat with him.
I get more comments on this name than I have an any other lol
Documentation-wise, if you have access to a printer and a PC. You and he could probably get very organised with a few folders and membership to the NRLA. They have templates for everything.
However, it's all about to change. I suggest sticking with the agents for a month or two more.
Thank you very much, this is very helpful
OP didn't specify location which can make a significant difference to any advice given e.g. renters rights Bill has far less impact on Scottish landlords that it does on those in England...
Many different rules for Scottish landlords....but there doesn't appear to be a sub reddit on it.
The UK is Scotland, but I agree that the vast difference does leave room for errors on this "UK" subreddit. Create a subreddit. I am happy to help; it is an area I need to read up on more.
It’s the same thing if he didn’t go alone though? In the middle of change that nobody knows anything about? So it’s no different going alone and not knowing or paying someone else also not knowing?
There is no point setting up systems, records and getting organised based on todays world when tomorrow its going to change. Id suggest its beter to let the letting agent continue running it, until we know what the future wlll look like and when NRLA (etc.) release their updated documentation.
We have 2 lets in Essex, we live in North Wales. Fortunately, we have had the same 2 families tenants for the last 9 years, we had no agent to start with, and got both tenants through Facebook marketplace within days. We have never had an agent, our tenants know that we will make instant decisions when they phone an issue through to us. All tradesmen are local to the houses, and respond quickly. Why is this good? Well, we believe in being good landlords and keep our tenants happy. Both sets of teants have said that they had real problems in the past.
Join the NRLA at first, well worth it for a start, and they have checklists and tax guides, also templates for shorthold tenancies. Also, our deposits are held by the TDS, Tenant Deposit Scheme, which assures both Landlord and Tenant of fair practice. My HMRC Self Assessment takes me a few hours a year.
So, any extra cost involved by DIY is more than taken care of by not paying 10% + on Agency fees.
Best of luck!
You can use an agent just to get the tenant in, then manage the property yourself, which sounds pretty much what's ended up with even if he's paying for a managed service.
If you gotta ask go with agent.