[holland]

Hi,

Deliberating what to do at the moment, and think we may have to rent out house, any posts would be gratefully received.....

[Sam B]

We rented our house out for a short time. I think the most important thing is to get a very good property management agency that does everything for you and keeps you well informed by email. We stored all our furniture in our very large shed. The property agents advertised in the local paper before we left. There was a lot of interest, so he invited all the prospective families to look round whilst I was there, so I could vet them. After they had gone, we compared notes and decided on the best family - he chose people who were financially well-off, and I chose people who I liked and who I could see loved my house. These people actually tallied, so we chose our family, and they moved in the day we moved out.

Of course, then we decided to sell up 2 months later (deep guilt) so the property agent gave notice to the family, and I actually paid all their removal costs because I felt very guilty. The property agents then arranged all the valuations and managed the sale. They were brilliant.

[thepiesleys]

We got an agent but I wished I had done it myself, I also got tied into a deal with the agent were they part manage the property. In effect they do nothing. They are supposed to inform me of any problems but the tennant and myself have since taken to email-ing each other direct. I tried to get out of the contract but was told I would have to cough up 500 quid finders fee if I tried to break it. They sent a copy of this particular clause in the contract I signed.

I had so much going on at the time we did not want any other issues going on - so we handed everything over to the agent as we had moved out and let them get on it. Oh how I wished I had not.

My advice would be to maybe try and find someone your self and manage it yourself from NZ. A lot easier than you may think.

Find a reputable handyman, deal with your tennants via email, find a family member/friend who would be happy to visit the property in event of a problem.

Simple

PM me if you want any other info

dan

[M&J]

We have rented out our house through a agent. We had some previous experience as we also have another house which was rented which we are in the process of selling. Both houses we chose the agent we liked them rather than if they could get the higher rent. The 2nd house has been rented out for over 2 years with no problem, we didn't live near by and any problems they just called or e-mailed and this has continued no we are in NZ. All is also going well with our house we lived in, agent keeps in touch by e-mail although they did ring once a 1am forgetting the time difference!!!!

IMHO I would do it through an agent, one you trust, as they sort all the little things out and only get in touch when really needed. Also as we are now selling on house they are also dealing with the sale and they have been really good with that too, its the solicitors that are making it difficult.

[holland]

Thanks for posts...M&J, its difficult to find an agent I trust...when all I can really go off is what they are telling me when they are talking the talk at my kitchen table! I have been tempted to ask them if I can have the number of some landlords that use them, and ask their opinions. I have tried to look for reviews of agents on internet but cant find any!

J

[DMcG]

I managed to find an agent who was recommended by a friend. They specialise in properties central to town and only take in professional couples as tenants. It's a very small company (3 of them I think) and they charge a percentage of the income - so if the flat is empty, they don't get any money. All white goods and the central heating, plumbing and electrics are covered by British Gas - costs about GBP50 per month, and they have to fix anything that breaks.

Three years now and no real problems.

Dougie

[holland]

Dougie,

Thanks for reply...I don't know anyone that rents locally, I might see if I can find some forum or other, where I can find some more info....I have had two companies in, and you pay every month regardless of whether or not you have renters in, and we have to pay a months rent to the company upfront, for set up costs..they want 12% per month, with that, and our mortgage and insurance, we will be down each month. They have said that the insurance will pay out if the property is empty, but this only comes into play when a tennant has left...so in other words we need a tennant, to almost trigger our insurance if we need it. ( Hope that makes sense?!?-its all a bit long winded!)

[Caroline and Dave]

Try these links
http://www.arla.co.uk/
http://www.landlords.org.uk/index.asp
http://www.rla.org.uk/

WE have let properties for years and use these links a lot. We are also a member of the national landlords association and get a wealth of info from them

Hope this helps

Dave and Caroline

[holland]

Dave and Caroline,

Thank you so much, you provide such fab info and links, thanks again

j x

[KerryS]

I would advise using a reputable agent and property manager. I've rented out my house in London for several years now, and a good agent is worth their weight in gold. Mine charges a %age of the rental income each month and provides me with an update via email of any problems or whatever. I've always asked to be informed by tenants as soon as something causes a problem, no matter how small or insignificant - it's easier and cheaper to fix little niggles than wait until they become big ones.
My agent also has a clause whereby if the property is empty then I still get the equivalent market rent from them - basically a form of rental guarantee.
I'm very fortunate in that I've had the same family as tenants for the last 3 years, and they are excellent tennants.

[holland]

To all those people that rent property out, what are your main priorities when viewing houses to rent out??

Did you buy from esate agents or auctions??

Thanks

j x

[Caroline and Dave]

Several years ago we bought 3 houses by Auction that were run down and done them up and then rented. However in our area we found it extremely difficult to rent out houses because of the amount of rent they fetch, there are not that many people who can actually afford them ( Bear in mind we are in Greater London) Those who could afford them were sharers.
We sold off all our houses and invested in flats. Flats are more sought after as the rents are more affordable.This is only our personal experience and other areas could be different.


Hope this helps

Dave and Caroline

[DMcG]

The flat I rent out was one I bought to live in and was exactly what I was looking for at the time. Top floor in a Victorian tenament, lots of space, views out to the hills, good area (up and coming) of the city. If we decide to settle here for good, then i'll sell it to pay for something pretty decent in NZ.

Dougie