I am considering setting up a service for landlords where your property is managed without the property manager getting anywhere near your rent money. 

This is how I run my portfolio. 

I have reps on the ground but they are fully aware to never touch the rent money.  Most are on standing orders set up by the rep and some pay by cheque sent direct to the office.

If a tenant wants to pay cash they have to bank it in my bank account.  The tenant is well aware that no money should be given to the rep.  Its not that I do not trust the reps its just keeps thing simpler and easier to manage.

The reason I use this system is because some letting agents were receiving my rent, deducting their fee AND any other cost they felt like.  They considered the money theirs to do what they wanted with.  One time I received a cheque for 35p from a letting agent for 3 months rent!

I propose the following charges to be applied to a landlord payable at the end of the month depending on what the rep has done for you:

Service	Charge
Placing an advert in local press for your property	£20 + cost of advert
Conducting a viewing	£20 per hour
Performing a credit check	£20
Preparing a tenancy	£20
Conduct an inventory	£20
Take calls and enquiries	£2 per call
Ad hoc attendance, inspections and departures of tenant	£20 per hour
Arrange a repair	£20
Send credit control letter	£20
Prepare section 8 or 21 notice	£20
Serve section 8 or 21 notice.	£20
Prepare standing order or arrange payment to landlord	£20
Anything else	£20 per hour

So basically if you have a tenant in your property who pays on time then there would be no charge to you.  If you need help then charges would apply and it would be as above.

Now do you think this is a good idea?  I want to provide this service for landlords across the whole of the UK for those sort of landlords who seek value.  Let me know.

Please answer my simple question Yes or No and I will report the results this time next week.

READ QUESTION AND ANSWER YES OR NO >>>>>>>>>

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Posted on: 19th May 2008 @ 14:17:00