BTL maintenance

[drmotorsport]

My parents own a very small portfolio of BTL and have always maintained and improved the property themselves (dad was a builder). They are now of an age where that is now not an option and i'm still in a full time job where I cannot spare time for the hands on side of the 'family business'

What do you powerfully built directors do about outsourcing maintenance? Leave it to expensive letting agents to deal with, have your own fleet of tame trades on call, or other?

FYI they dont want to liquidate the assets and invest elsewhere, the CGT will kill them!

[Countdown]

I've got landlord Home Emergency cover which covers gas, electrics, and plumbing which covers most things. I know a friendly builder for anything else.

[White-Noise]

My parents have a small hmo a couple of hours from their place. They have a local handyman that is trustworthy and seems to be able to handle just about anything. He was in place when they bought it so lucked in on that.

My gf has a couple of places and uses and assortment of local tradesmen shes gotten to know. You can network through these sorts of people in the future once you know a couple of em.

[ooid]

Countdown said:

I've got landlord Home Emergency cover which covers gas, electrics, and plumbing which covers most things. I know a friendly builder for anything else.

This exactly. Make sure that Landlord Insurance covers what you really need. I would also suggest, a friendly builder who is also a plumber or good at plumbing, usually the issues always related to heating or water leak somehow. -imho.

You can also get a rental guarantee insurance, if you are going to have some new tenants whom you are not fully sure!

[Panamax]

drmotorsport said:

They dont want to liquidate the assets and invest elsewhere, the CGT will kill them!

You can't have yourcakeand eat it. Get a decent agent and leave them to it - or bettef still, make sure they work for their money.

[Armitage.Shanks]

Panamax said:

drmotorsport said:

They dont want to liquidate the assets and invest elsewhere, the CGT will kill them!

You can't have yourcakeand eat it. Get a decent agent and leave them to it - or bettef still, make sure they work for their money.

Agreed. Be careful of the T&Cs on some of the bigger letting agencies that offer fully managed - like Your Move! Yes there'll get a local trades in who will provide a quote but when you get presented with the bill Your Move will then charge a percentage admin fee for sourcing the trade even though you pay for fully manages services.

Where We instruct a contractor on Your behalf, You agree that We may receive a commission of up to 12% of the net cost of the works plus VAT (14.4% inclusive of VAT).

Not a bad game to be in just picking up the phone to call a local trades.

[Countdown]

When one of my properties was "fully managed" I did wonder how much of a kickback they got from their preferred Contractors

[AB]

I make sure our letting agents know absolutely not to call their own tradespeople if the tenants raise an issue. In fact, our tenants know that if they contact us directly they will get it sorted out more quickly and there's room for them to decide how it is sorted i.e. to their tastes.

I have a group of guys I can call on whereby I know it will be done properly and for a decent price.

Edited by AB on Thursday 31st July 16:49

[Panamax]

Why pay the agent if you don't use the agent? Sounds like owning a dog and barking yourself.

[OIC]

Timely thread - anyone know a friendly roofer who likes flat roofs?

One of my properties has a leaking shared flat roof with probable party wall issues thrown in for good measure.

Joy.

[Countdown]

Panamax said:

Why pay the agent if you don't use the agent? Sounds like owning a dog and barking yourself.

Its easier (sometimes) to use the LA for advertising, reference checking, sorting out the lease, TDS, doing an inventory and all the other pre-letting stuff. You dont have to use them for everything, I just use them for new tenants and pay a one-off fee.

[Djtemeka]

My agents take a minimum or 10%. Some up to 18% incl vat!
My price goes up by their commission amount so I get what I wanted originally.
Find your own tradesmen. Save your own dosh

[drmotorsport]

Armitage.Shanks said:

Panamax said:

drmotorsport said:

They dont want to liquidate the assets and invest elsewhere, the CGT will kill them!

You can't have yourcakeand eat it. Get a decent agent and leave them to it - or bettef still, make sure they work for their money.

Agreed. Be careful of the T&Cs on some of the bigger letting agencies that offer fully managed - like Your Move! Yes there'll get a local trades in who will provide a quote but when you get presented with the bill Your Move will then charge a percentage admin fee for sourcing the trade even though you pay for fully manages services.

Where We instruct a contractor on Your behalf, You agree that We may receive a commission of up to 12% of the net cost of the works plus VAT (14.4% inclusive of VAT).

Not a bad game to be in just picking up the phone to call a local trades.

Cheeky, a managed fee not just on the letting agreement but also a chunky percentage of potentially a massive trades bill!?

[nikaiyo2]

100% agent, even when I had more BTLs than now.
It costs a bit more... why would I want all the hassle for 10%, small price to pay if you ask me. Also the agents I use have brilliant contractors, they can get them out same day/ next day are of a know quality.

[Furbo]

nikaiyo2 said:

100% agent, even when I had more BTLs than now.
It costs a bit more... why would I want all the hassle for 10%, small price to pay if you ask me. Also the agents I use have brilliant contractors, they can get them out same day/ next day are of a know quality.

Because it is 10% of your top line, not your bottom.

I used to own a letting agency BTW.

[2and3and4]

Not all letting agents do property management/maintenance.
Openrent for instance.