Renting for the Olympics??

[Jetl3on]

More and more articles in the press about huge increases in Hotel prices, lack of rooms available etc, anyone renting out or renting a property/room, is any of this true or just propaganda by savvy agents to increase demand?

[princeperch]

I looked into it with both Keatons and Foxtons.

Basically they want (and this is from memory) 26% plus VAT. I think this includes a cleaner. Thats payable in advance, so if the tenant stiffs you, you are out of pocket. I think Keatons charge an administration fee of £250.00 plus VAT also to make sure your property is legally compliant...

So say you think you can get a grand a week for a month- they'll take a grand.

I think its pie in the sky myself - if the agents hadnt been so greedy and maybe charged a one off fixed fee of £500.00 which is fair money, they might have more interest...

[z4chris99]

foxtons will refund the cash if the tenants do a runner.

however 25% or whatever is unreal really.

and from the mouth of foxtons east london head dude. "dont do the olympics rental market, its ste"

[Jetl3on]

z4chris99 said:

foxtons will refund the cash if the tenants do a runner.

however 25% or whatever is unreal really.

and from the mouth of foxtons east london head dude. "dont do the olympics rental market, its ste"

Hmmm, im surprised there is even a Foxtons in East London, they usually only do upmarket, surprising response, considering they moved in just before the Olympics started.

[z4chris99]

it's In shoreditch

[Jetl3on]

z4chris99 said:

it's In shoreditch

....And No9 The Grove, Stratford, E15.

[s2t]

Be aware HMRC are scanning Olympic short term lets (just to ensure you declare the income)

[seaninog]

In my opinion, 26% makes it not worth it. For what it's worth, I let a few properties and avoid using agents wherever I can, though sometimes I pay them a flat fee to get a tenant and dispense with any further services after that. I would also say that Agents tend more to mislead, muddy waters and complicate issues rather than help - well, that's been my experience anyway - so it's not worth any percentage, let alone 26%. Of course, you need to have the time to manage everything yourself which I am able to afford.

What I'd like to know is where are the portals for finding a tenant yourself. What website is the Rightmove of Olympic lettings? Can anyone recommend one that is better than another?

[Jetl3on]

Gumtree, anything free usually attracts the criminal element, but it can be very useful if common sense is applied, it is slowly improving its image and it is known the world over, found a number of genuine properties with trustworthy landlords through them as well as flatsharers.

[Cheib]

The normal estate agency fee for short term lets is something like 20% I think so 26% isn't as bad as you might think. They normally charge between 8 and 10% on a year's let and their view is this requires pretty much as much work...........at least that was how it was justified to me when I was thinking of renting a flat out on short term let!