Hello!
Looking for some signposting/advice.
I am a landlord and I self-manage, self-search, self-everything, which has meant I read, read, read lots of information about legal matters, compliance, government changes, project manage any works or do them myself, etc to ensure I am up to speed, pedantic ensuring I get it right, etc etc.
Now friends and acquaintances want me to fully manage their rented properties for a fee, so basically become a lettings/managing agent. I am quite comfortable at the idea. I thought about doing some courses to ensure I am totally au fait with the legalities and obligations of a letting/managing agent.
Firstly, which course provider (preferably online, but potentially attend in person) would you recommend, preferably those you have done yourself. Accreditation would be a bonus.
Also, how much do managing agents charge? When I first started out as a landlord and upon enquiring on fees, they were around 10% plus VAT for a fully-managed service.
(I have a limited company, am VAT-registered, etc).
Any other advice, warmly welcomed. TIA
You should be aware that if you manage other peoples properties for money, you will have to join one of the redress schemes and pay the appropriate fee. Likewise the client money protection accounts if you are collecting rent/deposits. It would also make sense to operate through a company to limit your liability in my view. Even so, you should probably buy appropriate insurance in case you make a big mistake and they sue you. I would suggest you join NRLA and check out their training if you havent already and possibly one of the letting agent bodies, such as ARLA.
My own path sounds quite similar to yours, having read avidly and taken some training I am reasonably up to speed and confident about self managjng and have also been asked by friends to manage their properties. I declined on the basis that I didnt want to take risks with other peoples properties or to be at their beck and call.
If you decide to go ahead then I wish you well.
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make a mistake and they will not be your friends for long . it is a risky path. You may go from being liked to dis liked
Thanks both.
Definitely, going down the limited company, insurance, etc route for sure. I have run my own business and have done work for friends, etc so not an issue.
I am on NRLA so am considering their courses in the first instance but reaching out to see if there are others that are recommended.
But I agree one should be cautious but I treat business transactions as just that.