I am keen to hear from anyone who lives overseas but manages a property in the Uk through open rent. Assuming you complete your NRL1, pay extra for regular inspections and get the management package is there anything stopping you living overseas and using open rent instead of a high street agent?
Only the fact that Openrent are an online letting+ agent and not a managing agent, so you would need someone to interveiw and select tenants, deal with move-in and move-out, do quarterly inspections, deal with leaks and floods, lost keys, broken appliances, tenant complaints and ASB…..
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Doubt many do that tbh OR is more for diy landlords I think. But see this thread Oversees landlord - #16 by David122
Because OR don’t do any management. Their mgt plus package is basically like emergency cover option from your landlord insurance. Nothing else.
For finding/choosing tenants, inspections, annual gas safety, checkin/checkout these can all be bought through OR or others. But any repairs or replacement appliances or tenant issues you need to organize yourself and tenant or someone helping you needs to be able to let trades in when needed. And you probably want to come back and visit sometimes.
Not impossible if unfurnished minimal or no appliances and a modern property with little to go wrong, esp if you have a good set of tradesmen you trust to assess work and do at a fair price.
For example sometimes it does help to see an issue in person eg if there is a leak affecting a flat downstairs you can visit and may see sealant round bath needs repair. And fix yourself. Without cost of plumber callout. Or if noise issues harder to deal with neighbours without knocking on their doors unless you have contact already.. Hard to see this sort of thing even on a video call.
Also riskier if tenant knows you are abroad and don’t have anyone responsible for managing/keeping an eye on the place.
Good luck
Thanks David- I already have 24/7 emergency line with my insurance and pay extra for someone to go and inspect 3 times a year through an inventory company. I am also there for the set up. So sounds like it is about relying on good trades men and having someone to let them in. I believe you can also pay extra for people to pass over keys/let people in through viewber or similar companies? So I think it’s the day to day maintenance that seems to be the tricky part but in’t always easy for an agent either. Paying an agent 3k a year to maybe do this just seems a bit steep for a newly renovated semi detached property. Really liking hearing everyones opinions thank you…
Assuming that 3k is at 10% fee to the agent, then you’re earning 30k off that one property alone. Also assuming that you have no other UK income, that 30k is going to cost 3.5k in tax at basic rate once your personal allowance is taken into account (and more when the tax hike kicks in).
That would be offset by claiming the 3k fee as an expense.
Seems worth paying nothing for the peace of mind.
Might be a small local property mgt Co can help you out rather than a lettings agent. If you’re happy doing all the tenant finding, rent collection etc stuff that might be better and cheaper. They may well take commissions on works done by trades just like an agent tho. But no point in paying for tenancy creation etc expertise if you don’t need it
Good luck