Are LETTINGS AGENTS worth the MONEY?

[@GiulianoRapoz]

Jamie, would be interested to hear your thoughts on 'Guaranteed Rent' services which are offered by letting agents? Where the letting agent effectively becomes your tenant which guarantees you a fixed rental income (including for void periods). The agent then sub-lets your property, from selecting the right tenants and then manages the property throughout the tenancy on your behalf, paying a slightly below market rate.

[@Paulie44]

Agreed, would be good to get Jamie’s thoughts on guaranteed rental income.

[@JamieYork]

Basically rent to rent really

[@robmcghie5248]

@Jamie York Just put a flat to rent on Gumtree and got no tenant but 20 suchlike agents. My gut feeling is High Street agents actually have more potential good tenants than online and cheaper agents

[@surajit96]

Thanks for another great video. I have a small portfolio and all my properties are managed by letting agents. I am in a full-time job. In addition to that, two of my properties are up north and I live down south. I don't have time to manage my properties.

[@JamieYork]

Thanks for sharing!

[@alistairlowe903]

Self manage my 6 property’s, mainly because I enjoy the personal involvement.

[@JamieYork]

Amazing!

[@robmcghie5248]

I like exercising my many diy skills as a hands on small landlord but not so much dealing with payments and people

[@beeladyvicki8896]

Hi Jamie, in Wales the legislation has become so onerous due to the Rentsmart scheme, it seems mad not to use an agent. To manage the tenancy yourself feels hugely risky. I would always use an agent now. Thanks for another great video 😊

[@allahassan8608]

Hi Jamie- can you do a video on guaranteed market rent and whether it’s worthwhile in ur opinion? I have always opted out of this option but keen to hear ur thoughts.

[@JamieYork]

Noted

[@robmcghie5248]

Me too

[@tricky1992000]

Jamie any commentry on the debate about buying a fixer-upper v a property that's ready to rent I actually think the renovation type property is overpriced at the moment? as for your question My properties are managed by letting agents, I just don't want the bother of finding tradesmen and having them no show.

[@JamieYork]

Great suggestion I'll make a video about it

[@Cappaghgrove]

Nice one Jamie..I have used letting agents..because I am concerned about all the legalities...and about tenants not paying..I think it makes sense to have an agent deal with these potential nightmares

[@JamieYork]

I agree Lee

[@WallOfWarriors]

I had contact with a sourcing partner for R2SA who asked 24% in their offers (did not do any deals with them) :O Another one asks 18%, also for R2SA.

[@JamieYork]

I'd expect that with an SA

[@popdroprolld20]

Another great video. As a guy who has a Ltd company you have really opened my eyes to making a legacy from property. Hopefully this year I'll be getting my first Buy-To-Let in my company name. After watching your videos I feel a lot wiser. I would have never considered an interest only mortgage but now I feel why would I do anything else.

[@mazzgoldie9149]

How many properties to you have to have to be a LTD company? I currently only have one at the minute on a repayment mortgage but I'm planning on buying more

[@tomce217]

@@mazzgoldie9149 you can start with 1 property :) I started with 1 on my LTD

[@rujo7780]

Benefit of ltd company is interest payments are deductable expense

[@Bestofthebest383]

I am paying 2.05 £ a day to managing agency. They dials with everything

[@JamieYork]

Love it

[@robertparker4374]

Hi Jamie, do you use 1 letting agent for all your properties? Or different depending on the area?

[@JamieYork]

I use different ones dependant on the area and how many I have in the area

[@iandavies1755]

Hi Jamie, I HAVE A PROBLEM..! I have 250k to put into BTL property (as ive said before) but now i find out that i cant get a BTL mortgage because i dont earn enough..!...any ideas..?????

[@graziellamintrone5343]

I think you went to the wrong mortgage broker. A tiny income my help but not mandatory. But I’m confused I help my investors to get small 2/3 bed BTL that cost about £50.000/£65.000, rent £400/£550 PCM why 250k in one of them or a mortgage. You can buy 5 already cash. But if you prefers to leverage. Then mortgage it a good idea, 25% deposit then you can buy 10 or more.

[@iandavies9347]

Id be interested in finding out more..50 to 60k..where are these properties..?

[@graziellamintrone5343]

@@iandavies9347 I’m trying to find you in fb so we could call each other just for an informative chat. It is a pity that you are not aware. But there are lots of people with your name. See if you can find me.

[@JamieYork]

Buy in cash, then refinance after 6 months is an easy way to get a mortgage

[@iandavies1755]

​@@JamieYork so then ill have no problems get money for future houses..?

[@OGCrypto33]

They always say to have a good team around you who do things better than you.

[@JamieYork]

It's true!

[@edli323]

The only thing they do is charging $ and doing nothing

[@JamieYork]

I’m looking to bring Lettings in house and setting it up properly… I promise you… they do a lot more than you think

[@auslander1468]

Of course they do!

[@Aylaun84]

NO.

[@JamieYork]

Any reason why???

[@tomce217]

Full managed and I only paying very little for service which is amazing from my agent. Sorry cannot disclose that- else agent will be too busy :) to be on serious side- I think it makes sense to self manage once you have more than 10-15 properties. 1) You can have legal company on your side which will deal with contracts, disputes and etc. 2) rest I am pretty sure you can manage yourself with help of online for advertising and etc. would I switch to self managed? Perhaps no.. I prefer freedom and hassle free feeling sometimes (especially when I am abroad and can forget BTLs).. however it makes sense to self manage if you have your own estate agency or dedicated lettings manager, but this would obviously mean you making mega cashflow and can afford it.. In real life- full managed service is okish.. I would never call it perfect.. you still need to chase, bring some “motivation” gifts to your agents and play a game -“demanding politic”.. :) to summarise all this in short- you wont be rich quick with all passive income (even with larger portfolios).. expenses of BTL is unbelievable.. Is not only agency fees, certificates.. maintenance itself or fences broken by storm or boiler failure - will kill your cashflow instantly.. I think if u planning to have budget 2-3 houses in your portfolio- that venture not even worth hassle (unless you keeping for your kids). There is better alternatives for passive and hassle free investments - one of them - index funds, however it doesn’t have same leverage as properties, but at least you can sleep and ignore market ups and downs.. and just wait..

[@JamieYork]

Some great points in this!