I live out of the UK, and own a flat in London which has been let to a long-term tenant via a private arrangement. The tenant has recently given notice, so I will be looking for a new tenant.
Given my situation, it seems best to find an agency to handle letting and rent collection, and also to manage the flat. I've had a conversation with one agency (recommended by a friend many years ago), but think I would be wise to talk to several companies.
So, where do I begin?
- presumably, it makes sense to find an agency based in the area where the flat is located?
- I have the name of various estate agencies, but what questions should I ask?
- how do I evaluate the various agencies?
- I understand that typically fees are charged as a % of rent received, and that there is one fee for finding a tenant/rent collection (typically 10%), and another fee for managing the property (typically 6%).
Are those percentages fairly standard, and are they typically negotiable?
- Anything else I should know / consider?
- What is the market like for lettings at the moment? I've been told there is a glut of flats as people rushed to buy before the change in stamp duty. Is that correct?
There are so many nightmarish stories out there about awful tenants and terrible agencies (who promise the world, but deliver little), and I am - obviously - hoping to avoid both. Any advice or guidance is much appreciated.