Letting Your Property

I don't think the Labour party could enforce any kind of cap on the private rental market, they'd never get in office, so many institutions and corporations own properties in London for the rental market it just couldn't happen.

Private landlords will charge what they think they can get away with, regardless of what letting agents fees are. Landlords will charge what the going rate is for a particular area and what similar properties are being let for. At the end of the day if you have no mortgage on a property your not going to drop the rental price simply because you have one less overhead. Your going to be charging top dollar / maximum rate you can possibly get, because that is how our society now works. The only thing that will change this is if the bubble bursts and prices crash...

You can afford multiple properties in London and want advice from us common folk? Managemt charges must be rough 

Thank you both for your comments.

@Barney, one of my properties is mortgage free, however, I do want to get the most money like any business person. However, I also balance that out with the fact that I would rather have a tenant who pays slightly less, and is less headache. I believe I am undercharging by about £150 a month on that property that I don't have a mortgage on.

@Shakey, what makes you think I am not common folk. I grew up on a council estate, I also did what I did through old fashioned hard work. Until recently, I made most of what little I have through IT support/repair type of work. I had a small team. Although I am not actually in that business any longer. I just keep the sites going. However, I am as common as they come. 

One other thing I just wanted to add to the last comment. I post such questions because I am going to be 40 in a couple of years. And I am thinking of what I want to do with my future. I love online business. I have always done OK out of it. Nothing to shout about. I am not also greedy (I think), meaning money is not the most important thing in my life. I don't need to be rich or prove myself to be "successful". I hope to be travelling for a few years, in the next few years with my family. However, I have online business already, and I was looking at other online opportunities that I could maintain while travelling.

Without intending to, I have acquired reasonably good online business knowledge over the last 7 or 8 years, just by doing business. Anyway, that's all.

Originally Posted by Shakey

“You can afford multiple properties in London and want advice from us common folk? Managemt charges must be rough ”

I don't want come over as a heavy handed admin,  and I know from experience how things in text can come over, and can be taken differently as to what was intended. 

I'm assuming this was just meant to be light hearted and nothing more, but can we keep future comments in check. Nuff' said.

Lucky you! I've got 45 arriving next week, how did that happen?  Terrifying how the years seem to slip by!

Back to the OP I think the website idea is a good one. Had a brief foray into letting, but I didn't like hassle. Didn't use a 3rd party, as only had 1 property, so fees didn't make it worthwhile.

Know what you mean by planning for the future, and me and the missus want to buy a second property, as a holiday home and asset rather than rent. Just not sure where, somewhere between Scotland (love the place) and France! Having a gaff in Europe is appealing, especially when we're older, but need to do some serious research!

Oh and I'm proper common (or so the wife tells me)

Hi Steve,

Age has a funny way of creeping up on you. Someone once told me that after 21, the years go very fast. They were very right. I don't want to be 60 and look back with regrets and wish I had done this and that. I have been told that most men at their deathbed don't look back and wish they had made more money. If so many people say that, then there must be some truth to that.

My main aim over the next 2 years is to generate a regular income (has to be online) that allows me to do the work and travel for a few years.

I am floating at the moment. A bit aimlessly. I have one online business which is not going as well as I had hoped. I strongly feel that there is definite market and a need. I just need to get some advice or feedback on fine tuning it and taking it to the next level. I will ask for you take on it next time.

However, coming back to this post. The property market is huge. I feel there is a potential market for a no frills place that lets potential buyers meet potential sellers. So would be tenants would have a direct contact with would be landlords, and taking out a large chunk of the expense of an estate agent. Also places like Right Move and Zoopla cater Estate Agents (mainly) and connect tenants and buyers to Estate Agents. That's my view on it. And places like Rentify are trying to be online Estate Agents.

Now, if you had a site, that initially let landlords advertise their property to sell or let for free, and also let the tenant/buyer contact the seller/letter without charging them, then I would hope the word would spread. It would need to obviously charge at some point, but something small and reasonable. It would not be looking to become an estate agent. Just stay simple, and offer mainly an online service. I would go as far as booking appointments for landlords in their diaries, and taking calls and chats and vetting tenants. But even that would not be the primary aim. It would be an extension of a service. But anything or everything that can be done from one place centrally. I also don't see the need to get in the "hassle" side of it. 

My main issue with this idea is that although we are not intending to, it would still be coming up against the "big boys" on the search. By the big boys, I mean Right Move, and Zoopla and the like. Not worth thinking about, in terms of trying to compete with them on search. On the flip side, if the site can't rank on search then it won't work.

So that's why I am not so sure.

I would be interested to hear from anyone who thinks there is potential in this. I am also interested in talking to people who want to get involved, and who feels they can bring something to the table.

I have other small businesses which are my main focus. But I would be interested in this as a potential project. I have always done business on my own, without any partners. However, in the future, where possible, I would like to work with others where possible.

As usual, I would welcome criticism, so long as it is constructive.

No offence meant, gues just bad humour

It's OK.