Does anyone have any experience with these people? https://www.openrent.co.uk/
Currently I use at traditional high street agent to manage my BTLs but I am becoming increasingly frustrated by the quality of their service so I am looking at terminating them and doing it myself.
However these guys look like they may be a good alternative with them facing the front line issues with tenants and dealing with emergencies.
Last edited by Montello; 3rd December 2021 at 20:44.
I have used them before, most recently 6 months ago. Whist they are a good alternative to finding tenants (if you are happy to do all the legwork) and making sure all the legalities are made clear to you, they absolutely do not deal with tenant front line issues or emergencies.
Their website was showing a management service but it seems that option has now been removed.Originally Posted by Captaincook
Interesting. I can see how that could have worked and looking online, I can see a number of others have looked at the same option with Openrent. Given its no longer on their website, maybe they were too early to launch..
The only other hands-off option I can think of, is to find an agent that you can work with. Possibly a smaller independent, one that could offer a personal approach with a tailored service agreement.
Aye, maybe they pulled the option or perhaps it was oversubscribed. Would have required them to build a network of trades or partner with some other service for maintaining.
I’m leaning towards doing it myself, the agent I use is ok but I have to manage them and for the 10% plus VAT they charge im thinking it wouldn’t be that much more hassle to actually do it direct.
I use OpenRent but only as a way of getting my property onto Rightmove and Zoopla - although I have had a number of enquiries directly from the ad being on their website. Last time I used it to arrange viewings and that was easy to use and saved a lot of too-ing and fro-ing. Never used any of their other services though - everything else is done myself.
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Occasionally I’ll use an agent to ‘find a tenant’ though usually through word of mouth I find one quite easily myself. I’ve always done the management side of all mine myself. All of them are within 10 miles of where I live so easily manageable from that point of view.
The key I’d say is knowing a reliable plumber, electrician and general builder/handy person. Also I always try and get things done as soon as possible which I know tenants appreciate and touch wood, I’ve not had any major issues for years. I also do my own tenancy agreements as well.
Tenant find and “take on” are a pain so if you can get someone to do that but manage yourself thereafter, sounds like a good plan.
There should be a local landlords’ association which can provide useful recommendations and contacts. Well worth the (tax deductible) annual fee!
I have joined the NRLA and done their course so I’m now an accredited landlord. Most of it is common sense.
The NRLA provide templates for all the documents.
I’ve always used an agent but I am really questioning the value in their fees.
No two agents are the same, maybe look at changing them for a better one. The fees they charge may seem like 10% less profit when all is going well, but if they are decent they will do everything and you do nothing… that’s what the 10% is for. Would advise against any and all front line issues if you are an investor, unless you need avoidable drama in your life - also tenants appreciate not being directly involved with/never meeting the landlord.
Openrent for tenant find and Self managed from then on, its just picture messages and phonecalls.
Last edited by MCFastybloke; 4th December 2021 at 15:38.
My view is that the 10% paid, is mostly money for nothing. For me it depends on the type of house, it’s condition, the tenant profile, the area, How close you are to the property itself and how involved you want to be. How much time you have and do you want to be contacted by your tenants. Are you happy/okay dealing with problems. Could you handle the situation if your tenant stopped paying rent? Or doesn’t pay on time. Are you happy to legally evict the tenants. Do you have local contacts for service requirements or at least willing to find them.
Self management/agent management can go very wrong both ways and these are the stories you hear and see all round.
To the agent its business, and it should be to you too, but for many it becomes personal due to the connection to the property.
I self-manage with a view that I am providing a service, I push for the best option for both me and the tenant, although there is a genuine bias is towards the tenant. I know other landlords who would not consider self management an option.
It sounds like you are 60% on the way to doing it yourself. Do it, take the 10% you would have paid and put it in to your watch fund for the responsibility:)
Amazing to just stumble across this thread as I'm just about to look into doing my first self let using Open Rent.
I have previously used an agent in Cambridge to find tenants as that's the part which can be time consuming and annoying, but recently, their fees have shot through the roof.
I asked them to remarket one of my houses this week and was seriously annoyed at the awful advert they rushed onto Rightmove. They put up 6 crappy pictures that they must have had on file and taken themselves, despite me having sent them a file of 20 good pictures that I took the last time the place was empty. They'd scribbled out about 3 sentences of drivel for the description, and there was no floorpan, no measurements, no detail or info about anything, and they'd got the price wrong.
Then to top it off, despite me and them having spoken to the tenant who provided us both with a list of days/times that they would be able to have viewings over the next two weeks, the agent went ahead and randomly booked in 3 viewings on the days that they'd been told not to.
And this is one of the most highly regarded agents in Cambridge.
Their fee? 72% of a month's rent, plus £275+vat for doing the contract. Which comes out at more than a whole month's rent. Just for the "Let Only" fee. Amazing!
So I called them yesterday and told them to pull the advert until further notice.
I intend to put the place on open rent and let it out myself.
The worst thing I found last time is that with the new data rules and having to be politically correct, the agent told me that they had found a couple to rent the place to, (1st couple they showed round) but they could not tell me anything about them, not even their names, until I had agreed to rent the place to them. I found that a little difficult to deal with. I'm happy to rent the place to anyone, but would like to know a little about them first as you can build a pretty good picture about how they may treat your house, based on some or the details like what they do for a job, where they previously lived etc.
I think I'd far rather meet the prospective tenants face to face from now on.
I did find some pretty bad reviews about OpenRent, but they seem to all be complaining about the full service, which I assumed would be terrible. If you only want to get your property onto Rightmove and are happy to deal with everything from then on.....I cannot see a problem with using them. Their £49 service seems like the one, then pay £20 for credit checks and I'll probably use their online tenancy agreement template, once I've found and met some nice new tenants.
To be honest, I am thinking about selling all my rental places and putting the cash into ISAs (over years) and investments that are simpler and that do not create an enormous CGT bill. I cannot really be bothered with the faff and red tape anymore, after 20s year of being a landlord.
Last edited by mr noble; 4th December 2021 at 14:07.
Found tenants instantly on 3 occasions - no problem at all…. It’s just a way of getting your listing into to Rightmove
Also used their tenant vetting service which worked well and their standard template documents for rent agreement etc.
Never bothered with an estate agent, I don’t actually see what they bring to the party!
Some interesting comments here, looks like the majority follow the diy route.
I think I’ll follow in the new year.
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