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Now I Am Become Landlord, The Destroyer Of Worlds.


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HOLA441
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HOLA446

Really? Most houses will sell, at the right price.

Heh! We're not giving it away you know. ;)

Sadly, no offers were forthcoming. None. I blame buyers for not being anything like "cheeky" enough.

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Heh! We're not giving it away you know. ;)

Sadly, no offers were forthcoming. None. I blame buyers for not being anything like "cheeky" enough.

I haven't viewed a house for nearly ten years. It's not worth the hassle of dealing with estate agents unless the asking price is within 20% of what I'd be prepared to pay.

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I haven't viewed a house for nearly ten years. It's not worth the hassle of dealing with estate agents unless the asking price is within 20% of what I'd be prepared to pay.

Well it was the estate agent's fantasy valuation that stopped it from selling to be honest. But I would advise anybody sitting on the sidelines not to be scared to make lowball offers. 5% off asking isn't "cheeky", it's stupid. 25% off asking, now you're talking. If somebody had offered 20% off asking this one would have sold, no doubt.

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Well it was the estate agent's fantasy valuation that stopped it from selling to be honest. But I would advise anybody sitting on the sidelines not to be scared to make lowball offers. 5% off asking isn't "cheeky", it's stupid. 25% off asking, now you're talking. If somebody had offered 20% off asking this one would have sold, no doubt.

That's how EAs work these days, overvalue the house, if it sells they make a packet and if it doesn't they suggest the vendor lets it out through them, win win. I am quite looking forward to dealing with them on my terms when the market turns.

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We didn't even bother marketing our flats, one of which is owned outright I may add. A friend had been renting it for years, and he wasn't interested in buying, so we have continued the arrangement.

The flat we moved out of has been rented by what used to be called a 'yuppie' couple, on a small (<30% LTV) BTL loan, and we have become firm friends. Both are in the medical field, they met my partner in a professional capacity (pharmaceutical rep), and it was them that suggested they rent the flat when they heard we were moving!

Rolling contracts on both places. We don't inspect, as we're usually round at the flats for dinner at least every couple of months, and we have factors in place for both flats.

To be honest, best decision we ever made.....

Go ahead, take your best shot! :)

Edited by AThirdWay
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HOLA4415

That's how EAs work these days, overvalue the house, if it sells they make a packet and if it doesn't they suggest the vendor lets it out through them, win win. I am quite looking forward to dealing with them on my terms when the market turns.

Obviously rentals are a bigger moneyspinner for them. The traditional 1% sales commission doesn't go very far when volumes are so low.

As it happens this rental situation only came about because an opportune set of tenants approached us. Hopefully we will be able to keep estate/letting agents at as great a distance as possible.

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HOLA4416

Good luck in your new career.

They say that its quite normal to make a loss in the first three years.

Thanks. I'm already one year into losing money on another new venture.

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That's how EAs work these days, overvalue the house.

A sure sign of limited supply. EAs battling to get new stock ridiculously overvalue - betting that the vendor will go with whichever EA suggests the highest price. The successful EA knows they will never achieve that price, so after a whole quarter of no viewings, they can convince the vendor to lower it. EAs know that they can't sell what isn't on their books - the all important step is signing the vendor up in the first place and they will go to great lengths to achieve that when stock is in short supply. This is why Rightmove's index of initial asking prices is currently soaring.
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HOLA4418

A sure sign of limited supply. EAs battling to get new stock ridiculously overvalue - betting that the vendor will go with whichever EA suggests the highest price. The successful EA knows they will never achieve that price, so after a whole quarter of no viewings, they can convince the vendor to lower it. EAs know that they can't sell what isn't on their books - the all important step is signing the vendor up in the first place and they will go to great lengths to achieve that when stock is in short supply. This is why Rightmove's index of initial asking prices is currently soaring.

I also think a good proportion of the viewings you do get are spurious - either directly employed by EA's to view houses, or just recreational house viewing fetishists. Do we still have any tame EA's here who can confirm or deny?

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HOLA4419

A sure sign of limited supply. EAs battling to get new stock ridiculously overvalue - betting that the vendor will go with whichever EA suggests the highest price. The successful EA knows they will never achieve that price, so after a whole quarter of no viewings, they can convince the vendor to lower it. EAs know that they can't sell what isn't on their books - the all important step is signing the vendor up in the first place and they will go to great lengths to achieve that when stock is in short supply. This is why Rightmove's index of initial asking prices is currently soaring.

I can concur with this. Happened to me in 1994. I was hooked by the high valuation and the house sat on the agent's books for 4 months with no viewings. I lost faith in the agent and took it off the market and waited a few months before putting it on with another agent. I admit I was green and EAs use every trick in the book. Now we have HPC we can all learn.

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HOLA4420

Be a good landlord. The provision of housing is a serious undertaking and should only be undertaken by those who are willing and able to take it seriously.

But be under no doubt that you could sell the house - just put it into the next auction with no reserve: it will sell

That said, if the yield it generates as a rental is good (only you can be the judge of what good is), why not.

Whoever the tenants are (you allude to working without an agent which suggests you might know the tenants), do get a proper tenancy agreement drawn up, do protect the deposit in an appropriate scheme, etc. etc.

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We didn't even bother marketing our flats, one of which is owned outright I may add. A friend had been renting it for years, and he wasn't interested in buying, so we have continued the arrangement.

The flat we moved out of has been rented by what used to be called a 'yuppie' couple, on a small (<30% LTV) BTL loan, and we have become firm friends. Both are in the medical field, they met my partner in a professional capacity (pharmaceutical rep), and it was them that suggested they rent the flat when they heard we were moving!

Rolling contracts on both places. We don't inspect, as we're usually round at the flats for dinner at least every couple of months, and we have factors in place for both flats.

To be honest, best decision we ever made.....

Go ahead, take your best shot! :)

Hence the Scottish nationalism, you don't like the competition from the English scum.
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HOLA4423

Be a good landlord. The provision of housing is a serious undertaking and should only be undertaken by those who are willing and able to take it seriously.

But be under no doubt that you could sell the house - just put it into the next auction with no reserve: it will sell

That said, if the yield it generates as a rental is good (only you can be the judge of what good is), why not.

Whoever the tenants are (you allude to working without an agent which suggests you might know the tenants), do get a proper tenancy agreement drawn up, do protect the deposit in an appropriate scheme, etc. etc.

Yes thanks for that, a beacon of sense in a sea of surrealism! The house was inherited - we had no immediate plans for any monies raised from the sale, so the rental yield is irrelevant in the sense that it will certainly be a lot better than any return we would likely see on the cash. The prospective tenants have quite a collection of pets which we are relaxed about; we almost STR'd in 2012 but were ultimately saved from what would have been in retrospect a bad decision by the dog - so we know how picky some can be about these things. TBH they're doing us a big favour as we didn't really want to head into another winter with the place unoccupied.

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Hence the Scottish nationalism, you don't like the competition from the English scum.

I think you'll find that we Scottish scum are considerably better at being scum than our English counterparts, there IS no competition.

p.s. Our city centre tenants make a TREMENDOUS lamb bhuna from scratch, we give 'em a wee discount for serving that up when we go round there. Does that mean we are exploiting them to an even greater degree?

p.p.s. My buddy in the first flat could have bought the place twice over in the time he's been there, but he refuses to do so when I point that out to him. Does that make him a happy serf?

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