I always wonder when I see the claim in the windows or print advertisements of letting agents “We have a List of Approved Tenants Waiting”. I’ve been a very ‘desirable’ tenant for some years now. I’m part of the longed for “Professional Couple”. And yet, bizarrely, no agent has ever offered us a place on the magical tenant list they keep. Very disappointing. These lists even existed back in 2006, when you’d be lucky if a letting agent would answer your call or look you in the eye if you enquired about a property. It’s nice to see they’ve survived the downturn too.
The list doesn’t exist in any real sense. Some of the more professional places will keep a database with contact information from web/telephone/walk in enquiries, same as any sales outlet like motor dealer/auctioneer etc would but a lot of the time its up to the agent themselves to maintain and update a personal list of who’s been onto you and what they have been looking for.
I often had a property pop up and would fill it with a good tenant within hour from cold calling suitable old leads, considering the average fee at the time was about €800 / €1000 + VAT it was as close to ‘money for nothing’ that I ever got
I left the rental game some years ago though so cant comment on current rates/practises.
Last year I advertised in a local paper looking for a house to rent. I got a lot of eager LLs but I may have cut out a few time wasters if I had stated “professional solvent land lords only, will need references”. ah well, still plenty of churn to come yet!
I found out how that worked early on renting with agents as a contractor expalined how one of the larger lettings agents worked. Money for nothing running into millions. Utter madness of those fees the height of the dumbo economy as in you’d be a dumbo for not makng out like a bandit
“Rent it out” must be the longest piece of string in Christendom. It seems that, come what may and no matter the circumstances, you can always get out of jail by just “renting it out”.
Of course, this is just another angle-shoot from the free lunch, zero-sum game brigade who think that endlessly shifting the debt burden around is the same as dealing with it. Or, at least, that there will always be someone else there to fix it. Even something seemingly positive is subject to this death-spiral:
Sounds like up-and-at-em entrepreneurship, but actually it’s just bottom feeding, albeit at least of a proactive kind. I don’t mean to be cynical, but it’s not wealth creation. It’s just more of the same.
“Rent it out” is my personal least favourite of all those gruesome C1c T**(r phrases. It just seems to sum up buck-passing gombeenism of the worst kind.