International property management agents
A good letting agent can be a godsend says Andrea Page, particularly
if your property has suffered from the recent flooding that’s
gripped the UK
Flooding in Britain this autumn has created huge repair headaches
for property owners, not to mention endangering house-price values.
For an expatriate landlord, it’s one situation where a good
letting agent can be a financial lifeline.
International Property Management Agents & Jenny Dixon
Jenny Dixon, partner at White Rose Property Management in York (one
of the areas worst-hit by flooding), says water had only affected
one property on her books at the time of writing. It meant rapidly
organising work to pump out water and ensuring that central heating
was constantly on to dry out the house. “The quicker you can
react, the better,” she says. Expatriates considering
investing in rental property, or letting a family home, must
take this sort of risk on board. It’s a strong argument
for paying for the services of a professional agent who will
proactively sort problems out. “We’ve certainly
got a better feel than a landlord for what’s going on
in the marketplace. Lettings is contra-cyclical to sales and
people’s demands change all the time,” says Jacqueline
Ironside, proprietor of Ironsides in London.
International Property Management Agents & Letting Services
There are three main types of letting services: marketing the property
and finding the tenant for a typical fee of 10 per cent of gross rental
income; finding the tenant and collecting rent for around 12-13 per
cent; and finding the tenant and ongoing management of the property
for around 15-16 per cent (add VAT to this). Most expatriates choose
letting and full management for obvious reasons. Some agents
will provide variations on these, for instance Knight Frank and
Hamptons International will also do full management as a stand-alone
service for 6 per cent plus VAT - useful if you’ve already
found a tenant. It’s worth trying to negotiate the fee down
slightly for a larger property, or if you’re intending to
let for a few years.
Many agents involved in letting also do estate agency or investment
buying services. A big corporate agency can certainly provide large-scale
marketing. Hamptons’ separate corporate services department
focuses entirely on developing relationships with companies’
human resources staff to source quality tenants for its lettings
arm, while its website features all rental properties and is updated
daily (overseas landlords can also log on securely to track payments
into and out of their client account, rather than waiting for financial
statements to arrive by snail mail).
International Property Management Agents - Letting Agent
A reputable letting agent should point out that there are important
tax implications for overseas landlords, although many recommend getting
advice from an accountant. Hamptons’ dedicated tax service for
overseas landlords brings that under one roof too. At a flat £250,
it’s cheaper than using an accountant, claims area director
Bill Borrett. Smaller agencies’ service is necessarily
personal. At Beaney Pearce, with two offices in South Kensington
and Chelsea, associate partner Sophie Head stresses the importance
of local knowledge, a shop-front presence, and strong links with
relocation agents.
International Property Management Agents & Caroline Cope
In terms of the actual service, Caroline Cope, associate partner at
Simmons & Sons, with offices in Marlowe, Henley and Basingstoke,
says: “We’re all doing the same thing, but we do it differently.”
This raises several issues for an expatriate looking to let property,
particularly regarding a full management service. Information must
be regular and reliable - the agent should send a statement with every
rental instalment showing the rent received, its fee, bills or other
expenses, plus copies of the relevant paperwork and details of any
sundry outgoings.
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