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FAQ's

1) Is your property management team licensed?

 

Yes, we are fully licensed and governed by The Property Ombudsman. We are also ICO and DPS registered. 

 

2) Are you insured?

 

Yes, we are fully PI insured.

3) How long have you been in business for?

 

Let-co was incorporated in 2019 by investors for investors. Since then, the team has now expanded and staff have over 5 years experience managing every type of property, from single lets to commercial units.

 4) How many properties/doors do you manage? And how many employees do you have?

 

The team currently consists of 5, managing over 100 units across Lincolnshire and nearly 1000 units throughout the rest of the uk.  

5) What types of properties do you manage?

 

We manage everything other than serviced accommodation! 

 6) What is your communication response time for owners and tenants and via what means?

 

Communication for the Let-Co team is crucial to our operation. We aim to respond to any messages in under an hour. We use a combination of social media plat forms and dedicated coms channels to communicate with our investors and tenants. 

7) How often do you communicate with me?

 

As little or as often as you like! we're super flexible and enjoy engaging with our customers, ensuring we are delivering a personal service! 

8) What are your management fees?

 

For Single let's, we charge 7%+VAT for the first year, this then increases to 10% + VAT thereafter. For HMO stock, we charge 10%+VAT for the first year and 12%+VAT continuing. 

 

We charge a fee of one weeks rent to the landlord upfront to load the property onto the portals, take professional photographs and draw up contracts. 

 

9) What is your fee for re-leasing an existing tenant?

 

We charge no fees for re-leasing. 

10) Do you have any hidden fees?

 

NO HIDDEN FEES!

 

11) What percentage of expiring leases renew?

 

100% thus far. 

 

12) How long is your average # of month’s occupancy per property?

 

On average 12 months. However, this can be tailored to the preference of the customer.

 

13) Can you provide copies/templates of your contracts? (lease, pet addendum’s, etc..)

 

Yes, please feel free to get in touch to review. 

 

14) Can I cancel my contract with you if I’m unsatisfied?

 

Sure! - Although we're confident you wouldn't ever want too! 

 

15) How do you determine market rent value?

 

We determine rental figures using a combination of local comparables and  the quality of the unit. We also look  at price history for the area and future predictions to make any necessary increases. 

 

16) How do you market/advertise your properties?

 

At Let-co, we use a combination of various tools to get a property let in the shortest amount of time possible. Such tools include; Zoopla, Properties On The Market, Spare Room, Facebook Marketplace, Facebook Selling Groups, Geo Fencing and targeted ads. 

 

17) What is the screening process like for qualifying tenants?

 

We perform a credit check, background check, eviction report, payment verification and previous history of rent payments during the screening process.

 

18) Who is your average tenant?

 

University students, blue-collar workers, families, couples and young professionals. We also have low-income and benefit tenants. 

 

19) What forms of payment are accepted by the tenants?

 

All tenants have a direct debit set up so we are notified if it is ever cancelled. 

 

20) Do you perform property inspections?

 

Yes! For single lets, we typically inspect the property 2 times per year, however, if the property is a student hmo, we would look to produce a termly report for the investor. 

 

21) What is your eviction experience and what is the process?

 

We have dealt with may evictions, each one has been different! We like to understand the tenant's problem before throwing a s21 at them. In the past, this has allowed us to get the tenant out quickly as we have been able to help them move on whilst avoiding the costly legal route.   

 

22) How long does it typically take to fill a vacancy?

 

On average, 1-3 weeks. We have had properties let in less than a week and some have taken longer than 4 weeks! This is because it's important we get the best tenant possible for our client! 

 

23) How is the security deposit handled?

 

All deposits are handled by the DPS

 

24) How do you handle tenant delinquency? Late payments?

 

First, we would look to understand why there has been a late payment. We will then get a payment plan in place with the tenant and escalate further if needed. 

 

25) What is the cost of an average repair bill after move out? (make rent ready)

 

Not a lot! often it's just a fresh coat of paint and a deep clean! 

 

26) What is your repair process like?

 

This depends on the level of service required. If an investor wants a true hands-off service, we will perform the repair and bill the investor once it is complete. If the investor would like to be notified of issues as they are reported, we are happy to do so and perform on their word. 

 

27) What is your definition of rent ready?

 

A good, clean house in working order.  With all the legal requirements in place, such as fire alarms and emergency lighting etc. 

28) Do you provide monthly statements?

 

YES!

 

29) If I decide to sell my property, do I have to sell it through you?

 

NO! But we are connected to a large network of investors so we may be able to sell it quicker and cheaper! We also have a cash buying company so may even want to buy it ourselves! 

 

30) Do you have any references?

 

YES! Available upon request! 

 

31) Last but not least. HOW DO I GET PAID?

 

As soon as we receive rent from the tenant, we will create a statement for you and send the money straight to your bank account!  

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Let-co Property Limited is authorised and regulated by the Financial Conduct Authority. Registered Office: 10 York Avenue, Lincoln, Lincolnshire, LN1 1LL Company Number: 12309787

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