New Agent business term since I last used them...

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    New Agent business term since I last used them...

    Hello, I finally need to change my tenant after a number of years. When I used an Agent to find this tenant there was a new addition to their general terms, namely the renewal fee element. If the tenant renewed after the original term ended the Agent would take a further fee.
    At that time. It was a new thing and I seem to recall a large agent going to court trying to enforce this.

    I red lined this paragraph then with no arguments back then but maybe times have changed regarding this and agents are more incistent on it.

    I wonder if you other landlords now accept this term i.e. renewal fee, or take it out as I wish to.
    Thanks.

    #2
    The agent is allowed to charge for the services they provide (and you need them to make money to provide you with the service that they want).

    Your commercial agreement is up to you to agree - the agreement that was found to be unfair was one that gave the agent a (large) fee if the property was sold. Agents renewal fees might be unfair if they are large fees for doing nothing - but if they document a new agreement with a tenant, they're doing something for you and can be recompensed for it.

    However, you are an existing customer and they can't impose a new agreement on you without your consent.
    Last edited by jpkeates; 14-08-2017, 09:19 AM. Reason: Last paragraph added
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      Thank you for the reply.. To clarify, I manage the propertymyself and only use the Agent at initial stages, to find and vet prospective tenants. Of course they are rewarded as per our agreement then. A year on if tenant wishes to stay longer, extend their tenancy, the agent does no work for me and therefore I am reluctant to agree to terms that would award them a fee. I wondered if others do likewise nowadays.

      Comment


        #4
        Then don't agree to the fee.
        If the agent doesn't do anything, they probably aren't allowed to charge a fee anyway.
        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

        Comment


          #5
          It's a buyer's market for LAs so shop around if the one you're thinking of using is insisting on it. Personally, I don't work with agents who charge anything substantial for this because it almost always results in them pocketing money for doing virtually nothing.

          Also, consider whether you need to renew the AST anyway. Letting it roll into a periodic may do all you need it to do for your situation.

          Comment

          Latest Activity

          Collapse

          • Best way to search forums
            by kennyj52
            I've been using the forums for a couple of years now and have always found them interesting and informative as well as often very helpful. I usually search for answers to my questions in existing threads, however there doesn't appear to be a quick and easy way of doing this, so I end up scanning through...
            01-05-2020, 12:11 PM
          • Reply to Best way to search forums
            by Moderator2
            Please avoid posting in threads more than 6 months old, and even then post only if you have something of significant value to add. Old threads can contain legally out of date advice.
            03-05-2020, 12:15 PM
          • Reply to Best way to search forums
            by jpkeates
            Use google.
            [list of search terms] site:forums.landlordzone.co.uk
            01-05-2020, 12:38 PM
          • Reply to Define trolling
            by scot22
            Thanks moderators I appreciate the clarity and the factors you consider ( very reasonable )
            Its a shame that people who are courteous and knowledgeable such as Lawcruncher should suffer abuse.
            26-04-2020, 16:10 PM
          • Define trolling
            by scot22
            I was recently, quite rightly, criticised by the moderator for trying to exceed my role on the forum. The moderation was fair, reasonable and balanced. I was disappointed to be labelled a troll. Something I've always associated with foul and aggressive internet use. I've always tried to promote...
            20-04-2020, 16:26 PM
          • Reply to Define trolling
            by Lawcruncher
            If you are referring to House Price Crash Forum I have had some run-ins there as well....
            25-04-2020, 10:46 AM
          • Reply to Define trolling
            by boletus
            Pretty shoddy treatment indeed but try posting about the possibility of a house price rise on the anti-landlord website you're a member of.
            ...
            25-04-2020, 10:34 AM
          • Reply to Define trolling
            by Moderator2
            I pretty much go with the definition that Mrs Mug posted above, so when I see someone accusing another forum member of ‘trolling’ then that is likely to attract my attention in a negative way for the person making the accusation.

            If I see a new member posting such an accusation openly...
            24-04-2020, 11:50 AM
          • Reply to Define trolling
            by scot22
            Thanks. Perhaps criticising some of the manner of expression used could be defined as off-topic. In that case, guilty, but I don't accept I've done any else.
            wanting to be clear. I understand how challenging a mother's job can be. I did plenty in my professional life. I appreciate I exceeded...
            21-04-2020, 08:37 AM
          Working...
          X