5% Letting agent fees

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  • #46
    haha, I dont drink.

    It makes sense to me, you say LA is an unskilled roll (not your words, but ok) and contradict that saying a secretary can be trained. I agree with that. Although a trained secretary is a letting agent and therefore paid more, though as other poster suggested your paying a business not a person so your per hour maths is incorrectly based.

    I stand by the analogy in your scenario a receptionist would be a jack of all trades, with no speciality in lettings industry and have to work like robots in your scenario.

    Remembering though that a trained secretary as a LA with no permanent roll will soon fall in lapse of regulation and matters. My RSS reader is full to brim not to mention emails from lettings associations. Its what we call Continuing professional development (CPD).

    Your over generalising the point I was making an untrained secretary; is likely to take provisional driving licence as ID - that is uneditable. Is likely to take mobile telephone as POR - that is uneditable. Is unlikely to ensure POR/ID is no more than 3months out of date.

    TenantVerify is not better value. Its a good service for lazy LA but all can be done in house. It costs me less than £4 for a credit check with all bells and whistles, a few phone calls to nicely integrate references, employees and such ensuring its not a "friend". I think I do good referencing but i'd admit TenantVerify is a specialist in the area. (Im sure you could argue just a secretarial job though, I could probably try.)

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    • #47
      Originally posted by YesAdam View Post
      It makes sense to me, you say LA is an unskilled roll (not your words, but ok) and contradict that saying a secretary can be trained. I agree with that.
      Come again?


      Although a trained secretary is a letting agent and therefore paid more, though as other poster suggested your paying a business not a person so your per hour maths is incorrectly based.
      You are confusing yourself by your use of the word 'unskilled'. I did not say secretaries are unskilled. The average secretary is skilled in writing letters (usually to a pre-existing template), making phone calls to arrange things, contacting people to remind them that money is owed, and drafting straightforward texts such as advertising copy for accommodation. My point was that since secretaries are deemed to be worth only £10-15 per hour, why should letting agents (whose role encompasses mainly secretarial tasks) be deeemed to be worth much more?

      I stand by the analogy in your scenario a receptionist would be a jack of all trades, with no speciality in lettings industry and have to work like robots in your scenario.
      I wasn't aware I had a scenario, nor did I mention receptionists. Not sure what your point is.

      Remembering though that a trained secretary as a LA with no permanent roll will soon fall in lapse of regulation and matters.
      So many words...so little sense. Please clarify.

      My RSS reader is full to brim not to mention emails from lettings associations. Its what we call Continuing professional development (CPD).
      No, it isn't. It's called emails. CPD is when you do some useful training for your job and are assessed on it afterwards.

      Your over generalising the point I was making an untrained secretary; is likely to take provisional driving licence as ID - that is uneditable. Is likely to take mobile telephone as POR - that is uneditable. Is unlikely to ensure POR/ID is no more than 3months out of date.
      You have very little faith in the intelligence of the average secretary. I believe that most secretaries can be trusted, once instructed, to remember which documents are acceptable as proof of residence and which are not. It's not the Da Vinci Code.

      TenantVerify is not better value. Its a good service for lazy LA but all can be done in house. It costs me less than £4 for a credit check with all bells and whistles, a few phone calls to nicely integrate references, employees and such ensuring its not a "friend". I think I do good referencing but i'd admit TenantVerify is a specialist in the area. (Im sure you could argue just a secretarial job though, I could probably try.)
      Whatever. So it costs you £4. How much do you charge the LL/T?
      'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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      • #48
        For an update, there's another well known landlord site advertising full property management from just £14.99 a month.

        I've not provided a link due to the advertising rules but it's not hard to find.

        I reckon it's nearer £30 all in for fully managed, so on a £600 pcm property that comes in at 5%.

        No idea how good they are but they can't do a worse job than some of the high street chains trying to charge 10%.

        There doesn't appear to be any hidden fees, certainly no more than other letting agents charge.

        It's an online service, so no high street office for tenants to pop into to sort out problems or shop window to advertise properties to let. Although they do visit the properties.
        ARLA registered and part of a money protection scheme.

        No connection to me whatsoever. I don't think I'll use them as I'm happy with my current management arrangements, I also think it might limit the pool of potential tenants.

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        • #49
          And what about all the money they rip off the tenants for !!!! come on agents spit it out give me a list of all your fees and don't give me all the ******** about time and sorting things out with credit checking it takes very little time oh and I printed 2 tenant aggs off this afternoon for a couple that took me Mmmmm 5 mins have I earned £200 from my new tenants NOooooooooooooo ! its all part of the service
          Numpties !
          So you are unconvinced that letting agents represent value for money?
          'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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          • #50
            Originally posted by boletus View Post
            For an update, there's another well known landlord site advertising full property management from just £14.99 a month.

            I've not provided a link due to the advertising rules but it's not hard to find.

            I reckon it's nearer £30 all in for fully managed, so on a £600 pcm property that comes in at 5%.

            No idea how good they are but they can't do a worse job than some of the high street chains trying to charge 10%.

            There doesn't appear to be any hidden fees, certainly no more than other letting agents charge.

            It's an online service, so no high street office for tenants to pop into to sort out problems or shop window to advertise properties to let. Although they do visit the properties.
            ARLA registered and part of a money protection scheme.

            No connection to me whatsoever. I don't think I'll use them as I'm happy with my current management arrangements, I also think it might limit the pool of potential tenants.
            Who are they? Can you PM the details.

            Thanks

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            • #51
              And what about all the money they rip off the tenants for !!!! come on agents spit it out give me a list of all your fees and don't give me all the ******** about time and sorting things out with credit checking it takes very little time oh and I printed 2 tenant aggs off this afternoon for a couple that took me Mmmmm 5 mins have I earned £200 from my new tenants NOooooooooooooo ! its all part of the service
              Numpties !
              This is a good point, can a LA on here justify £230 for referencing a tenant?

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              • #52
                I'm using a 5% letting agent in the West Country. So far I've been very pleased with the service. It's only been 3 months so far but it looks to be running smoothly.
                I offer no guarantee that anything I say is correct. wysiwyg

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                • #53
                  Originally posted by jta View Post
                  I'm using a 5% letting agent in the West Country. So far I've been very pleased with the service. It's only been 3 months so far but it looks to be running smoothly.
                  IMHO the value of an agent is shown when thing stops running smoothly. Before that the agent's job is basically just to forward you the rent...

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