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 Is unlikely to ensure POR/ID is no more than 3months out of date.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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                  • Agent asking for funds prior to sign the contract
                    JustIgnore
                    Good afternoon.

                    I am in a bit of confusion at the moment in dealing with an agent, I hope you guys can help.

                    I have found a property to rent and we are very interested in renting it.
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                  • Reply to Agent asking for funds prior to sign the contract
                    jpkeates
                    Asking for money before signing the agreement that relates to the payment isn't illegal, but it's very bad practice and should be avoided.

                    The customer is being asked to give hundreds of pounds to a business with no security whatsoever.
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                    22-08-2017, 08:44 AM
                  • Reply to Agent asking for funds prior to sign the contract
                    Stef Cooke
                    MMMmmmm! Not sure I said they were! Nope, positive you just made an assumption / applied a red herring.

                    Your opinion... I need evidence! Oh, OK Maybe you do have a point.

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                    21-08-2017, 12:44 PM
                  • Reply to Agent asking for funds prior to sign the contract
                    jjlandlord
                    Signing the AST and releasing the keys are not the same thing.

                    Most agents are poor, that's no news.

                    It is perfectly normal to require all monies to have been paid and cleared before releasing the keys. But there is really no good reason to require the same before signing the...
                    21-08-2017, 11:45 AM
                  • Reply to Agent asking for funds prior to sign the contract
                    Stef Cooke
                    Really? All of the agents and LLs I work for ask for monies up front and do not get ASTs signed, or release keys, prior to funds having cleared.

                    I accept my 'reason' may be flawed... I am not an agent or a LL, but the reality still is that monies (some or all) are cleared prior to ASTs...
                    21-08-2017, 09:56 AM
                  • Reply to Agent asking for funds prior to sign the contract
                    jjlandlord
                    It is not uncommon but this should not be: You should set up the contract first.

                    I also got as 'reason' what is mentioned in the previous comment, namely that you have to pay first because of the wording of the contract... This simply either mean that they are clueless or have a badly drafted...
                    19-08-2017, 17:52 PM
                  • Reply to Agent asking for funds prior to sign the contract
                    Stef Cooke
                    Yes. As a clerk I am occasionally called off a job because funds have not cleared.

                    If you think about it that contract will contain information about the monies you will pay, deposit etc. If you have not already paid then the contract is incorrect. So you pay, then, when it has cleared,...
                    19-08-2017, 13:47 PM
                  • Looking for a new letting agent
                    12GuageLandlord
                    Hello,

                    I am new to this forum and to the private rental market. Having just gone through a fairly turbulent contract renewal I have lost all patience with my management agent and have decided I want to move away from them as every communication from them creates more work for me putting...
                    10-08-2017, 21:35 PM
                  • Reply to Looking for a new letting agent
                    tatemono
                    this is exactly why I recommended it as a question to ask. You should know that the agent works for you on your terms and so if this isn't something you want and the LA insists on it and has hefty fees, you can walk away. You can play ignorant and see if they try to pull the wool over your eyes by saying...
                    14-08-2017, 21:15 PM
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