I initially thought my letting agent was charging me 10% finding fee & they had offered to reduce this to 8% if I used them to manage the property. Now they are telling me that the fees are 8% finding fee & an ongoing 4% throughout the tenancy. This was not made clear at the start, but my question is, is this usual. They will not be managing my property & not giving any ongoing support. Many thanks.
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I pay a flat fee for tenant find and an ongoing fee for management.
An ongoing fee for tenant find isn't usual in my experience - but if it's London/South East...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). -
I charge a flat fee for Tenant Find Only service and clients who choose this don't pay me again unless they require additional services.
For Full Management I charge a (much lower) set up fee plus an ongoing percentage of the rental income.Comment
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If you signed a contract with the agent to this effect, then more fool you. If you did not, then tell them to take a RUNNING JUMP.
Make sure it is clear from your contract that your tenants communicate ONLY with you. And if the contract mentions anything else, send an amendment to the tenants.Comment
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Hello all,
I wondered if anyone could give me some advice please.
Tenants who have been renting my one bed flat for the past three years have just given notice that they will be moving out. I have used a local agent on a ‘let & rent collection’ basis which has worked well but they...20-06-2022, 20:07 PM -
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I am wondering whether I should join the Guild of Residential Landlords or NLRA, would anyone...05-07-2022, 20:34 PM -
Absolutely not! That used to be the norm. I do not know what the norm is now. Whatever it is, you asked for a one off finder's fee and the agent has given you a "gift which keeps on giving" contract. Do not sign up. Find another agent and tell him not to pull the same trick....05-07-2022, 19:06 PM
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Hello, I’ve taken on an agent on the basis that they will find me a tenant, reference them, prepare the contract, do check in inventory, register deposit etc etc and once all completed hand me the reigns to collect rent and manage the property myself
Initially we discussed a one off...05-07-2022, 16:43 PM -
In the days when I used a tenant find service I made a one off payment. After they found me the tenant from hell I now use openrent so I get to interview and choose my own tenants. I would never use a tenant find service now, they have every incentive to get you the first person who walks through the...05-07-2022, 18:08 PM
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Hi All
I have recently discovered my estate agent has been lying to me.
My last tenant caused significant damage to my house (unintentionally). My estate agent advised a significant refurbished to be able to increase the income. I eventually went with this option and was advised...13-06-2022, 22:09 PM -
Are you surprised? Estate agents are professional liars and manipulators.30-06-2022, 14:14 PM
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It is not clear why you are using an estate agent as a construction project manager.
My barber (when I don't cut my own hair) doesn't do my gardening....30-06-2022, 13:39 PM -
Hi,
I was wondering if any of you know any good letting agents in Bristol. I only need them with write an AST and find the tenants. Previously I've used CJ Hole, but their fees have since gone up to 45% + VAT of one month's rent. Wondering if there's anything a little cheaper.
...28-05-2022, 10:32 AM
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