Letting Agent Fees for Landlords

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    Letting Agent Fees for Landlords

    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.

    #2
    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).

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      #3
      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.

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        #4
        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.

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