Estate agents letting fees

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    Estate agents letting fees

    Can I ask advice on this matter. I've had a property in London since 2006 which is rented. Whichever estate agent I use, they all want to charge a letting fee (let only not managed) on the whole term. Tenants often sign for more than a year and the estate agent is keen to charge a commission for each month/year of the let. I understand that it's usually a month's rent or so in commission, but it seems excessive to expect to pay two month's rent if the tenants are there for 24 months and 3 month's rent if they are signed up for 36 month's. In the second and third year the estate agent has done zero work to earn that commission.

    #2
    Why exactly do you want to use an agent for a Let only non-managed?

    The most critical bit of the process which you should be doing yourself (even for fully managed) you are devolving to others. Will end badly.

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      #3
      So either do it yourself, no agent, or specify 6 months then rolling periodic.
      I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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        #4
        I use an estate agent on a tenant find basis with no management but always interview each of the prospective tenants who pass the tests, i pay 1 months rent as their fee and that is it, if the tenancy lasts 1 year or 10 years i pay that one fee and that is it. Anything else i would not accept.

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          #5
          reply to Andrew Dodd - I think you've misunderstood. As I mentioned the house has been let since 2006 - the agent finds the tenants and secures the rental amount, draws up the contract - it's a successful operation. My query related to the period the agent wants to charge commission on. That's what I'm asking for comments on - I think it should be a one off based on a year's let and they want to charge for the entire period the tenants are in the house

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            #6
            reply to: theartfullodger - the question relates to the agent's commission - the contracts are for one year or more and whether the agent should charge commission of a tenant stays longer than a year

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              #7
              If you have an issue with the agent's commission either do it yourself or find another agency. The terms the agent is suggesting is what their policy may be, others may have a cheaper agreement with yourself. If they have consistently found good tenants, I would be happy to pay them.

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                #8
                thank you Hudson01- very helpful, would you mind confirming the region the house is in? mine is Islington and I wonder if that makes a difference?

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