Do I have to renew AST with Estate Agents again to keep tenants?

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  • Bel
    replied
    Originally posted by shetal View Post
    Hi All!

    I've got a HB tenant in my flat and its nearly 6 months since she started living there. The agent has called me up today and asked for 5% of the total six months rent to keep the tenants on, is this right? I thought it would be a lesser amount than this. He says that it was written on the inital contract, can this be legally binding? Also, can I increase the rent at this point? The tenant pays direct into my account.

    Thanks
    Shetal
    Renewals are a frequent topic here.

    Suggest you do a search with renewal and unfair.

    Some posters say you should have read the terms before you signed, and others say that the term in your agents contract is unfair and therefore potentially unenforcable.

    Leave a comment:


  • Paragon
    replied
    Management fees are good.

    I still pay my agent 8% and I do my own managing. May have to have another talk with them, but now I know why they respond to my calls so quickly and answer every question. They will probably start sending me birthday cards next.

    Leave a comment:


  • Poppy35
    replied
    Originally posted by Paragon View Post
    Eh??? So if a tenant stays 10 years, you get nothing past the 1st year. Very nice of you, but aren't you selling yourself short. If the tenant leaves after 6 months or one year, the LL would have to pay you to find someone else anyway.

    Poppy - You need to make your business grow by getting those renewals.
    we get the monthly management fee of course but dont charge renewal costs to either landlords or tenants. Only about 50% of local agents in my town charge renewals costs and I know we pick up a lot of business by not charging - but we keep the business long term as we do a good job for them.

    Leave a comment:


  • Paragon
    replied
    Originally posted by Poppy35 View Post
    blimy - think im ripping myself off - I charge 0%!!!!!!!!!!!!!!!!!!!
    Eh??? So if a tenant stays 10 years, you get nothing past the 1st year. Very nice of you, but aren't you selling yourself short. If the tenant leaves after 6 months or one year, the LL would have to pay you to find someone else anyway.

    Poppy - You need to make your business grow by getting those renewals.

    Leave a comment:


  • Poppy35
    replied
    blimy - think im ripping myself off - I charge 0%!!!!!!!!!!!!!!!!!!!

    Leave a comment:


  • Paragon
    replied
    Originally posted by shetal View Post
    Hi All!

    I've got a HB tenant in my flat and its nearly 6 months since she started living there. The agent has called me up today and asked for 5% of the total six months rent to keep the tenants on, is this right? I thought it would be a lesser amount than this. He says that it was written on the inital contract, can this be legally binding? Also, can I increase the rent at this point? The tenant pays direct into my account.

    Thanks
    Shetal
    I think I'm getting ripped off! Mine is 8% and that was after negotiating down from 10%. Maybe the difference is that my tenants are not HB and, therefore, more screening. Oh well! Bright side is that its tax deductible.

    Leave a comment:


  • Do I have to renew AST with Estate Agents again to keep tenants?

    Hi All!

    I've got a HB tenant in my flat and its nearly 6 months since she started living there. The agent has called me up today and asked for 5% of the total six months rent to keep the tenants on, is this right? I thought it would be a lesser amount than this. He says that it was written on the inital contract, can this be legally binding? Also, can I increase the rent at this point? The tenant pays direct into my account.

    Thanks
    Shetal

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