Letting Commission for Agents in London?

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  • Letting Commission for Agents in London?

    Hi

    I'm new to the forum and letting, so have decided to opt for an agency for the first time. However, I have been quoted 14% for a full management fee and wondered if this was a competitive price?

    With reference to this thread, I think it says that agents in West London typically charge just under 10% for let only and an additional 2% for extra. Does this mean that 10-12% would be a more reasonable cost?

    With regards to full management, am I right in assuming that typically it will include all the inventory/credit check costs as well or will these normally be extra?

    I've also looked at this thread and it says that there may be a one off tenant finding cost. I'm alittle confused as to much this might be so some examples would really help!

    Thank you in advance! I have found the advice on this forum very useful so far, particularly with regards to what I should look out for when signing contracts with estate agents.

    Ovaltine

    p/s: I also found this thread fairly useful.

    p/s: Apologies. I initially posted this on the Letting Agents thread and realised afterwards that this was more appropriate.

  • #2
    My letting agency charges £300+ VAT to find a tenant which includes a tenancy agreement, inventory and all further renewals. Full management is 10% + VAT which includes free rent & legal protection.

    They vary quite alot in the London areas so shop around.

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    • #3
      hi, I have a property in SW London & trawled all the agents for prices in Feb on my last visit.

      Going rate seems to be 10% tenant find service (watch out as they charge again year 2 if he stays) to 15% full management.

      If the property is modern the full management upgrade is a bit expensive.

      A DIY approach costs 100 GBP for the legals (yr 2 zero because you can copy the contract) plus your time for the inspections.

      Be careful if you do let it yourself & the tenant stays as mine did (& does). His rent was set 3 years ago & me not being greedy didn´t increase it, the agents fee would have more than been covered by the new market rent. I put it up anyway now I know!

      Cheers & good luck,

      Comment


      • #4
        West London - International Estate Agents.
        I pay 8% ongoing (negotiated down from initial quote of 10%) for tenant finding services, all KYC (know your customer) checks, reminder when gas certs due, Memorandums for extension of contract.
        I also pay (my choice) 2% additional for the collection of rent, transfer to my bank account, monthly statements, and financial year end report for accountant.
        Full management would be 16%. Since I have my own handy helpers, including corgi plumber etc, I manage the properties myself.
        Using this large firm has meant to me that I have never had a void, and have been able to interview up to 1/2 dozen pre-vetted potential tenants each time and choose the ones I feel comfortable with and at a good rental rate.
        ASSUME NOTHING - QUESTION EVERYTHING!

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