Letting agents are even worse than estate agents

Entertainer

http://www.guardian.co.uk/money/blog/2009/mar/17/patrick-collinson-letting-agents

For years we've had to put up with £50 charges for "drawing up a tenancy agreement" i.e signing a form.:mad:

Now it's payback time.:mad:

stevetodd

Entertainer wrote: »

http://www.guardian.co.uk/money/blog/2009/mar/17/patrick-collinson-letting-agents

For years we've had to put up with £50 charges for "drawing up a tenancy agreement" i.e signing a form.:mad:

Now it's payback time.:mad:

When I advertise my places for rent I always point out to prospective tenants that I am a private landlord, so no contract signing, inventory and credit check fees. It amazes me why tenants pay these, not to mention the fee that the landlord pays the agent which is obviously added onto the rent and is by far the biggest fee that the tenants pay.

drc

When we were looking for a new place to rent, I couldn't believe the prices and costs that we were expected to pay to a LA. These people were often quite rude, arrogant and would never get back to me regarding places to view. I got the impression that they thought they were doing you a great favour by deigning to answer their telephones:rolleyes:.

The highest cost I was quoted for going through a LA was one weeks rent of the property in question which was £250 at the time. I didn't go with that agency but I couldn't believe they wanted £250 + VAT for being rude, unhelpful and filling in a few basic forms and the flat in question was a pokey little rat hole. It wasn't Foxtons btw.

Out,_Vile_Jelly

That's a good article. I was charged £95 recently for contract, inventory and "admin" which I thought was actually a good deal compared to some LAs (think KFH charge about £300). I guess although it's expensive, the idea of going through a "professional" agency makes me feel vaguely reassured. I wouldn't know where to start with finding a private landlord from scratch, as most online sites are through agents- those misspelt cards for local rooms/flats in newsagent windows aren't too appealing.

morg_monster

our agency is a biggish one in SW/W london... they have been reasonably good. a bit slow on repairs, but then it has never been anything urgent, and it does always get done after only a little bit of nagging. We've been there nearly 3 years now and have never been asked to sign a fresh contract, so i guess that's potentially 6x signing fees we've saved on! That is probably more due to the landlord though, but still we're happy with them. have heard horror stories from other people though about their agencies.

Actually, we should probably try to negotiate a rent reduction, I reckon our flat would rent for £40 less a week now than we have it for, but we like our rolling month by month contract and hope to buy in the autumn, so will be leaving things as they are for the moment. Plus rents did go up in the interim, and our LL never asked for an increase, so am trying to do unto others, etc.

blunt_crayon

we just paid £70 to renew our 6 month tenancy. total rip off.

last time we were looking, one agency told us their fees were £220 and when we asked why they were so high (average round here is about £150) they said they 'wanted to attract a better class of tenant'. !!!!!!?? and NO.

chewmylegoff

Out,_Vile_Jelly wrote: »

That's a good article. I was charged £95 recently for contract, inventory and "admin" which I thought was actually a good deal compared to some LAs (think KFH charge about £300). I guess although it's expensive, the idea of going through a "professional" agency makes me feel vaguely reassured. I wouldn't know where to start with finding a private landlord from scratch, as most online sites are through agents- those misspelt cards for local rooms/flats in newsagent windows aren't too appealing.

i'm with you on this, when handing over 10 weeks rent at the start of the tenancy, which for me was nearly £3k, it's worth paying a hundred quid for the peace of mind that at least the person you're paying it to actually has the right to let you the property, and isn't a fraudster.

nervousmother

The lettings agency I work in is one of the biggest in our area. The office is always busy, we have 10 members of staff and not enough hours in the day. We always try to sort out problems at properties within 2 days although can be awkward if we need 'the go ahead' from the landlords. Mostly though a contractor i sent out the same day.

Tenants are issued with a checking out sheet as soon as they give notice. This highlights areas that they need to pay particular attention too. are all bulbs working? is the oven and hob clean? If any repairs need doing we talk to tenants first.
Tenants:
Fees: £105 Admin and ref fee first person. second £52.50.
Contract renewal £25 not needed as can go to periodic.
2% charge on credit car transactions. (we get charged)

Landlords:
Admin set up & Marketing costs £103.50. one off charge per property.
Inventory £90. One off charge no matter how many tenants.
10% of rent fully managed
6% Let and rent
£249 Let only fee.

We all work hard, I feel we should increase our fees, not least because we need more staff yet cant afford any!

Over worked and in the middle of moaning landlords who cant stand the thought of a tenant putting up a picture, Tenants who dont pay their rent on time, or not at all, doing a runner in the middle of the night trashing the house just before they leave, leaving the agent to deal with the mess and landlord. If anyone thinks letting agents do little I suggest you get a job in one, you may change your mind. Yes some accounts run smooth, but alot dont.

MissMoneypenny

chewmylegoff wrote: »

i'm with you on this, when handing over 10 weeks rent at the start of the tenancy, which for me was nearly £3k, it's worth paying a hundred quid for the peace of mind that at least the person you're paying it to actually has the right to let you the property, and isn't a fraudster.

Not all letting agents check that the landlord has received permission to let from their mortgage lender.

I recently went into 4 agents in one town and none of them had seen proof from their landlords, that they had permission to let from the mortgage lender.

stevetodd

chewmylegoff wrote: »

i'm with you on this, when handing over 10 weeks rent at the start of the tenancy, which for me was nearly £3k, it's worth paying a hundred quid for the peace of mind that at least the person you're paying it to actually has the right to let you the property, and isn't a fraudster.

Easily solved just ask to see proof of ownership, I always tell my tenants to ask to see this.

Geenie

I have been stunned by what people have been telling me in the last few weeks whilst advertising a property privately. The fees for credit checks are a disgrace in my opinion, let alone the cost to renew an AST. It seems to alienate good tenants, and those are priceless to any LL. You have to play fair. And to charge £120 or whatever for a search that can be obtained for £20/40 is beyond the pale.

It reminds me of buying a house in the past, and paying a large Solicitors fee for dealing with the transaction, but finding out afterwards it was all done by one of the regular conveyancing secretarys/clerks, or whatever they call them in these legal firms.