What can lettings agents charge for? What are market rates for these fees?

okay79

Hi all,

I'm in the process of moving from one flat and lettings agency to another. The two agents are charging fees for: "administration", referencing checks, inventory on check-in, inventory on check-out and providing a reference. It seems to be one charge (and con) after another, from the pair of them.

It would be helpful to have a list of what the usual things charged for are, and what the standard rates are, plus a list of anything that can't be charged for. This would help me know when to challenge them if the fees are excessive, when I might be able to challenge a fee entirely, and to get a sense of how each agency compares to the typical fees next time I move, to help me decide who to use.

Do other renting moneysavers think this would be useful? Would you like to post your experiences and costs here?

PasturesNew

Those sound the usual ... yes, they're a con - often well over-priced.

There are no standard rates, they are all individuals in an unregulated market and so can freely charge what they like.

Re challenging, you could try calling their bluff, hoping they want the business, but the ball's in their court if you need them.

I got off light, in a way. I paid £176 up front for a holding fee and one credit check (which I knew I'd 'fail' as I had no job, but there was nothing bad in it). I didn't have any inventory or checking in as the LL was using the agent to find them tenants only. So I won't have a checking out fee either. I also persuaded the LL to go onto a periodic tenancy at the end of the first AST so I didn't have any AST renewal charges each 6 months...

You could check that one: after the first AST can you go onto a periodic tenancy - a lot charge £50-75 just to reissue another 6 months' AST. Get it in writing if they say it's OK to do that though.

AdrianW2

PasturesNew wrote: »

There are no standard rates, they are all individuals in an unregulated market and so can freely charge what they like.

Up to a point, the charges still have to be fair, as Foxtons are discovering.

theartfullodger

FYI re. Credit Checks: The Scottish Association of Landlords quotes (in this months magazine) £30 for a "Comprehensive reference for each Person" from a company called KeySafe.

I reckon that is about the typical price for a reference,

Tenantverify.co.uk @
http://www.tenantverify.co.uk/

charge from £15:88 upwards


So if an Agent wants much-much more he's probably an evil money-sucking a***sole.... Of course I could be wrong & he's really a charming and honest businessman just trying to earn a small crust.

Cheers!

Lodger