Fees to letting agency

jishi

I am about to let my house out in London zone 2. I have spoken to an agency and they will charge me 12% + VAT to find tenants and manage the property.
Is this good value or is there a cheaper but as good solution I could consider?

Thanks

pcgtron

My London agent whose in zone 3 charges me 10% + vat. Another one quoted me 8% + vat butI ppreferred the more expensive one. I haven't had a problem yet. This is for a fully managed service

G_M

Do NOT decide on price.

Letting Agents (Tips for selecting, and tips for sacking them)

See also:


[FONT=&quot]New Landlords[/FONT][FONT=&quot] (information for new or prospective landlords)[/FONT]

[Deleted User]

The best way of answering this question is to phone around more than one agency (as well as reading the above links) and asking what they offer and what their fees are.

Reading the links will give you some idea of sensible questions to ask, what to look for and what to expect.

SuzieSue

deannatrois wrote: »

The best way of answering this question is to phone around more than one agency (as well as reading the above links) and asking what they offer and what their fees are.

Once you have decided on the LA you should phone them pretending to be a potential tenant and see how they treat you. Also find out what fees they charge tenants as some LAs charge excessive fees which will put tenants off renting your property.

whalster

Just think if you could put your money in a bank and get. 12% interest !
If you let your own property you will ,why give an agent your profit ?

Then the good bit, as well as well as making more than the numpties using an agent you get dividends in the form of less voids and longer tenancies .

Don't be frightened like a lot of the others who reply.

Use your head!

Brallaqueen

Agents really REALLY vary in quality, competence and knowledge. Price is not the major factor here -you are trusting them with a very expensive asset you owe it to yourself to know that they will manage it well. Go with a recommendation if you can!

pcgtron

whalster wrote: »

Just think if you could put your money in a bank and get. 12% interest !
If you let your own property you will ,why give an agent your profit ?

Then the good bit, as well as well as making more than the numpties using an agent you get dividends in the form of less voids and longer tenancies .

Don't be frightened like a lot of the others who reply.

Use your head!

You're an idiot. Using a good agent is necessary in some people's lives and circumstance. II'm not a numpty as you put it. I earn a good wage from my full time job. I travel the world and the country and have no time nor the inclination to manage theflat iI let in London. Yes, I pay my agent 10% to sort it out but if there's a problem I get a phone call first, then an email so I can respond and they can sort out whereveriI am in thewworld or the country. When I do have my downtime, I get to spend it with my wife andch ild rather than travellingan hour and a half one way to my flat to let a tradesman in or similar. I have a good agent and they are worth they're weight in gold.

CWSmith

Totally agree with the above. A good agent is a godsend and despite the horror stories that abound on this forum, good agents do exist - ask around and shop around. They will save you no end of time, stress and probably money as many of them have their own "pet" workmen/engineers that will carry out minor repairs at far less cost than would be possible by trawling the Net or Yellow Pages.

Ozret

+
/

pcgtron wrote: »

You're an idiot. Using a good agent is necessary in some people's lives and circumstance. II'm not a numpty as you put it. I earn a good wage from my full time job. I travel the world and the country and have no time nor the inclination to manage theflat iI let in London. Yes, I pay my agent 10% to sort it out but if there's a problem I get a phone call first, then an email so I can respond and they can sort out whereveriI am in thewworld or the country. When I do have my downtime, I get to spend it with my wife andch ild rather than travellingan hour and a half one way to my flat to let a tradesman in or similar. I have a good agent and they are worth they're weight in gold.

+ 1. In total agreement. I'm in a similiar position.

To the OP. When I first let my flat out I got quotes from 2 local, well respected, agents. Both at first quoted 12.5%, but very quickly dropped it to 10%. There was very little in it when I was deciding who to go with as both have got a good reputation, know the local marker etc. In the end I went with the agent who provided a better inventory report.

loumini

Agents are not worth a light! My tenant knows who to contact ,if I were renting and would say the same to any tenant ask who the landlord is ,if they are stupid enough to use an agent at least get to meet the owner and ask if they are looking for someone long term ,if not your going to !!!! all them agent fees up the wall.

Two's company threes a crowd one landlord one tenant no sheister!