Estate Agent Fees for getting a tenant

100saving

Hello,
I want to find out what people have paid and what I should pay to a estate agent for getting a tenant for a 1 bed flat?

Also what services the estate agent should do and what services the LL can handle to save money on.

angelsmomma

I think you need to research the local letting agents in your area and ask them. It is usually either a finding tenant only fee around £250 where I live or full management fee of between 10 and 15 %.

I did my own and did not use an agent but am very informed on the regulations, are you? if not find a good agent as the cost of saving a few pounds and getting it wrong could end up being huge if you get the wrong tenant in.

poppysarah

Have a look at a few local ones to you.
Some have info on their websites

This one is near me
http://www.lets-relocate.com/landlords.php

G_M

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

100saving

poppysarah wrote: »

Have a look at a few local ones to you.
Some have info on their websites

This one is near me
http://www.lets-relocate.com/landlords.php

thanks for that, 65% of the first months rent sounds a bit high? The property is in the outer london area.

G_M

100saving wrote: »

thanks for that, 65% of the first months rent sounds a bit high? The property is in the outer london area.

The more services you instruct, th easier it is to negotiate the price.

If you are signing up for full management, then the introduction fee may be cancelled completely.

If you pay them to do the inventory, that gives scope to renegotiate etc.

Basically, they are a business. If you just want the bare minimum of service, they need to get their £ of flesh. If they can see ££ elsewhere they are more flexible, and more keen not to lose you to a competitor.

100saving

Arranging a no obligation property appraisal.
Explaining your legal obligations as a landlord.
Extensive advertising.
Searching our database for tenants, where your property matches up with their requirements.
Accompanied viewing.
Credit and reference checking tenants.
Answering any questions the tenant or landlord may have.
Drawing-up of the tenancy agreement, in line with current legislation.
Explaining to the tenant what they are required to do in the property and what will be done for them.

All the information above seems ok for the agent to do.
but as for the following points is it not better for the LL to do this?
- Collecting the deposit and first month's rent from the tenant.
- Checking the tenant into the property, and handing over of the keys.

Would the LL not have to setup and manage the Deposit Protection Scheme?

G_M

100saving wrote: »

Arranging a no obligation property appraisal.
Explaining your legal obligations as a landlord.
Extensive advertising.
Searching our database for tenants, where your property matches up with their requirements.
Accompanied viewing.
Credit and reference checking tenants.
Answering any questions the tenant or landlord may have.
Drawing-up of the tenancy agreement, in line with current legislation.
Explaining to the tenant what they are required to do in the property and what will be done for them.

All the information above seems ok for the agent to do.
but as for the following points is it not better for the LL to do this?
- Collecting the deposit and first month's rent from the tenant.
- Checking the tenant into the property, and handing over of the keys.

Would the LL not have to setup and manage the Deposit Protection Scheme?

[FONT=&quot]Letting Agents [/FONT][FONT=&quot](Tips for selecting, and tips for sacking them)[/FONT]

pcgtron

I personally have an agent to manage my property but I work away from where my flat is, don't want the hassle of sorting things out when they go wrong, and don't know enough tradesmen to not get ripped off when things need doing. So far, my managing agents have been brilliant, and the prices their tradesmen have charged for fixing things are very reasonable.

In my circumstances, 10% is very good value for me and they are worth there weight in gold

Flashmanchop

It all depends, in my opinion, how comfortable you are, andwhat level of risk you feel you are comfortable taking on.



If you are reasonably experienced and appreciate the basiclegal requirements a simple advertise, selec and reference service may suffice.If you are not as comfortable a full management service may be more suited.



For an advertise and reference I pay £139+VAT for an onlineonly agent, who advertises everywhere apart from rightmove. The big win forthis is that is the only fee – any applicants don’t have any extortionate feesto pay



However you can often pay a full months rent, plus any luckyapplicant also has the same to pay, plus refereneijng fees which are often extortiante, and then 10% per month,plus vat.



Hope this helps.



I could go on a rant about letting agents, and estate agentsbut wont just yet…