What is the letting agent fee for Essex?

happypuppy

Hi all ,
I have been paying 18% including VAT to the letting agent for fully managed letting. Several of the landlords I met thought this was too high (they have property in London and fully managed is around 10-12%).
Am I paying too much?
I would be most grateful for any advice from landlords
TIA

ognum

Rediculous amount, I have properties in the South andI pay 8%

Simon11

8% for me in Birmingham

happypuppy

Thanks
ognum and
Simon11
I've been paying this amount for more than 3 years now , the other agents seem to charge even more and the currently LA complained a few times about him having to do extra work but I pointed out that I already pay him 19% what is the best way to find a cheaper solution?
TIA

LEJC

I used to pay 8% fully managed with a large chain...their fees were typically 15% but a little haggling got them down....


Have you approached different letting agents,if your property is desirable and what tenants want then there is no reason why another agent wouldnt offer you a more competative deal.....


Before signing up to my 8% deal I admit to touting my property round a few agents and went with the best deal for me.


I have since moved again to a tenant find deal with a new agent as that now suits me better and typically that seems to equate to half the first months rent as a fee.

G_M

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

MisterB1959

I don't use letting agents and I have a small portfolio in north Essex. from conversations with agents etc over the last couple of years, I wouldn't expect to pay more than around 10%

MisterB1959

LEJC wrote: »

if your property is desirable and what tenants want .

then do you actually need a letting agent anyway, if tenants want your property and all the relevant pre checks are done (as suggested, you could try using agents purely on a tenant find basis) then you might find the tenants are less likely to want to be a burden/pain, because they want to stay, so agents then become a rent collection service and not a managing agent.


I don't have an issue with managing agents, some of them are brilliant, it depends on your circumstances as to whether you need one or not

LEJC

MisterB1959 wrote: »

then do you actually need a letting agent anyway, if tenants want your property and all the relevant pre checks are done (as suggested, you could try using agents purely on a tenant find basis) then you might find the tenants are less likely to want to be a burden/pain, because they want to stay, so agents then become a rent collection service and not a managing agent.


I don't have an issue with managing agents, some of them are brilliant, it depends on your circumstances as to whether you need one or not

I have indeed now swapped to a tenant only find...I mentioned that towards the end of my post.
Personally for me when I set up as a new LL about 2 years ago it felt right going with managed as I had no experience ...but I have since seen that actually a LA doesnt really do that much for me and on the odd occaision that a problem has arisen its taken far longer for them to sort out than if I had done it myself....I am also able to do much of the administration of deposits and inventories etc which has also saved a hefty cost that was previously passed on to me by the LA.
self managing a decent property is not as hard as it may initially appear but I also appreciate that some people cant always do that because they may not have the time or live too far away from the rental,or indeed not have contacts with local trades should a problem arise

it is up to the OP if he continues managed although at the firgures he suggests thats quite a high permium IMO.

Kynthia

In Essex you shouldn't pay more than 10-12%, although they often charge extra now for things that used to be included in that fee. You negotiate and never pay their first offer.

happypuppy

Thanks all started contacting LAs in the area, and already getting some very attractive offers
great post G_M very useful
Thanks