Rental agents fee for checking bank and personal reference

meester

Sammy85 wrote: »

Yes. The agency charges a £100 fee for tenants to get on the agents "books". You can view properties without paying any fee, but you wont get information sent to you automatically when properties become available. As rental properties are in such high demand here any chance to get information before the adverts go up is generally a good idea. Its just another way for the agency to cash in.

Where on earth is that?

Sammy85_2

Ok, i think further clarification is required here. Im a LL not an Agent!!
I meant my agency as in the agency im with, not that i own it!

Sorry for any confusion, hadnt realised my wording could be read another way.

As far as i am aware the monies charged are termed a "finders fee". They do not take any money until a property is found, but do make them sign a contract. Which is perfectly legal.

What i didnt know before now is that it is illegal to act as agent for both tenant and LL though, you learn something new every day! I will ask the agency next time im in town about this.

Kunekune - There's not a shortage of rental properties, just the right type of property! The majority of the rental market is RN officers, requiring family homes, something which are in very short supply, (almost non-existant due to the cost to buy one, most BTL investors go for the terraced houses)
If you want a run of the mill terraced house you're looking at about 350pcm and will find one easily (without having to pay the finders fee).

Thanks for pointing out the legalities (even though you did all think im a big bad money-grabbing agent) Its much appreciated.

Sammy

kunekune

As someone who has recently looked for a family-sized rental, ie, more than 2 bedrooms, I think that "shortage" is the only word to describe the situation. It isn't a single market, it is several different markets, and houses that are suitable for families with 2 or more children are incredibly reare. As a famly in that category, that has a major impact on us. Also, £350 is very cheap. Where we are, which isn't an expensive part of the UK, you wouldn't get a house with 3 beds for under £500, and to get something of any quality (we renters still have standards) it's over £600. If you think it is a renters' market, I'm afraid you're in cloud cuckooland. There simply aren't enough suitable properties for grown ups to make negotiating safe.

Sammy85_2

Hi Kunekune. If i had a property empty at the moment id rent it to you for £500, its £100 more than the going rate for a three bed around here! Unfortunately for us LLs up here the rent has stayed low, despite the demand. (Its also helped keep the big time LL's away) A rise is predicted soon, but who knows when that will happen. We've been waiting for a fair old while now.

Generali

Sammy85 wrote: »

Hi Kunekune. If i had a property empty at the moment id rent it to you for £500, its £100 more than the going rate for a three bed around here! Unfortunately for us LLs up here the rent has stayed low, despite the demand. (Its also helped keep the big time LL's away) A rise is predicted soon, but who knows when that will happen. We've been waiting for a fair old while now.

If there's a large unmet supply, why don't you just put your rent up? Or am I missing something?

sexki11en

£500 for a house??? I wish! We pay £875 for a 1 1/2 bed basement FLAT!!!??? (And no, we don't live in London!)

As far as agency fee's go, I know we paid them for the credit search but I wasn't aware the LL should pay that. We also paid agency fee's too. I'll have to dig out the receipts.

TBH if we could find a private rental we would as we know that the 3 flats above us are at least £200 pm cheaper than ours but we can't do anything about it!