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Estate Agents?

ilovelilac Avatar
6y, 6m agoPosted 6 years, 6 months ago
I'm a bit confused here, do landlords that want to let out their properties not pay estate agents? I dont see why they have to charge potential tenants 'agency fee' :? apparently its gonna cost £200 excluding tax in agency fees for OH and to rent a 2 bed flat, takes the piss doesnt it :@:@
ilovelilac Avatar
6y, 6m agoPosted 6 years, 6 months ago
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#1
Are you married now? I don't know if I am happy with you both living in sin! :p
#2
The reason you pay a tenants fee is so that the estate agents can perform checks on yourselves. They'll perform background checks, as well as any guarantor follow ups, as well as a security deposit.

The fees the landlord has to pay are for different reasons :)
#3
landlord pay fees for this too
finders fee for letting agent finding a tenent plus advertising costs normally its about £200
#4
Lettings Agents, survive, SOLEY on a) the percentage of the rent they charge the Landlord b) the superfluous charges they can charge tenants for the most minuscule of tasks.
It can cost £30 per credit check and add extra manhours and that they want to make a profit for doing next to nowt, you cannot under any circumstances expect frugal operation from any letting agent.

My Family has rented out properties for decades, collectively 90years total experience in renting.

I would be amazed if most letting agents do not get a bonus or incentive to find extra charge to charge a tenant with during their occupancy so as to increase revenue for the letting agent.

Think about what a letting agent does, it's virtually nothing and a little bit of administration, they are essentially an overpaid minder service and I've no idea why locally present Landlords use them.

Look for private landlords, ensure they are registered, check they use TDS, check they are on the Land Registry, speak to current/previous tenants, look around and ensure all paperwork is up to order, there are extensive websites from Shelter to MSE with regard to tenanting.

http://forums.moneysavingexpert.com/showthread.php?t=937335

http://england.shelter.org.uk/get_advice/renting_and_leasehold
#5
the large firm I used to work for ( acting for clients with huge portfolios eg pension fund) charged the tenants a month in advance, a month up front and around one month as a returnable damage deposit, so first payment was around 3 x rent thereafter 1 x rent. Credit check fees, work etc were met by us out of what we charged the landlord.
My nephew rented a place through an agent that assured him the flat would be recarpeted before he moved in. Yeah right, never was.
#6
3xrent upfront is absurd, for entire properties we charge 1month deposit and 1month in advance for London properties... for the rooms i rent out I ask half the deposit and rent up front then in 3months ask for the other half of the deposit.

RE: Any promises of changes/improvements either get them down on paper or it's a completely empty promise
#7
Rip off merchants of the highest order. Cost me and my ex-partner about £200 before we could sign a tenancy agreement - all wrapped up as agent fee's (credit checks etc.). Then when we wanted to stay on after the initial 6 months we were charged another fee of £40, just to get a letter confirming things.

We've now split up, and she is taking the property on in her sole name. Guess what? They want more money off her to do so. Never paid a penny late or anything in rent. Its a money making scheme. *******s!
#8
longster;8709632
Rip off merchants of the highest order. Cost me and my ex-partner about £200 before we could sign a tenancy agreement - all wrapped up as agent fee's (credit checks etc.). Then when we wanted to stay on after the initial 6 months we were charged another fee of £40, just to get a letter confirming things.

We've now split up, and she is taking the property on in her sole name. Guess what? They want more money off her to do so. Never paid a penny late or anything in rent. Its a money making scheme. *******s!


Thank you for that testimony backing up my above post further :)
#9
schizoboy
Thank you for that testimony backing up my above post further :)



You're welcome :whistling::thumbsup::-D
[mod][Moderator]#10
I'm in the process of renting my house out, they are charging £120 + vat for the tenacy agreement to be drawn up, split between my tenants and myself, they've charged me £120 + vat for an inventory to be done, and charged the tenants £50 pounds each for credit checks/admin charges etc, I then pay 10% + vat of the monthly rent per month for their management of the property , I've also had to deposit £1000 with them as an ongoing repair fund, they have taken 1 months rent upfront and 1 months rent as a deposit.
#11
wishihadadonkey;8710004
I'm in the process of renting my house out, they are charging £120 + vat for the tenacy agreement to be drawn up, split between my tenants and myself, they've charged me £120 + vat for an inventory to be done, and charged the tenants £50 pounds each for credit checks/admin charges etc, I then pay 10% + vat of the monthly rent per month for their management of the property , I've also had to deposit £1000 with them as an ongoing repair fund, they have taken 1 months rent upfront and 1 months rent as a deposit.



Landlord zone, plenty of free agreements there you can use, there's free TDS as well, unless you really need that agency of course...
[mod][Moderator]#12
schizoboy
Landlord zone, plenty of free agreements there you can use, there's free TDS as well, unless you really need that agency of course...


Thanks, too late for this time, but will def consider it in 6 mths time when these tenants move out:thumbsup:
#13
thanks for the replies confirms they really are rip offs! dunno what to do now guess we'll just have to grit my teeth anf pay up but im gonna make sure they change the mattress and everything :evil: i've rented previously but via gumtree so i was in direct contact with landlord and didnt have to bother with agents and i've been renting at student accommodation now for about 2 years and they dont charge any agency fee just £250 deposit but now estate agent says i have to pay 1 month rent (£600) and deposit which is 1 months rent plus £100 so £700 deposit and again their fees so i just think its too much i have better use for £700 than letting them have it for God knows how long :roll:
i've been checking gumtree but all the flats there are rubbish at the moment plus i like the place i wanna move into :-(
#14
rehydrated
Are you married now? I don't know if I am happy with you both living in sin! :p


not married yet but engaged :-D makes more sense money-wise for us to live together plus there will be 2 bedrooms so we wont be living in sin :whistling:













we'll both sleep in one room though but dont tell my mum :w00t: :giggle:
#15
ILL=TOTGA :cry:
#16
ilovelilac;8710975
not married yet but engaged :-D makes more sense money-wise for us to live together plus there will be 2 bedrooms so we wont be living in sin :whistling:

Assuming that's all one big p*** take, under Government scheme here:
http://www.direct.gov.uk/en/moneytaxandbenefits/taxes/taxonpropertyandrentalincome/dg_4017804

Earn extra £4k a year 100% tax free.











we'll both sleep in one room though but dont tell my mum :w00t: :giggle:
#17
rehydrated
ILL=TOTGA :cry:



:w00t::p



thanks for that info, so you are saying we can get 4k a yr for free?? how do we apply, OH works full time and i study full time :?

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