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  • Buy-to-Let

    First Time Landlord Fees

    Hi,

    I am moving out of my residential property and going to be renting out my current home. I have just had a quote for a full management of my house. I am based on Stoke on Trent and the rent is around £575 per month,

    Fee = 14.4% (including VAT) + £480 fee.

    I think the fee is high and I cant fully understand if there service is good or bad. Any advise?

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    I think it all depends on the quality of service. Some charge less but then you're practically having to stay on top of everything because the agency isn't managing it properly. Then it makes you feel that I might as well do everything myself.

    So you need to seek feedback about that agent and see what their quality of service is like. If you see bad reviews then up to you to decide if it's a fair price. 

    For example I find the price of an iPhone to be daylight robbery but yet there are people willing to pay astronomical price presumably because they like what value they get from that phone. 15% fee is fair if the quality is good. If they charge that then make sure you are truly getting a fully managed service.
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    Saagar

    Disclaimer: I have no legal expertise nor am I a qualified advisor on any subject. A humble landlord using an open forum to exchange ideas and experiences. 

    Hi

    14% sounds high.

    I would ask for a detailed breakdown of what is covered (and what is not) by this ongoing monthly fee.

    Plus I would ask for a detailed breakdown of the additoinal fee. What is that for?

    Of course, all of this should be covered in their detailed Terms and Conditions which I presume they have sent you?

    Regards

    Ed

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    LETS MAKE HOMES by treating landlords as partners, tenants as customers & every property as our own."

    http://www.letsmakehomes.co.uk

    Thanks for the reply

    I have the full breakdown and will be reading over the next day or so. I think I will be getting 2 other quotes to see how they are within the market.

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    Whether or not this is expensive will depend on what is included and what the local market fees are.  Have you had other like for like quotes, for example? 

    It may not be high if you have a thoughtful and efficient agent with a good track record in management. 

    If they include regular inspections, dealing with repairs, rent collection, prompt release of funds to you, out of hours service, etc., etc then it may not be too bad.  I suggest you sound out some others and see what they offer and what they charge.

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    Thanks for the update, I will be getting 2 other quote to see if they are average price. I am happy to pay the fee as long as they are good. The issue I have is that I would be taking a chance on them without really knowing if they are good or not.


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    As most commentators have mentioned - it all depends upon what is included.  Many Letting Agents charge a low percentage letting fee but then make up the difference by charging for finding tenants signing renewals as well as checking that there is no damage to the property and that the inventory is correct.

    Regards

    Nigel


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    Nigel Reynolds FCCA CMgr FCMI

    Property Tax Specialist

    Reynolds and Co

    http://www.reynoldsandco.co.uk

    Very good point, I just need to check what I get for the money.

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    You could try looking at allAgents to see if they are on there? https://www.allagents.co.uk/league-table...-on-trent/
    Or look at Trustpilot also?

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