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  • Buy-to-Let

    Letting agency fee increase

    Hi,

    I have a sitting tenant who is will to renew for another year. Currently, I am using a full management service from a local letting agent.

    However, the agent is pushing to increase the fees (e.g. from 8% to 12%) in light of this renewal. (keeping the same tenant).

    Do I have to agree to the new fees or could I say No? Can I go along with the tenant privately if I fail to agree with the agent on the fee increase?

    Many Thanks for your advice.

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    You should be able to say no but check your agreement. i would be phoning the agent and ask if hey would consider an increase to 10% rather than 12%, I am sure they will consider it. Have they increased the rent in line with other property's in the area? There is a lot more goes on than you imagine with your property behind the scenes if they are managing it correctly. I always suggest that landlords use agents rather than go it alone that's not because i am an agent its just that if i wanted a new electrical socket i would ask an electrician or my car mending ask a mechanic. There are so many pitfalls that could prove costly use a professional.

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    [Image: New-logo2.png] Manchester based investor. I buy, sell, renovate and rent investment property in East/North Manchester Wink email: mike@brentwoodinvestments.co.uk Call: 0161 681 3724

    Very good points Michael!


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    Helen Godbold-Eade

    Freelance Administrator for Property Investors / Entrepreneurs

    http://www.like-clockwork.co.uk

    Find me on LinkedIn: http://www.linkedin.com/in/heleneade/

    first, you need to check what terms you have signed with the tenant. if you havent signed terms, i would have a conversation and negotiate

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