Does anyone have a property they let out, and what sort of level of fees are typical in slightly-outside-central London?
I'm about to have agents around to view a flat I've done up, which is a javelin's throw from the Olympic site (well, 2 miles), and as I've never been on this side of the rental market I have little idea what's worth paying and what's a joke.
One local company says their let-only fee is "two weeks rent for 12 month contract" which works out at 4%, and their full management fee is 8%. A slightly bigger company said 8% and 12% but indicated they'd negotiate. A significantly bigger company said 10% and 15%.
What should I be looking for in their Ts and Cs? should they be working with local plumbers up to a pre-agreed limit of expenditure rather than calling me up to authorise replacing a washer? Could I suggest that they should be organising annual boiler checks (or would that be risky, as the liability ends up with me anyway)?
I am fairly certain that I don't want to go down the gumtree/self-manage route. I know it would save money but it would add hassle. But please, any guidance on how to work with lettings agents is really welcome
i found two agents and they bid each other down to 7.5%, which i found a really annoying way of doing business, tbh, i would rather know their 'best price' without beating around the bush and wasting my time. however, my mortgage company told me it was the lowest % they'd heard of for a full management fee. good luck!
hmm, sounds like a typical way of doing business in the lettings industry. I can't remember exactly but I think the 10/15% one was the answer just after I said "I haven't let out a place before". Sucker, they probably thought...!
I rent out two flats in SW london and use the dreaded green mini brigade. It really is a case of better the devil you know though. You will be horrified to learn that I pay 10% of the contract term for lettings and 7% for management - so a whopping 17%. I am a sucker however I have been with them for 5 years now and tbh they get me on average 15% more rent per month than anywhere else I have talked to and I have only had 5 weeks void in 5 years on both flats combined and 2 of those were because I asked for a break to do some work on the properties etc. Don't get me wrong though they are the devil incarnate and one day I will shop around again.
I use their management service but I usually get my own quotes/tradesmen because they will make 10% on those bills too. However I do live 300 miles away so it is useful for the inevitable emergency or annoying tenant. I pay for the basic British Gas homecare (boiler and central heating) which has been great as the tenant can just call them directly any problems and never bother me.