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Letting agent fees - what's normal % wise in London?

(6 Posts)
cazzabazza Wed 12-Nov-14 09:08:02

We are about to let our flat out in London and are negotiating fees with the lettings agent. What % is normal for London? It would be for the letting service only, not managed.

Also, it seems ludicrous that the agent gets a % of your annual rental income each year for effectively nothing, once they've completed all inital referencing, checks, contracts, etc! Is this normal too?

specialsubject Wed 12-Nov-14 10:31:52

yes, that's normal. That's how they recoup the initial costs. 10% + VAT for letting and rent collection is fairly standard.

EldonAve Wed 12-Nov-14 10:40:30

lettings 11%, for mgmt as well an additional 6%

justanotherquestion Wed 12-Nov-14 11:49:16

We found when letting ours in London (although not central) that fees were negotiable. We got a chain with a good rep down to less than 10% and got the renewal fees at less than the initial fee too. You may be able to get it on a 5 year sliding scale. ie if the tenant renews again after 3 years, the renewal fee is less than that charged after the first year.

We may have been lucky however (we have had tenants that have not changed for a couple of years) because at the time, there was a shortage of property for rent and several agents competing for our business.

InaPuckle Wed 12-Nov-14 22:38:02

Some will negotiate and others won't! Look out for special offers from new branches opening up in the area. I got a flyer with special Christmas offer of 10% managed.

msfreud Thu 13-Nov-14 13:40:44

I paid 9% managed previously, and now (a different property, different agent) I'm paying 8% managed. (Plus VAT on top of those both.)

Definitely worth negotiating in London with so many agents around wanting your business!

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