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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

aibu to be annoyed letting agent dropped rent by £50

382 replies

toohoottoday · 30/05/2020 10:34

I have just found out my letting agent has dropped the rental for the property I rent by £50. This rental income represents over half my income, and I can't really afford a drop. He had chatted with me about rental but we didn't agree to drop it. He had said we may have to, but then rents had increased since our last tenant came in, so the drop due to the covid situation may even it out to the current rent level, and that he already had three households interested before it was even advertised. So given that, and being as we never agreed a decrease, I wasn't expecting it to be dropped. There are now several tenants who all want to rent it and he has asked me to choose this weekend. I am therefore surprised therefore after checking his website to see he has advertised it as lower than the previous rent.

AIBU to be annoyed about this? I don't suppose there is anything I can do about it now. That is £600 a year that I will be poorer off and I am already on a low income with two kids to support.

OP posts:
Dazedandconfused10 · 30/05/2020 10:36

You dont have to accept the lower price. Ask them to relist. However, where you getting offers at the previous price? Maybe your pricing is too high.

Apple1029 · 30/05/2020 10:36

Yanbu I would be annoyed as he cant just do that. But I would weigh up getting it rented out asap and the demand for it vs 50 a month.

Dazedandconfused10 · 30/05/2020 10:36

If the property is empty longer just to achieve the higher rent you'll lose much the same anyway.

AvoidingRealHumans · 30/05/2020 10:38

So confused at the start as it sounds like the place you rent has had the rent decreased but I'm assuming you mean the place you rent out?

I'm not sure on the legalities of it but it sounds like no one was renting it at the moment as you have to look through prospective tenants so I would think that £50 less than normal is better than 0 on an empty place.

Qgardens · 30/05/2020 10:38

If there are several people wanting it then he was wrong to do this without your permission. He can sort it at the proper price.

Original poster
toohoottoday · 30/05/2020 10:39

I guess my point is it didn't have to be lower - it was already priced at the low end of similar properties, by about £100 without the price drop. He knew there was interest before it was even advertised.

And I think he should have explicitly agreed that with me first.

OP posts:
Hugglespuffed · 30/05/2020 10:39

But if it is taking longer to rent it at the higher price then aren't you losing money?

Hugglespuffed · 30/05/2020 10:40

Like even one month of not renting will, im sure, be more that £600.

AnneElliott · 30/05/2020 10:40

Of course he should have agreed it with you - he works for you. Tell him you do t agree to the rent reduction and he needs to sort it with the prospective tenants!

Original poster
toohoottoday · 30/05/2020 10:41

So confused at the start as it sounds like the place you rent has had the rent decreased but I'm assuming you mean the place you rent out?

Sorry, yes when I read it again it wasn't clear. It is the place I rent out.

I'm just cheesed off. Life is hard at the moment anyway. Working at home and looking after kids and now I have to go through our finances to try to work out where I can lose £50 a month. It's not bloody obvious where the money will come from.

OP posts:
RedRed9 · 30/05/2020 10:42

Do you mean let, not rent? You’re the landlord yes?

You can get them to re list it if you’re unhappy but you need to shift your thinking: it’s about what the property is worth not what you would like for it.

The fact that you’re on a low income with two kids doesn’t factor into what the property is worth.

I also agree with @Hugglespuffed

Puddlejuice · 30/05/2020 10:42

I know it's not what you asked but flipping heck that's tight margins if you need the income, what will you do if the boiler breaks etc, hope you have a contingency fund.

Soontobe60 · 30/05/2020 10:43

Maybe there’s something in your contract with the ea that allows this. I can’t be too sympathetic to this, unless there’s a really good reason why you own two properties?

StillCoughingandLaughing · 30/05/2020 10:43

But if it is taking longer to rent it at the higher price then aren't you losing money?

That’s not the point. The agent didn’t suggest a price drop - he advertised an incorrect price.

I’d get another agent.

Original poster
toohoottoday · 30/05/2020 10:44

But if it is taking longer to rent it at the higher price then aren't you losing money?

I think my point is it wouldn't have. It has only just been advertised this week and there are already three households who definitely want it for me to choose from.

If I relist it, it will take longer, and I don't want to ask the people already interested to pay more as, even if they accept, it will create ill -feeling adn I don't want that. I'll just have to accept the loss and make it clear I expect he to explicitly agree via email any rent decrease in future.

OP posts:
Destroyedpeople · 30/05/2020 10:44

I don't think you should be a landlord if your margins are that tight tbh.

beefthief · 30/05/2020 10:44

Tough. Don't be a landlord.

StillCoughingandLaughing · 30/05/2020 10:45

I can’t be too sympathetic to this, unless there’s a really good reason why you own two properties?

Because she wants them? Seems a good reason to me.

Original poster
toohoottoday · 30/05/2020 10:45

I don't think you should be a landlord if your margins are that tight tbh

The margins on the property are good. It's just that the income makes up a lot of my total income.

OP posts:
Chicchicchicchiclana · 30/05/2020 10:45

Obvious question - but if times are hard and you are really struggling, why don't you sell that property?

Danh22 · 30/05/2020 10:46

Wouldn't fancy being your tenant.

If you can't lose 50 quid a month what are you going to do when the boiler breaks?

StillCoughingandLaughing · 30/05/2020 10:46

Tough. Don't be a landlord.

Don’t be a landlord if you can’t accept that your agent won’t follow the simplest of instructions? Okaaayy...

Hugglespuffed · 30/05/2020 10:46

I know it isn't the point.. and the agent was wrong to do that without discussing of course.
I guess options are that the letting agent says to the 3 options that you want £50 more per month and see if there is still interest?
Maybe it is worth less?

Original poster
toohoottoday · 30/05/2020 10:48

it’s about what the property is worth not what you would like for it

Gosh, people really do keep to their narrative, don't they.

I've already comprehensibly explained why there was good reason to think the price didn't need to drop. It's frustrating to drop the income when I could have acheived the original price.

OP posts:
Heroicasymphony · 30/05/2020 10:48

Just tell the agent to relist at the price you want. You hire this person: why would you think you have to do what they say? You do seem quite inept, particularly as you clearly haven't done your sums re being a landlord if you're having to go through your personal finances to allow for £600 over the course of a year.