aibu to be annoyed letting agent dropped rent by £50

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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.

Surely this is breach of contract?

If you are really this annoyed (as you have every right to be, it is your property after all) you need to talk to your agent. Tell them you don’t appreciate them going behind your back and that they need to relish it with the correct price or else you will be going to another agency. During this conversation they may explain why they felt the need to do this and advise you it’s in your best interest, but at the end of the day you make the final call.

I, personally, would put in a complaint unless they have a very good reason for going against your wishes.

Edit
*relist not relish!

Em there appear to be a lot of landlord and Buy to let haters on this thread.. Why? Do you think renting as a concept shouldn’t exist? I rented for 12 years and I was very happy to let someone else mange flat maintenance, service fees, put up the capital to buy the flat etc. Rent is determined by the market anyway so it’s always going to be ‘fair’ if it ever gets too high then more people will start doing buy to let abd that will bring rents down. Nobody is excluded from doing this if they wish in this country !

To be fair, people who rent houses these days are asking way too much. Even for 2 people working full time with children and other bills to pay itd put most on the breadline.

Me and my OH have been looking for somewhere to rent and we agreed with rent we couldn't afford more than £450 a month.
Some landlords can be quite selfish in that respect. Add in all the estate agent fees too.. no wonder so many people can't afford to do it.

You're a landlord and cant afford a £50 drop in income ?

What will you do for repairs ?

Ask the agent why he dropped the price without asking you

No way would I let my agent do this in our rental l. They are working on your behalf. You pay their commission. I would say change it back or I’ll move my property to someone else.

Tell him, if he doesn't correct the rent, you will minus the loss from the fee you pay him. Simples, and you'll also take the property to someone else to manage.

Grow some balls!

You think 600 a year is a big loss, try going from 2 working wages to one disability benefit. You'll know what a massive drop is then.

Tax wise, you won't miss the full fifty anywise, as it obvs effects your income total, and thus the amount of tax you pay, I expect in reality it'll be just £200 drop per year after allowing for the lesser tax bill.

Same as landlords say to tenants on welfare, get a job.

** All people on low incomes would struggle suddenly find £600 a year

I agree that you should change to another agency but a £50 a month increase for tenants who struggle is also a lot but I doubt it would prevent most landlords from upping the rent. We have had a year on year increase to ’match’ the market. So it does work both ways. That said if your agency have just done this without specific go ahead, I would move.

Ask the agent for proof of where you agreed to take £50 less a month. When they can't prove it suggest as it is their error they make up the shortfall.

That said I do expect there to be some problems with the rental markets in the near future as those who rent tend to be on a lower income in retail and catering both of which is going to be hit hard with redundancies once furlough stops. So it might be worth seeing if you can swallow the £50 a month, if the agent absolutely won't, to get someone in there who can then claim housing benefit if they do get laid off.

Well generally one should listen to an agents advice (assuming they are experienced), and then decide whether or not to go along with it. Was he (I’m speculating here !) perhaps telling you he didn’t want the property on his books unless he could drop the price, because that was his judgement of the market?

Regardless, If you didn’t agree to the reduced price, the agent did not have the right to advertise it.

You should get a new agent.

If your property is valued at the higher rental then lease it at that price. If you aren’t happy look to let with a different agency or cut the middle man out and lease yourself so you have full control there’s pros and cons to both situations :)

Heckypeck

I am the Antichrist!!

The letting agents work for you so tell them exactly what you want in a strongly worded email so you have a paper trail of exactly what's happening Good luck.

If several prospective tenants view and all want the property they should be given the option of offering a higher rent to be lucky and get it. I would not accept the agency lowering the rent without your permission as they work for you and get well paid for doing so. They should advise the viewers they have made an error and rectify it. I have never used an agency to let out my properties as I begrudge paying 10-15% of my rental income for something I can do myself. Empty voids are not something suffer from either. Good luck.

This is absolutely nothing about what the property is worth or whether it is empty or not. Unless your contract with the agent states differently he has no right to advertise or offer the property at a rental different to that which you have instructed him/her. Of course it his professional duty to advise you of the state of the market and to offer an opinion as to what your property might achieve at best. But he is not there to make such important decisions on your behalf. Easy for me to say- Sack him and appoint someone who has a better understanding of his profession. But of course only you know how that might affect your circumstances.

Hi, fellow small landlord scum here 😁

I wouldn't send a strongly worded email just yet, I would start with a simple text back- hi, there's been a mistake, the rent is xx a month, not xx. Would you like to communicate back to the prospective tenants that you made a mistake, readvertise or reduce your fee by that much a month?

See what he comes back with before you start negotiating.

Just refuse the rent drop.

I would be finding another estate agent quickly.

Wow!! The land lord haters on MN 🙈😬🙄
“Why don’t you just sell” 🤣🙈 man alive people are idiots!

Do not accept the price drop. Especially if you are having to pay letting agent fee and rates. They shouldn’t have went ahead and changed it without your consent

Yabu! If you own a buy to let and have additional income you’re most certainly not in a low income. You can afford 2 properties you’re not hard done but if it’s an issue sell the one you let problems solved. Most people can’t even afford to own 1 property nowadays. Put your big girl pants on and do some budgeting.