How negotiable are letting agent contracts, from a landlord's perspective ?

[Quangle]

Need to rent out a flat and have found an agent. Not signed yet. Do they stick like glue to their renewal terms for example? This one is 9pc for the first year and 8pc for renewals which is obviously money for old rope but not sure if it's worth challenging.

Definitely worth negotiating on any aspects you are not happy with - whether they will vary the terms or not will depend on things like local competition and what they charge and how much they stand to make on the deal. They probably have a minimum figure they are not prepared to go below or they may not be willing to negotiate at all.

If you don't ask, you don't get.

Def worth negotiating - I work for a letting agent, and we have landlords varying from 15% - 7%

in my experience not very, but worth an ask.

that said, if there are no other charges those are good deals. What services are included?

We have always negotiated down on letting agents fee's. Each time we add a new property we arrange a new %.

Thanks for feedback. Very helpful. Limiting the number of renewals is a good idea. Agent said the terms were non-negotiable but has gone awY to ask her manager so we'll see...

This is just for finding, taking references etc. Management is another 5pc which I am happy enough with at least at the beginning. Once I have a bit more experience I would think about doing it myself.

That sounds like a very good deal for management, I'd be wary of additional charges.

Seems quite high to me but I'm sure different areas differ. Check the t&cs, you might find you can't take the management bit off

Check the tie-ins when your tenants renew.

And check your agent's reputation amongst tenants.

Agents in England and Wales can charge tenants outrageous renewal fees, and demand an annual rent increase "on your behalf", and be really aggravating. So your tenants give notice.

So you're looking at a void, so you instruct the same agent in order not to lose any time. They find you new tenants, but you're in for a whole lot of new tenant charges.

Who's benefited from this merry-go-round? Oh yes, the letting agent.