How much do EA's charge to rent out your property?

[Ohnonotnow]

Exactly that really. Will be moving in with OH when he buys somewhere meaning I can rent my house out through an EA. Before I start asking around, does anyone have a rough idea of what they charge?

Is it too risky to rent it out myself

Wow mine was cheap then. 5% plus vat for mine

Don't just look at EAs; try for a word of mouth recommendation for a Letting Agent in your area, and go and talk to them, that's how I got mine. She looked after our house for 13 years, and was like a very scary headmistress. We were charged less the second time we let via her, as we got returners rates!

thecatsmother is right. I wasted a lot of time till I got a recommendation which was to letting agents NOT agents who both sell and let .So find 3 lettings agents and get info on the services they offer. See if you can meet other landlords locally as they will be able to recommend as well
Def join NLA only a few pounds because you are a novice. Basically without experience you have to pay a professional so use one at least to find you a tenant and only do a 6 month contract. It is hard work

I've seen 10-30% fully managed inc VAT.

Too much.

You can use an agent to do the advertising and checks but then take on management yourself (if you can). Managing agents are hit and miss. It's normally based on what the property value is.

Give a couple of agents a ring and get the details. I think it is best to use an agent as they know the market in your area, also the rules and regulations regarding gas and electrical checks, etc. Many have reliable workmen who will fix issues like leaking taps, repairs as necessary.

They will know all the latest rules about leases and will have the ability to check potential customers creditworthiness. You can also get landlords’s insurance to cover non payment. You will need speak to the mortgage company proper to renting the property.

The MN collective is anti landlords, they seem to think you should sell you property to someone cheap not rent it out

Now one point of advice which you must investigate and have clear in your mind with or without an agent is the possible big change to the right to repossess a property announced in Parliament last year.
Currently you can end a tenancy without giving a reason (with proper notice and paperwork) but this may change making it harder and more expensive to get rid of bad tenants. The general consensus seems to be Government wants to get rid of smaller landlord s and
have larger companies doing it presumably to spread the risk if there are more non-payers etc (?)

You do have to be aware that tenants might not treat your property in the same way you do. For this reason go via an agent and think very carefully about whether you are close enough to do repairs. If you live in another area, is this the case? Can you find someone to fix a tap or mend the cupboard door? Can you do it yourself? If so, how quickly?

Tenants sometimes don’t mow the grass, keep your property in good condition and sometimes don’t pay the rent due. Often costs mount up with fair wear and tear taken into account, eg carpets, paintwork, garden etc.

I used to do finders fee only and manage our properties ourselves. Until I got a bad payer and the police were after him. It was me going round and asking for the rent, and inspecting the property and I worried about his girlfriend living with him. He was unpleasant. I felt very uneasy and he scared me. So, use an agent for management if you want to rent out at arms length. This tenant was found by the agent but you never know!

If you are attached in any way to the property think very hard about whether you can stand a tenant spoiling it. You might need to notify your mortgage provider too. I have had lovely tenants but a couple of tricky ones are a nightmare.

You should consider what else you could do with the money. I have properties as part of a financial portfolio. I suggest you speak to an agent about the pros and cons and see what you think.

Oh: my managed fee is 12%. Finders fee and gas check, inventory and checking in and out are extra. I pay for the letting agreement too. Agents do differ.

Fully managed is 10% plus VAT here.

Anywhere between 4-12% depending on the service.

If you let it out remember that you will need to make sure you are completely compliant with regards to the tenancy agreement, the deposit, the safety checks, documentation being sent to the buyer in certain time frames and if it is not this can render eviction notices useless.

I would definitely recommend calling round agents to get a feel for them. What area are you in? I’ve many many years in the property industry and may be able to recommend a few firms.

Before you do any of this I would check your local council for article 4 legislation, as in some areas renting out a property requires far more hoops to be jumped through than others. Good luck.

If you haven't rented out somewhere before then I really would recommend using an agency to find the tenants, otherwise you could make a serious mistake that could cost you much more than a few hundred pounds fees.
You need to check that your mortgage company would be happy for the property to be rented out. You may need to convert to a BTL mortgage.
You can no longer claim mortgage payments as an expense on your tax-return to offset rent payments.
In some areas, houses in multiple occupation (HMOs) need to be licensed and inspected. So you need to find out if this will apply.
Before renting it out you need a valid EPC, there is a minimum rating needed, otherwise it can't be rented out!
Gas safety and electrical safety certificates are also needed.

WhenI first rented out our flat I had about 3 letting agents round to quote. All started off with quotes of 15-17%.
With the one I finally went with, I said it seemed very high, and he said, How much do you want to pay, then?

I said 11%? - and he agreed straight away, so do negotiate! I should have bargained a bit harder! And don’t feel awkward about it.

Should add, though, that it was a property he evidently knew would let very quickly and easily.
A few years later we got them down to 9.5%, for full management.

Thanks for all the advice. I will do some research and proceed with caution.
@lastqueenofscotland I'm in North East Hampshire/Surrey boarder area

I’ve been an accidental landlord. Paid about 10% for full management. Absolute waste of money they just passed the issues along, and actually caused problems.

In the end we had to take them to the ombudsman (our complaint was upheld and they were fined) and then small claims court (they settled with us for the full amount we asked for as soon as they received the paperwork).