Hi All,

I'm just about to re-let 2 properties (1bed house in Luton and 1 bed flat in Worthing) and wondered what woud be a good target to aim for in negotiating the agents' fees for let only?

Does 4 weeks' rent inc VATsound reasonable?

cheers,
Jonathan

I am doing one at present and a 'let only' is going to cost me £250 plus VAT. I will be getting £550 rent for the property.

Half a months rent is usual.

Hope that helps you make a decision.

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Hi

£250 sounds great i pay around £300. You get what you pay for so check exactly what they do and exactly where they advertise. And check it.

Vital to be on Rightmove for example but find out how many engines they are on and check how quick they are. Mine includes a one week run in the local newspaper classified section. Must get a board up outside property. Do they have foot traffic coming past their office that may be interested in your house - if so that can be a big help.

If they are hitting all the right notes most important thing after that is their description - seriously people underestimate this or don't even check. If they undersell the best features of your house, don't show good or the right photos etc, make them change it. Its your house. And yes you do know best!!!

Finally most important is how they qualify your tenant. Agents getting let only fees have a completely different mindset to let+management.

With management they have to be sure the tenant isn't going to be a nightmare and cause extra workload or risk of arrears - both having a cost implication on a letting agency. But with let only - some agents take the view 'who cares' if they know they aren't getting the management side - and can be slack on the vetting procedure. 'Throw in a tenant and get the fee' attitude.

So first time you use them check what their procedures are, ask to see references obtained and credit reports, and insist on a guarantor. Be a pain in the ass, its the most important decision you'll have after buying the house! Obvious but people forget this, thinking its just a matter of luck whether you get a good tenant or not. Its not. You can eliminate 95% of potential bad tenants with the right vetting procedure. Over a landlord career this will make or break you or at the least save you tens of thousands of pounds.

You might be less fussy or hands on next time you use them but be wary first time.

Not meaning to patronise with the advice above just a topic close to my heart - 4 years and 7 evictions since i started buying in Liverpool - and £15,000 at least down the drain.

Best of luck

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Thanks for your comments guys - seem to be spot on.

Jonathan

I agree with Arlo, probably best to go for full management.

If the letting agent is any good they should actually save you money in the long run (yes I said save you money!).

For instance they should let the property a lot quicker than you and if they are looking out for you, should save you money in other areas.

J B

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Jon Bieri
The Potential2 Group (Lettings, Sales,Quick Sales, Portfolio build,Help for 1st Time Buyers)

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