LETTING AGENTS FEES
In view of the current letting agents fees in favour of tenants, does any one feel there should be some regulation for fees charged to landlords by letting agents?
I am aware that letting agents need to cover their overheads, but is it fair to charge land lords so much? What will happen should the letting agents choose to pass on the tenants fees which is already so much on to landlords in future?
I have just had had new tenants introduced by an agent. This is for tenant find only. I carried out my own credit and right to rent checks, inventory and check in etc. All the agent did was find the tenants and to prepare the tenancy agreement. I was charged 8% of £1200.00 for a year which is a lot. The agent also wanted me to pay an extra £250.00 to draw up the tenancy agreement which I refused to pay. We haggled, and I refused to sign the tenancy agreement. By this time, it was too late for them not to go ahead with the tenancy because the tenants had already paid their £250 EACH for ONE joint tenancy agreement not to mention other charges they had levied on them. The agents finally backed down and I did not have to pay my £250.00
As I was checking the tenants in, they quite rightly asked me if it was fair for them to pay so much for a tenancy agreement which they recon "after all, the agreement is a DOWNLOADED pdf document". I could not agree with them more. I can understand in the old days when agents had to either physically write things out, and lately spend time typing out documents, to charge for their time. Does it take that much time to download a document to warrant such charges?
Is it necessary to charge such exorbitant amount to both the landlord AND the tenants especially when I am managing my own tenancy?
The tenants said they filled in all their own documents on line and passed them on to the agent.
Your views will be appreciated.