In June 2007 we appointed a letting agent to manage our first buy-to-let property. A tenant moved in in August 2007 and has been there ever since. In that time the only services that the letting agent has provided is to transfer the rental money each month from the tenant's account to ours, send us a monthly statement, produce lease extensions (at an extra charge) and an annual tax statement (again extra) which we don't need as we use an accountant. All maintainance and repairs are dealt with by us directly with our tenant, as well as dealing with neighbours and negotiating maintenance and repairs to communal areas. Rent increases are negotiated by us directly with the tenant.
In spite of the lack of involvement, the agent takes 12.5 of each month's rent, as well as charging admin fees and postage.
I feel we are being ripped off. Could you please advise