Mortitia Posted May 4, 2009 Report Share Posted May 4, 2009 Hi all, I have just consulted two agents to find me tenants for a 'new to me' property in urban coastal Dorset. One is very local to the property and the other I have used many times very successfully but is about 12 miles away - was a favourite. The favourite one I have used before seems to have changed it's terms of business along with its key staff, somewhat. I do my own management so this is about tenant finding only. How do you watchers rate these terms in the contract? I know there are some letting agents out there but I would appreciate any views. 1. A finding fee of a minimum of 50% or £500 of 1st months rent (minimum £500) 2. Their AST £85 or £25 if I use my own. 3. Renewal of AST or extention £50 per time and if a property is withdrawn or let by another source whilst on the books of this firm they want to charge for costs of advertising and 'reaonable' expenses. Am I getting mean or just out of touch? Usually my tenants stay ages or come by recommend of old tenant so I haven't had to go down this route for some time. Mortitia Link to comment Share on other sites More sharing options...
Chestnut Posted May 4, 2009 Report Share Posted May 4, 2009 Isn't this a sign of the times? Letting in my locality used to be a small branch of house agents' business and charges for tenant finding were quite low, if not nominal. As the house sales market has stagnated, letting has become the main if not sole source of many agents' income to the extent they have had to formalize and increase charges in order to stay in business. It's a while since I used an agent. Link to comment Share on other sites More sharing options...
Selkirk Posted May 7, 2009 Report Share Posted May 7, 2009 Shop around there's no loyalty in the game. I would be happy paying a finders fee of 50% of first months rent but would expect them to provide the AST and do the check in. After that then it's down to me no extras thanks. If I found a T somewhere else before they did then I would expect to pay them nothing for exactly what they had done for me. Some of these lettings agents are a law unto themselves and make it up as they go along, it gives the other such a bad name. Make sure you read through their terms of business throughly. I read that they're soon to be regulated that'll flush out the chancers. cheers Selkirk Link to comment Share on other sites More sharing options...
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