Letting Agent Fees

Compliance

Taking a more balanced view of letting agent fees

We have been reading with interest how the industry has been lambasted in the press and is being attacked on all sides. Foxtons branches being assailed, articles on “rip off” lettings agents and even our own industry press having a go with lead headlines showing images of a dodgy characters pocketing cash. We wanted to take a more balanced view and try to ascertain if the fees charged were unreasonable. Talking to a selection of our clients using our letting agent software to ensure this was not just London centric we came up with a simplified list of the works that an agent does and assigned a cost to it, per property, based on a branch managing 50 properties with an additional 20 let only over 1 year. Create a brand and reputation to attract landlords £326.00 Provide a rental valuation £54.00 Create floor plans £80.00 Take marketing pictures £60.00 …

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