UK Landlord Forum / Life

I have signed a document, terms and conditions with my agent saying that the annual fee of 6% is payable regardless of whether the tenancy operates within a fixed term tenancy or becomes a periodic tenancy.  What am I paying for?  I manage the property myself and do the rent collection.  I think these fees are unscrupulous. 
I plan to put the house on the market next year.  Can I renew the tenancy on a six month contract?

Sorry but I need to ask,,,, why are you using an agent ?

I guess she will be using an agent because she didn't either live close enough to the property or she is new to lettings and wanted assistance. Agents do provide a useful service to some and not all are crooks who'd sell their own grandmother if the price was right!

In answer to the original question though you are probably paying the fee because you signed their ts and cs that said they were due a fee if the tenant remained in the property. Look before you leap would be the motto here. 

You have signed a document... but you now wish you hadn't. You think the fees are unscrupulous, yet you still signed the document. Who's at fault? Can you renew on a 6 month fixed term? Yes. I am assuming you mean with the Tenant?

Quote from: David M on October 15, 2015, 09:54:34 AM
I guess she will be using an agent because she didn't either live close enough to the property or she is new to lettings and wanted assistance. Agents do provide a useful service to some and not all are crooks who'd sell their own grandmother if the price was right!

I had discounted the notion that she didnt live close enough or needed assistance because she has already said she does everything.

Your point on Agents providing a useful service is entirely subjective, an in my own experience is unfounded.

I think the point about experience is that it is always subjective, the key is to learn from it. In lettings, as in life, you tend to get what you pay for and, if you choose an agent based on how little they charge you, then more fool you. Its like buying a piece of tat from Poundland then complaining when it falls apart.

Of course I've got an axe to grind as I'm an agent but I have been doing this for years and I don't use a cattle prod to get new customers into my office so I guess some people must want the benefit of my experience. If you have the necessary knowledge and can market your property effectively then you may not need me. I have no idea what percentage of landlords in the UK use an agent but I suspect it is high.

I have no idea what percentage of Landlords who employ an Agent are dissatisfied with them, but feel powerless and trapped, but I suspect it is high.

Quote from: David M on October 15, 2015, 12:11:17 PM

Of course I've got an axe to grind as I'm an agent

I would never have guessed