Just trying to gauge what people are paying for setting up a tenancy (advertising, viewings, contracts etc) and then monthly for full management.

Cheers,

12.5% of the letting income + VAT. Plus there’ll be a take-on fee and advertising…
can’t remember the initial fees but it came to (a lot) less than £500 IIRC

I used to pay similar, about 12% but like everyone, haggle with them in an open market, they’ll want the business. Get recommendations though, I have had a couple of crap ones who failed to collect rent for months. I don’t bother using agents now for full management, just use for tenant finding, initial money and carrying out references, do anything else myself. They charge about £400 around my way for doing this initial service. Cheers

I just paid 10% but he was a 1 man outfit and worked his own particular way. He’d done it for many years and was actually quite good but my old house was in great condition and almost looked after itself, so for him it was easy money.

10% monthly, £250 at start of tenancy.

Probably teaching to suck eggs etc but also remember about the inland revenue and returns, don’t think you’ll get away with not declaring rental income/expenditure even if a loss on balance, they’ll find you. So keep a record of all if you don’t already.

Never found a decent honest one so do it myself now but was 10%

I’d recommend managing yourself if at all possible. Otherwise make sure you separate the tenant finding part from the property management part then you can negotiate both with separate companies. If you go for a combined tenant finding and property management package the % you’ll pay for the property management will be higher.

£500 upfront to find tennets, prepare rental agreement then zero as we self managed. Unless the property is some way from your home and/or you are rarely around I cannot understand the logic of paying an agent close to 20% for calling a plumber / electrician / handyman which you the landlord then has to pay for.

Finder’s fee only – we manage the rest ourselves. Getting an agent to find the tenant works because they do all the references (landlords, credit etc) and handle the escrow thing for the deposit and all that stuff.

It does help that the property is half a mile from where we live and everything’s pretty new in the house so there isn’t much to manage, really. If it were miles away it might be different.

Agreed on all points, Jambalaya. You speak good sense.

I pay 8% plus vat for tenant intro. TBH its well worth it as scammers tend to avoid agents, or agents spot them quickly.
I manage the flats myself as I think I can do a better job.

I would recommend, if you go the way of management, agreeing a cut off point (in writing). So that if the tenant turn out to be good and not need managing, you can get rid of the letting agency without hassle, say after a year. My letting agency turned out to be a nightmare, doing bugger all but still charging 10%, but my tenants are great. Got rid now, but they still owe us money.

I pay 9% for finding, check in and out, contracts etc, and rental collection.

Do have a conversation with the agents as I bargained down the one I’m with because there was another agency offering the same service (except they were rubbish) cheaper.

9% plus vat for my agent in Aberdeen. Only charge me for cost of a new lease when a new tenant moves in.

Other property I use an agent for tenant finding only, charge was £300, negotiated down from 50% of 1 months rent.

10% but my mrs paid 15% when she first did it, they even had the nerve to take the first two years worth of 15% out of the first few months rentals… we manage that one ourselves now as its local.