A letting agency in London has announced that it has dropped all fees it charges to tenants.
STANLEY Chelsea, a one branch agency situated in West London, says it has always tried to minimise tenant admin charges but has now dropped them altogether.
The firm is run by Patrick Bullick, a former Chairman of The National Association of Estate Agents, who says that his staff 'shares' the public's aversion to letting agent fees charged to tenants.
"Virtually the only thing that the Mayoral candidates had in common was their vocal opposition to such charges," he says.
"Many MPs, Shelter and Generation Rent are also actively campaigning against charges to tenants."
The agency is now issuing a flyer to 40,000 households with the message:
'NO CHARGES TO TENANTS'
'Transparent Commissions for Landlords & Sellers with NO extra costs'
As of May last year it has been a legal requirement for all letting agents to display the fees they charge to landlords and tenants in their offices and on their websites, as well as make clear which redress scheme they are a member of and whether they offer client money protection.
Yesterday, Letting Agent Today reported that campaign group Generation Rent is running a research project into fees charged by letting agents.
Letting Fees UK has so far researched over 700 agencies across the country and calculates the average fee paid by two tenants at the start of a tenancy as £391.
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In full agreement. My lettings agent has never charged tenants for anything other than a credit check(£58) and this helps create a good relationship with my tenants from the start.
I have had several tenants who had let through F@@@@@s who were simply aghast at meeting a landlord and agent who keep costs down and standards high. Result: happy tenants, (never had a single missed rent payment), agent happy with their charge to me for the work they do, I ask for less than other landlords and never have a empty period. Simple business model that works if your not GREEDY.
Likewise- our fees havent changed in 12 years and are some of the lowest in London. Whilst I think in some areas of the country, where rents are so low, these fees may be justifiable, in London, where our fees are so high, we have a duty to be fair. Amazingly Foxtons, at £490 for 2 tenants, is nothng compared to Bairstow Eves at £694 and Spencers Property Services at £742 (see Letting Fees UK- Tower Hamlets). With agents like these generating around 25% of their fee income in admin fees, you have to wonder how these agencies will survive of fees do become outlawed. What I find staggering, however, is how many agents (especially in London) still charge Landlords a fee for the contract on top of the Letting & Man fees they already charge. Especially when you consider most agents now create all tenancy paperwork with a few clicks of a mouse! The sooner Letting Fees are outlawed the better for the sector as a whole.
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