How Transparent is Your Letting Agent With Their Letting Fees?

How Transparent is Your Letting Agent With Their Letting Fees?

With the tenant letting fees ban looming and the dawning of a New Year on the horizon it might be time to ask yourself the question: how transparent is my letting agent with their fees?

As a long established, trustworthy local business that prides itself on complete transparency as well as a wealth of niche industry knowledge, we bring this subject up as recently, it has come to our attention that hidden fees are fast-becoming the norm among agents across the nation. And yes, it might be costing you, the landlord, a great deal of money every year.

A property maintenance firm that once worked with a renowned national letting agent confirmed that it severed all ties with the company when it wanted to increase its commission to the contractor from 15% to 20% - and apparently, this level of misconduct is rife in the business. What this is 20% plus VAT would be added to any jobs carried to your property. And, in terms of pound notes, £200 becomes £288.

Regrettably, absorbing additional costs through the invoices of honest contractors has now been deemed as the norm. In this situation, not only does the contractor have to charge prices that are unrepresentative of their usual rates, but time after time, the landlord is left to pick up an over-inflated bill, unwittingly.

To put it into perspective, read our initial report on the subject, featuring a hypothetical breakdown of a contractor’s bill with the now typical 1 - 3% markup added right under the landlord’s nose.

This practice is unacceptable and it’s leaving hardworking landlords out of pocket - but you needn’t accept it. If you sense that something’s amiss with your current letting agent’s maintenance costs, it might be time to jump ship and find someone that conducts their business with the respect, transparency and due diligence that you deserve.

Each and every Rockett Home Rentals contractor is delighted to work with us as we don’t charge secret commission or markups: we’re honest, we’re upfront and we only charge what is what’s considered fair or necessary - nothing more, nothing less. And it’s this kind of honesty across the business that pushes our client and customer loyalty levels through the roof: 

"We used Rockett over five years ago for a rental property and chose Rockett due to the standard of properties they advertised via the net. Since then, we've bought our own property as well as a buy-to-let investment that I use Rockett rentals to manage each month. Hassle free. If you're after a good trustworthy lettings agency then give these guys a shout." - Andy Challenor

Thanks, Andy, it’s been a pleasure.

Not only do we know the industry inside out, but we do everything with the interests of our landlords, tenants and partners at heart. We’re the local business that goes that extra mile - we’re a rare breed of agent with a personal, independent touch and a host of invaluable resources at our fingertips.

At Rockett Home Rentals we’ve got nothing to hide, so landlords, if you have any questions about us or the way we run our business, please do drop us a line, we’ll be happy to hear from you.

In the meantime, consider these seven essential things you need to know about your letting agent.