It's no secret that before long (and when we say this, we more or less mean imminently), letting fees will be banned in the UK.
While this may be a big hit for letting agents up and down the country, it's important to remain fair, transparent and ethical - the very qualities that Rockett Home Rentals is founded upon. Unfortunately, not all letting agents or property managers are cut from the same cloth.
Not long ago, we gave you an inside glimpse at some of the hidden fees and cheap tactics adopted by some agents, and now we're going to give you another warning: if you're currently struggling to let your property, it might be because your letting agent has hiked up their applicant fees as a last hurrah before the ban. Of course, if this is the case, your agent could well be driving good tenants away from your investment.
At first, your natural reaction to a lettings slump might be to drop your rental price in a bid to attract tenants, but before you do, it could be worth checking in with your property manager to look at the admin fees they're currently charging.
A word of advice
As mentioned, before you start dropping rental prices or take any further action, you should go through each admin fee and process with a fine tooth comb, tallying up the fees and analysing each practice.
If you're unhappy with what you see, it might be time to jump ship and find an agent that has both yours as well as your future tenants' interests in mind. There's a fine line between making a profit and providing a good, fair, quality service - and some letting agents just can't walk it.
So, take a deep breath, examine the fees and processes of your current agent, and make an informed decision that works for you. You'll benefit in the end, trust us.