What do letting agents charge?
Are you thinking about letting your property out for the first time or are you wondering what letting agents charge for their services? Well, maybe this short video will answer a few of your questions.
Hello, my name is Bevan Mottram, owner at Kelham Square, and we’ve been managing property in Sheffield for over 10 years.
The first question we get asked by prospective landlords is: How much do you charge? Well, that all depends on what level of service that you actually require. Typically, letting agents in Sheffield and across the UK offer three main levels of service, the first one being fully managed, the second one being tenant find only, and the third one being a rent collection.
So what exactly does each service mean? Well, the fully managed service deals with the whole process from marketing the property, finding a tenant, making sure your property is legally coherent, day to day maintenance and regular inspections all done for you.
The tenant find only service, maybe you’re an experienced landlord and/or you have a little bit more time on your hands. This service would market the property and find you a good tenant, then leaving you to deal with the day to day management of that tenancy.
The rent collection service: exactly what it says on the tin, really. Collection of rent on a regular basis, chasing any arrears, and again, then leaving you to manage the property on a regular basis.
So, what do these services cost?
Typically, for a managed service you’re looking at 10% of the monthly rent collected, plus a setup fee to cover administration and marketing costs. For the tenant find only, typically 400 to 500 pounds, and for the rent collection, again, typically around 5% of the monthly rent collected. Obviously, the prices quoted may be subject to be VAT.
If you’d like to discuss your requirements further or you have any other questions whatsoever, please feel free to visit our website www.kelhamsquare.co.uk.
Thank you for watching. It’d be great to speak to you soon. Bye bye for now.