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The Autumn Statement revealed that the government is planning on banning letting agents from charging fees to tenants. If you use a letting agent to manage your rental properties, you might be concerned about this development.
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Letting agent fees have been under the microscope for some times. Some agents charge fees for anything and everything, and are not always transparent about it. Many tenants pay through the nose to rent a property, as they are charged admin fees for things already covered by fees charged to the landlord. Essentially, the agent is double charging.
Vote with Your Feet
There is a risk that letting agents will try to charge landlords extra to compensate when tenant fees are banned. Some are concerned that squeezed landlords will increase rents in response to any extra costs, but the answer is very simple: vote with your feet.
It’s a Buyers’ Market
Letting agents are not exactly in short supply. Most towns have several letting agents operating on the high street. Indeed, many estate agents now run a letting agency alongside their property business. If your current letting agent announces they are putting your management fees up, let them know you will be taking your business elsewhere. It won’t be difficult to find a different letting agent willing to act on your behalf.
Alternatively, you could elect to manage your own properties.
