A landlord has a lot of responsibility for both their property and its tenants, and this pressure can mount with the more properties they decide to put on the rental market. A letting agency takes over all the nitty gritty details that come with being a landlord so that you can reap the rewards without having to worry about managing a property, collecting rent or finding tenants! There are certain landlord – or letting agency – fees that come with these services that many landlords misunderstand which is why we’ve put together this basic guide. Read on to find out more…
What are Landlord Fees?
In layman’s terms, landlord fees are payments that a landlord makes in return for the management of their property and the services provided by a letting agency. This means that landlords are able to reap the benefits of being a landlord without having to deal with the stress that comes with such a high-pressure role.
What Do Landlord Fees Cover?
It’s important to note that the amount associated with landlord fees and the services that are provided can differ considerably from agency to agency, however there are certain basics that every agency will cover, such as finding tenants, carrying our reference and credit checks and managing the repair and maintenance of the property. Here at Empanda Properties, we also take care of online and local marketing, rent collection, accompanied viewings and provide a deposit protection service too.
Are There Any Hidden Fees?
Just like tenants, it’s not uncommon for landlords to be duped by unexpected costs when sourcing a reputable letting agency. As it stands, there are two ways to do business with a letting agency. For example, if you decide that you just want to let your property then you’ll typically be charged a one-off fee for the service, which should be stated right at the start, whereas property management throughout the forthcoming let will be charged at 5-20% of the monthly rent depending on the properties location. Here at Empanda Properties, our landlord fees stand at 10% – which means there’s absolutely no hidden fees.
As a landlord, you’re at the beck and call of your clients 24/7 which can often be impossible to manage. Landlord fees cover the cost of outsourcing this service to a letting agency – such as ourselves – who will ensure that your rental properties are fully maintained, kept in tip top condition and ensure that the tenants who live there are reliable and respectful at all times. All you need to do is sit back and relax! To discuss the Empanda Properties approach to landlord fees in further detail, get in contact with the best estate agency on the market today!