Important Fee Information
Agents charge a Letting (Tenant Finding) Commission or Fee for the successful letting of your property expressed either as a percentage (%) of the Annual Rent Achieved or a Fixed Fee. Sometimes they will charge the first months rent as a fee.
They also may charge a Marketing Fee, which covers items such as Advertising (both online and local press), Professional Photography, To Let signs, Brochure and Plan production.
If the Agent offers Management Services, they will indicate this and provide a more tailored bespoke quote for you depending on what services you require. We ask all agents that offer management services to provide you with a basic quote.
All Fees may be subject to VAT so for the avoidance of doubt ALL FEES quoted EXCLUDE VAT so they are like for like comparisons.
Example: A £500 per month rental property, with an Annual Rental of £6000 will quote as follows:
10% AR (meaning 10% of Annual Rent = £600)
£495 (meaning a Fixed Fee of £495)
FMR (meaning the First Months Rent is taken as the letting fee. This will be 1/12th of the Annual Rent, in this example = £500 )
Don’t forget to add VAT onto your costs at current rate of 20%