How to manage letting agent fees?

Categories: Letting Letting Agent Renting Property

Hiring letting agents for your property is a good choice. It ensures that your property is managed by professionals and you will usually get best deal for your property. When it comes to the fees charged by letting agents, a little bit of haggling is advised. Letting agents depend on customers and you would be amazed how effective you haggling can be. There are some important points to be considered like independent letting agents may offer a better price. Independent agents are easier to negotiate with as compared to estate agent agencies. Secondly estate agents in London may charge higher fees as compared to other parts of UK. Usually due to the higher costs related to rental and advertising costs.

There are some important points to be considered while selecting your letting agent. First of all, make sure to interview a wide range of letting agents before final selection. Another important fact you should know is that the dominant letting agent in your area will be the hardest to negotiate on fees. Make sure that the letting agent is offering fair terms of business and is honest with the contract terms, the biggest is not always the best, smaller letting agents may well work harder.

Usually a new property owner fails to negotiate letting agent fees. It is best to leave the negotiation part till the end of the evaluation process. You should start with asking the letting agent fees for Sole Agency Contract. Wait for their response and try to look shocked with the fees offered by them. Tell them that you are not willing to hire them until they come down to 1%. Just wait for their answer and if the agent is not agreeing, thank him for his time. It is best to tell them that you have some other agents in row and you will inform them about your decision later.

You should know that letting agents are just like salesperson. They will explain different reasons for not reducing their fees and most of the time they may be bluffing. The important fact is that you should take your stand and be persistent throughout the process. All you need to do is to follow the tips explained in the article. There are some other factors to be considered while selecting your agent including their valuation report, ability of getting right buyers for your property and their commitment to provide high quality service.

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