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Stags Residential Lettings Department supports the latest ARLA call for better regulations of letting agents when it comes to tenant fees.
Andrew Luxton MRICS FARLA, Partner states said, “that whilst fees are necessary, a minority of agencies are over-charging. A better regulation is needed in the private rental sector to ensure consumers are not taken advantage of. We want to see tenants paying a fair price for the services they receive, Regulated agents do not don’t charge excessive fees”.
Letting agents need to charge tenant fees in order to carry out actions such as; reference checks, drafting tenancies and managing extensions or renewals. However, with a correct pricing structure in place most agencies do not make any noticeable profit on these items.
A recent ARLA survey confirmed that 74% of licenced agents charge no more than £250 in tenant fees. On average its members charge £213 to cover the lettings process, a fee which is described as “reasonable”.
It is important not only for landlords, but tenants as well, to ensure that when they rent their property they are doing so through an approved and licenced letting agent such as Stags who are members of ARLA and the RICS. By doing so, this ensures protection of tenants deposits and monies the letting of the property is dealt with within a strict code of practice and there is a suitable redress scheme.
For further details on any aspect of letting your property, Buy To Let investment or management then contact your local Stags lettings office.