Rip Off Tenancy Renewal Fees From Managing Agents Critisised By National Landlords Association
http://www.rentmanagement.co.uk/articles/721/1/Rip-Off-Tenancy-Renewal-Fees-From-Managing-Agents-Critisised-By-National-Landlords-Association-/Page1.html
Sean Tyrer
By Sean Tyrer
Published on 10/01/2008
Private landlords that are charged a tenancy renewal fee by managing agents are being supported by the National Landlords Association (NLA) in their claims that such agency fees should be abolished.
Property Mangers Tenancy Renewal Fees Critisised
Calls for the renewal fees charge by agents to be scrapped are particularly resonate in London and the South East where the majority of buy to lets are located. Given the regional variance in rental costs a typical managing agent commission fee for a tenancy agreement renewal can cost private landlords up to £1500. Private landlords have for some time questioned why an apparent culture of complacency when it comes to paying high agency fees has been allowed to prevail however many private landlords are asserting that they will be 'voting with their feet' when it comes to property management fee charging in the future.
Click Here For Renewal Fees Legal Challenge Information
The NLA, which is the representative body for over 14,000 private landlords in the UK asserts that current tenancy renewal agreements in managing agents contracts often state that 10% of rent revenue will often be charged as an annual commission fee for finding a tenant and another 10% if the tenant simply renews the tenancy contract even though the property managing agent has done nothing or little to warrant such a commission.
NLA are actively encouraging private landlords to renegotiate terms with managing agents when it comes to fees or to pro-actively find another agent or rent management service that demonstrates a better value for money investment on behalf of the landlord.
Tenancy renewal fees are nothing more than a profiteering opportunity according to many private landlords especially when, after a tenant has been found, the agent does nothing in terms of the management of the landlords property. More private landlords are seeking the assistance of newer, cost conscious specialist rent management companies that are targeting landlords for services on the basis that managing agents have gotten away with being able to charge extortionate fees for too long in the UK.
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Click Here For Renewal Fees Legal Challenge Information
The NLA, which is the representative body for over 14,000 private landlords in the UK asserts that current tenancy renewal agreements in managing agents contracts often state that 10% of rent revenue will often be charged as an annual commission fee for finding a tenant and another 10% if the tenant simply renews the tenancy contract even though the property managing agent has done nothing or little to warrant such a commission.
NLA are actively encouraging private landlords to renegotiate terms with managing agents when it comes to fees or to pro-actively find another agent or rent management service that demonstrates a better value for money investment on behalf of the landlord.
Tenancy renewal fees are nothing more than a profiteering opportunity according to many private landlords especially when, after a tenant has been found, the agent does nothing in terms of the management of the landlords property. More private landlords are seeking the assistance of newer, cost conscious specialist rent management companies that are targeting landlords for services on the basis that managing agents have gotten away with being able to charge extortionate fees for too long in the UK.
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