Are my Letting agent fees too high?Make Text Bigger
We have 3 properties with an agent for the last 12 years. We are generally ok with the service of the agent but now realise that the fees that we are paying for their services are too high, compared to other agents. Their site states 18% but we are paying 12%. Having phoned a few other local agents, who also advertise at 18%, we are finding fees for the same service at 8-9% and could be lower if we instruct an letting agent to look after all 3 properties.
We have raised the issue of fees with our current agent and his response was abrupt. He stated that if he offered us a lower price he would have to reduce the service that he offered and in some cases this would mean he would not be able to get good prices for repairs. Personally, I felt this was very unprofessional, but as we had been using this agent many years I asked him to take some time to review the fees.
To date I have not received a reply. I have 2 questions for the forum:
1. What is a reasonable level of fees for full management including collection of rent for the Reading, Berks area?
2. With tenants already in the properties how difficult is it to cut ties to either self manage or transfer to another agent?
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