10:29 AM, 1st October 2018, About 3 years ago 12
I run a small letting agency and am almost certain to exit the market when the fee ban comes in as it is income we cannot in all good conscience replace. I plan to go into commercial property and sales instead, run my own portfolio and get a life!
It occurred to me that since Landlords will take the brunt of the fee ban and in consequence need to charge higher rents to offset this, there may be a better way of dealing with the issue.
We charge inbound tenants for the referencing at cost plus an admin fee per property. This usually equates to around £250 – £300 per letting.
If we let a property at £695 PCM initially with an option to continue at £650 PCM after six months of good behaviour, rent paid on time and a favourable inspection, would this be seen as a ‘fee by the back door’ or simply recognition and reward for good behaviour?
Some of the items where charges are now being outlawed are crazy in my view.
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