10 Reasons Why I Don’t Use Letting Agents

Justin Burns wrote this on 2009-01-27 07:13:39 In the interests of balance; 10 reasons to use Letting Agents

1. If you have a 2-3 week void as a result of your limited
marketing you will lose more than the letting agent’s fee.

2. Because they work on commission they have an incentive to negotiate the best rent for you.

3. If you are lucky enough that the tenant they found stays for a further term they reduce their fee significantly.

4. Because they can provide a regular stream of work they have access to the best and most reliable tradesmen.

5. They can offer you a rent guarantee in case the tenant doesn’t pay.

6. They take up comprehensive references to reduce the chances of finding you a bad tenant.

7. They can feature your property on popular websites that aren’t available to private Landlords such as Rightmove.

8. They provide a buffer zone between Landlord and tenant which can help a Landlord avoid promising something they later regret.

9. They can advise you on repairs and a maintenance schedule to ensure that your property holds its value.

10. Use the time you’ll save to go and do some charity work. 1

The Landlord wrote this on 2009-01-27 07:38:40 Great list, Justin. I don't particularly agree with all those points, but I won't interfer as i'm sure you don't agree with all my points. However, do you mind if I make it an individual post? 2

Kath wrote this on 2009-01-27 09:33:01 I'm considering signing one of mine on with a letting agent after failing to find a tenant privately.
The letting only option is £250, its expensive sure but I'm hoping they'll find me someone quick. 3

The Landlord wrote this on 2009-01-27 10:24:36 Hey Kath,

£250 is not too bad actually. The property I have is on the outskirts of London, and the local agents want 8-10% of the rental income. Which I find a bit too much.

Is the property in question situated in a well populated city? From what i'm hearing, rental properties are getting snapped up quickly. But I guess it depends on geolocation and availability.

Do you know if the agent is going to charge you a renewal fee, if you keep the tenant beyond the contracted terms? That's a killer!

But I definitely endorse your consideration to use agents. An empty property is the last solution, i'd rather pay an agent to fill the space if I was struggling to find tenants! 4

houseofcards wrote this on 2009-01-28 15:46:22 For the first time in my life I am going to agree with property investor.

Estate agents are the most pathetic pieces of rat turd in this planet. With their 50 quid suit and slickly styled hair and/or goat beard that would make hard stomachs vomit, they pranse about thier office thinking they own you when you walk in.

They are so unbelievably up thier own arse with thier Plymouth polotechnic degree in housing management or whatever piece of shit degree they have. If any....

As the property I own is not in this country, a collapse in property prices here is simply fantastic news for myself. I pride in them losing thier jobs considering its an industry 90% of the population would be too ashamed to even consider entering.

Imagine meeting someone for the first time and them saying 'I work for Foxtons'. I would piss myself laughing and then walk away.... No reply necessary.

This is a very bitter reply I admit, and yes I have had personal dealings with these people, many times. All but one have been sneeky, lying, sleezy, two-faced, back-stabbing dickheads that I would refuse to piss on if they combusted in front of me. In fact I would fuel the fire..... 5

Kath wrote this on 2009-01-28 21:51:43 Woah woah woah house of cards!!

That is the most vitriolic post I have ever read!

Tell me, are you posting similar comments on boards for say people who work for lending houses? Finance companies, utility companies, internet houses etc?!
Because all of these industries can be seen to be making shed loads of cash from the joe in the street....
The fact that you think a housing crash is fantastic news is just awful! Granted you clearly have issues with estate agents (did you lose out to a Foxtons negotiator in a 'whose got the biggest dick competition'?!) But think of all the home owners in negative equity, first time buyers who have innocently stretched themselves to buy their first home, solicitors who carry out the conveyance, the guys carrying out the HIPS/EPC's, companies who put up boards etc etc......

This property crash has affected far more people than just greedy estate agents and we should all be regretful of that.

I have dealt with many agents over the years and have had mostly good experiences, sure I don't like paying 1 - 2% for someone to sell my home but I view them as a nessecary evil. In the same way I don't like being forced into paying the bbc license fee when the other channels are free or I have to pay road tax when I I already pay so many taxes. But hey you know what? You an chose to vote with your feet! If you don't like agents then don't use them. 6

houseofcards wrote this on 2009-01-30 00:06:58 I agree that one cannot blame estate agents for the problem. In fact they have nothing to do with it if you were to consider a world where credit access was not inflating.

However, perhaps my point was misunderstood in my peice.

My point was talking of estate agents themselves as people. They are, and I quote myself "sneeky, lying, sleezy, two-faced, back-stabbing dickheads"

Again, I probably took it too far in saying the recession was good because clearly it is not, but I merely wanted to illustrate and amplify my hatred for estate agents, by claiming it was good because it is they that are losing their jobs.

The day a loyal, truthful and trustworthy estate agent comes about is the day Gorden Brown admits there were some serious errors in his economic policy............NEVER 7

dom wrote this on 2009-02-24 22:19:44 house of cards-

I am utterly disgusted by your comments, me and another female collegue were made redundant in November one month before xmas with no money to pay bills and kids to feed! I understand your comments as i feel the same hatred towards traffic wardens but remember these "estate agents" are people too and are trying to provide for their families like anyone else! Please remember this next time you decide to post a ridiculous commment. 8

Dr Nogood wrote this on 2009-03-04 22:42:37 House of cards...I am wondering if you are an ex estate agent yourself. You use words like "Myself" when you mean "Me" and refer to "Polotechnic" degrees when you do of course mean Polytechnic...you seem like a sub hundred IQ desperately trying to play with the big boys (those with 101, 102, or sometimes 103 IQ points).

Your hatred of estate agents is well founded, but your pathetic gramatically incorrect rants do you no credit. I suggest you go to a polotechnic and get yourself some educashun. 9

GillsMan wrote this on 2009-03-05 16:36:50 When your argument is reduced to picking up on minor grammatical errors, you're really clutching at straws IMO. 10

Phillips wrote this on 2009-05-30 14:31:50 I see both points of view. I have never let a property without an agent but now I am looking into it. I am no veteran. I have only let seven times but my experience has always been bad and that was with five different agents. What annoyed me apart from the ridiculous fees especially the renewal fees for doing nothing is that they did not do much else either. Sure they put a card in their window (5/7 times describing a different property twice with matching wrong photo!), found tenants of varying quality eventually. Then pressed print on a fantastical tenancy agreement most of which did not and could not apply. Apart from that and taking my money of course they did absolutely nothing. No Internet ads which they all promised, inventory always wrong, references often not worth the paper they were written on or none at all, never inspected the property once and never performed a final inventory. Not that it would have been much use as it was always wrong to start with. Anything that went wrong with in their terms a 'managed property' the tenants ended up calling me as they could get no where with the agents. Many were also very rude to me, I am not surprised they have a bad name. I am sure there are good ones but I have now run out of ones to try in my London post code. What amazes me is that most of the major property web sites will only deal with you if you are an estate agent. Maybe they treat them better than they do their clients.... 11

Scott wrote this on 2010-05-13 17:39:43 I'm considering renting my property.

I was going to use an agency but have now started to think differently.

I understand what the flat fee up front gets me, advertising, tenant venting, legal contract between tenant and landlord.

However unless i am missing something obvious, if i get a reasonable tenant who pays the rent and nothing goes wrong with my property, what would i actually be getting for the £45 a month my letting agency would claim from my rent? nothing?

Then i have to pay another fee each time i renew the contract with the tenant.... again, why? what am i getting for my money? 12