Landlord fees & information
We offer two different services for landlords:
Tenant introduction only
Our tenant introduction only service is comprised of the following:
Finding a tenant
We market the property through various different avenues, including advertising the property on the internet, via our own website and popular property portals and at the office with a window slot and a database of potential applicants.
Once some interest has been generated and a potential tenant is found, we will arrange viewings and accompany all of them. The landlord would not be expected to carry out viewings themselves.
Interested parties will then be presented to the landlord with the team’s feedback and thoughts. After an applicant is chosen, the referencing progress will commence. Referencing is outsourced to another company and covers a credit check, current employment status and employer and landlord references. This is paid for by the applicant.
The tenancy agreement will then be drawn up. The typical tenancy agreement as standard is the ‘Assured Shorthold’, which commits the landlord to a minimum six month term, which although can be shorter for tenants, we would recommend an initial six month agreement.
Signing of the agreement will be done usually at our office, although can be done at the property or sent by post if necessary.
Deposit/First month’s rent
The tenant is required to give one month’s rent as a deposit. This is held by the Deposit Protection Service (DPS), whom safeguard the deposit throughout the length of the tenancy and repay the funds to the appropriate parties. The tenant will also be required to pay the first month’s rent in advance.
The fee we charge for our introduction only service is the equivalent to one month’s rent (inclusive of VAT).
Our second lettings service we offer to landlords is a property management service, which offers the following:
– Collection of rents. The tenants’ rent is usually paid calendar monthly to our client account via standing order. Then the balance of rent, less our fee and any repair costs, is transferred directly to the landlords’ account. Client money is protected by the ‘RICS client money protection scheme’ (up to the value of £40,000).
– Arrangement and supervision of routine repairs , instructing approved contractors.
– Undertaking of property inspections (2 per annum).
– Informing utility companies of new tenants, providing beginning and end of tenancy meter readings and tenant information.
– Prepare an annual summary for assistance with completion of tax returns.
The fee charged for our management service is 12% of rent (inclusive of VAT) – subject to negotiation.