Remember the old saying, ‘If you pay peanuts you get monkeys’? Well, it’s never truer than in the world of letting agencies. Those agents who offer very low fees are often desperate for business. These rock-bottom commission fees are often at the cost of you receiving the service and care you deserve.
The main costs you’ll need to consider when letting your property are:
1) Legal Requirements/Safety Certificates
Check if these can be arranged by your letting agent. Costs will likely vary depending on the size of your property. You may require smoke alarms, heat detectors, and carbon monoxide alarms, an Electrical Installation Condition Report (EICR), Portable Appliance Testing (PAT), Energy Performance Certificate (EPC), Gas Safety Check, and Legionella Risk Assessment. You will also need to pay for your Landlord Registration.
2) An Inventory and Check-In Report
This needs to be carried out before your tenant moves into the property and the importance of having a detailed in-going inventory cannot be underestimated. Again, costs vary depending on the size of the property.
3) Commission Fee
Typically charged as a percentage of the rent received. Varies in percentage per agency and could be for just finding a tenant or full property management. In addition, expect to pay an initial letting/marketing fee for all the advertising and paperwork involved in finding a tenant.
If you would like to discuss our service and fees in more detail, we are always happy to chat or arrange to visit you.
Get in touch with your local Scottish Property Centre here.
How do we ensure our landlords are protected?
We are a registered member of the Propertymark Client Money Protection Scheme. This is a client money protection scheme to ensure your money is handled within the correct manner. Download a copy of our Propertymark Client Money Protection Certificate here.
You can review the Propertymark Conduct and Membership Rules here.
We are also members of The Property Ombudsman (TPO), which is a redress scheme for consumer complaints.