Some agents really are in a race to the bottom with their fees and failing to provide the comprehensive, top-level of service landlords with properties in Leicester demand, whilst others are on a race to the top and squeezing their clients for every penny they can, minimising their client’s ROI.
Below, we compare the fees charged by some of the top Leicester letting agents and property managers to see who comes out on top.
Leicester Letting Agent and Property Management Pricing Analysis
Quite often, agents won’t even include their charges on their website because they fleece each individual landlords for as much money as they can get away with and how much this is will vary depending on the level of professionalism and experience the landlord has and how easy a target the agent believes the landlord is.
Some Leicester estate agents who provide property management services who fail to publish their fees include:
- Seth’s Estate Agents
- Ace Properties
- SR Properties
- Prime Move
- and many more.
They do this so they can ‘negotiate’ (in other words, charge as much as they can and this amount will differ amongst all of their landlords).
Unfortunately, whilst the above agencies are complicit in breaking the law surrounding consumer rights and refusing to publish their fees and treat consumers fairly, they are more than happy to declare their extortionate tenant fees (one actually charges landlords and tenants more than £300 each to renew a tenancy agreement!)
Those who do publish their landlord fees will often include reasonable management charges but charge ridiculous fees for “additional services” which should be included as part of the management service as a whole, for example:
- Nicholas Humphreys charges 10.8% management plus £360 whenever you need a new tenant but their hidden fees include:
- A renewal fee each year: Should you decide not to evict your tenant at the end of the initial period, they’ll charge you £50 for the pleasure of keeping them on as a tenant. The tenancy renewal is simply just having the tenant sign on the dotted line of a new tenancy agreement (which rarely deviates from the terms of the initial tenancy). You’ll have already paid for them to find a tenant so why should you pay to keep that tenant in your property? You can either pay the £50 to keep the same tenant or £360 to get a new one. Either way, the landlord loses out.
- Rent Review Fee: As managing agent, their job is to keep on top of the market and adjust the rent accordingly but Humphreys rip their landlord clients off an extra £40 just to vary the rent and keep it in line with current market conditions, this should be included free of charge as part of the management service as it will be the agents job to maximise the returns their landlord clients achieve from allowing them to manage the property.
- They also charge a fee of 10% of 6 months rent to terminate their management contract with you, in other words, they hold you to quite a significant ransom if they do such a poor job you decide you want to fire them and switch to us instead.
- Haart, a national brand, charge a whopping 14.4% to manage your property with a tenant find fee of 4 weeks rent + £354 to set the tenancy up (which they also charge to the tenant so you’re both paying for the service when really, just one of you should be):
- They also charge £3 per month for a landlord statement which could be required by law should you ever be audited by HMRC, this should be included free of charge under the management agreement as you should be fully informed as to what monies are coming in and going out.
- £180 per day to attend court which, if they have found the tenant and the tenant refuses to leave after being served notice, should be included as part of the management service as they are managing the property and the tenancy.
- £30 per new key that needs to be cut which they will also charge the tenant around £70 should they lose their key.
- Haart also charge £118.80 to extend the tenancy agreement which, as before, should be included as part of the management service. You shouldn’t have to pay a fee to keep the tenant in the property as well as a fee to find a new tenant.
- Keywest charge an astronomical 20.4% of the rent due each month to manage your property and:
- £20 to register the deposit even though this is a legal obligation and should be included in the extortionate management charge.
- £25 to send a letter to the tenant to chase rent arrears or to send other letters.
- £50 to reject an unsuitable applicant to your property which is, frankly, disgusting. What if you refuse? Are you stuck with an unsuitable, high-risk tenant.
As you can see, the agents who don’t publish their fees are likely to charge similar hidden fees as those who do but how do Harry Albert Lettings & Estates stack up in terms of fees and charges?
Well, we are well known in Leicester for our simple fee structure and we’re renowned for our transparency overall. For landlords who instruct Harry Albert Lettings & Estates to manage their property in Leicester, the following charges apply:
- £100 as a one of set up fee.
- £99 every time you need a new tenant.
- 7% of the rent due each month to manage the property.
- An inventory fee of £25 per room with a minimum charge of £125 or at cost if the inventory is carried out by an independent inventory company.
That’s it. No renewal fees, no deposit registration fees, no extra hidden fees to manage your property.
Note: Tenant Find Fee only applies to landlords who instruct Harry Albert Lettings & Estates to manage their property.
- £125 holding fee (to secure the property. Refundable unless the application is falsified or the tenant changes their mind)
- £125 tenant vetting fee per adult.
- £125 guarantor vetting fee.
- £40 charge for rent reminders and missed appointments.
That’s it. No hidden charges. Ever.
We guarantee to save you money as a landlord but if you find a better like-for-like deal elsewhere, just let us know and send us a full breakdown of their fees and we will refund the difference?