Q* are there any additional costs associated with using a letting agency
The additional costs associated with using a letting agency can include various fees and expenses beyond
the standard letting agent fees. These additional costs may encompass the following:
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1.Property Management Fees: Property management fees are charged for ongoing management services,
such as rent collection, maintenance, and tenant communication. These fees are typically a
percentage of the monthly rental income
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2.Tenant Find Fees: Letting agents may charge tenant find fees, which cover the expenses associated
with finding a new tenant and establishing the lease. This can include tasks like developing a
marketing plan, responding to inquiries, conducting inspections, reviewing applications, and
managing all necessary documentation
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3.Guaranteed Rent Fees: Some letting agents offer guaranteed rent policies, which may involve
additional fees for landlords looking for a risk-averse approach
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4.Add-On Fees: Letting agents can charge additional fees for services such as premium advertising,
bill payment processing, tenancy renewal fees, and other miscellaneous property management fees
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5.Maintenance Management Fees: Landlords may incur additional costs for major maintenance work or
repairs, which can be managed by the letting agent on their behalf
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6.Other Ad Hoc Activities: Depending on the agency, there may be ad hoc activities that incur a fee,
such as account administration, inspections, Tribunal appearances, and other maintenance management
tasks
It's important for landlords to carefully review the fee structure and services offered by letting
agents to understand the complete cost and ensure transparency in the agreement.
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