Jun

LATEST: Landlords reveal candid views on letting agency service and fees

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Landlords have given their candid views on letting agents to a new poll, revealing mixed views on the levels of service, fees and charges they face.

Total Landlord Insurance says that while just over half of landlords are happy with the service provided by their agent, 42% believe their agent charges too much and 16% have had additional charges made without any forewarning.

The survey of 1,205 UK landlords commissioned by the insurance broker, which is part of the Hamilton Fraser group, found that 57% of landlords believe the fees they are charged by their letting agent are fair, but 42% believe they charge too much.

Turning to quality, 56% rated the service provided by their letting agent as above average to excellent, while just 18% stated it was below average to poor.

Also, two-thirds of landlords said they had never experienced a late rental payment, with the majority of those who had (33%) saying it was the fault of the tenant or another issue such as banking or technical problems.

Just 5% have had to wait for their rental income as a result of their letting agent.

Landlords also said they were concerned about unexpected deductions from their rental income by agents, with 16% revealing they had experienced that.

The most common reason given was for maintenance work on the property carried out by the agent’s contractors, with additional management fees, a gas certificate, electrical safety checks and tenant finding fees also ranking high.

Contentious issue

“I’m not entirely surprised by these results,” says Eddie Hooker (pictured), CEO of the Hamilton Fraser Group.

“Fees are always going to be a contentious issue, especially in the current climate, with many landlords still struggling financially from the impact of COVID on their tenants and added to this, now the cost of living crisis. Many landlords have unfortunately had to foot the bill.

“However, while some landlords may feel that the fees charged by their letting agent are too high, this survey shows that the majority do believe they pay a fair price.

“This is undoubtedly due to the perceived value they feel their agent brings and there’s no doubt that the quality of service provided is an area the industry has improved on in recent years.

“Despite this, misunderstandings do still happen and one of the most prominent complaints we receive from landlords through the Property Redress Scheme is unexpected charges made to them by their agent.”

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