Letting agents query

Rock Paper Scissors

Hey guys.

I am considering renting out my apartment and want to use a letting agent to save myself the hassle.

I have been getting quotes all week but have never used a letting agent.

Some of the quotes are 6%+ VAT to let and 6%+VAT to manage.

Can anyone tell me if the letting agent secures a tennant for me and I pay the Let and Management fee for a year, does the Let fee have to be paid again if the tennant wants to rent for another year?

Also what should I be looking out for in a letting agent?

Any tips or advice welcome

Thank you guys

Also if anyone can recommend a good letting agent in the kildare town area, please let me know

Rustyman101

Rock Paper Scissors wrote: »

Hey guys.

I am considering renting out my apartment and want to use a letting agent to save myself the hassle.

I have been getting quotes all week but have never used a letting agent.

Some of the quotes are 6%+ VAT to let and 6%+VAT to manage.

Can anyone tell me if the letting agent secures a tennant for me and I pay the Let and Management fee for a year, does the Let fee have to be paid again if the tennant wants to rent for another year?

Also what should I be looking out for in a letting agent?

Any tips or advice welcome

Thank you guys

Also if anyone can recommend a good letting agent in the kildare town area, please let me know

letting agent gets paid he pays you, problem is they're wont be as fussy as you who moves in, my advice do it yourself!

Rock Paper Scissors

Rustyman101 wrote: »

letting agent gets paid he pays you, problem is they're wont be as fussy as you who moves in, my advice do it yourself!

I was thinking of doing it myself but not sure if its worth the hassle.

Samuel T. Cogley

Rock Paper Scissors wrote: »

I was thinking of doing it myself but not sure if its worth the hassle.

It depends if they vet the tenant properly. If they don't your introduction to hassle will be swift and long lived.

Rock Paper Scissors

Samuel T. Cogley wrote: »

It depends if they vet the tenant properly. If they don't you're introduction to hassle will be swift and long lived.

Do you happen to know of the 'Let' fee that is payable is charged if the tennant stays after the first year?

Samuel T. Cogley

Rock Paper Scissors wrote: »

Do you happen to know of the 'Let' fee that is payable is charged if the tennant stays after the first year?

Never used one I'm afraid. Well not in Ireland anyway. I expect they charge every time the tenant signs a lease. I don't bother with fixed term leases either.

Caranica

Used two agents. One was bad, the other was worse. Nobody will protect your interests like you can.

Rock Paper Scissors

Caranica wrote: »

Used two agents. One was bad, the other was worse. Nobody will protect your interests like you can.

Can you expand on that please mate?

Do you mean they found you bad tennants or were incompetant in other ways?

Caranica

Rock Paper Scissors wrote: »

Can you expand on that please mate?

Do you mean they found you bad tennants or were incompetant in other ways?

The big name one told us it was a corporate let for 3 IT professionals from overseas. It was a building contractor from NI who had about 10 people in the house at any one time and who we constantly had to chase for the rent. About 5k of damage done.

Other one again lied about tenants, think we had about three different sets. Between damage and paying last lot leave that cost about 15k.

RoundTheWorld

Hi Rock Paper Scissors,
I'm a letting agent, ask me anything. Those fees are standard, but you only pay the letting fee to source the tenant. The management fee is for rent collection, property inspections, rent review, maintenance calls etc.
The tenant could stay 10 years, or move out after a year. I'd query what the re-let fee is if the tenant moves out. For comparison, I don't charge anything if they move out during the first year, and 3% to source a new tenant after that. To be honest, I often waive the re-let fee altogether as there are so many good tenants available in the current market and I know that a lot of landlords are struggling.

As others have mentioned, the trick is getting a good letting agent, I advise you to read all the reviews on line, ask anyone you know with a rental who they use. A lot of landlords prefer to source the tenant themselves, but local letting agents will know who to avoid, and may have good tenants on their books looking for a property like yours. They should ask you to sign a letter of engagement with all fees clearly stated before they let the property. You can also ask to see the references for the shortlisted tenants, and have the final say in who gets the property.

It's really in their interest to put someone good in a property if they are managing it, as they'll have to collect the rent, and deal with them in general.

silver2020

Caranica wrote: »

The big name one told us it was a corporate let for 3 IT professionals from overseas. It was a building contractor from NI who had about 10 people in the house at any one time and who we constantly had to chase for the rent. About 5k of damage done.

Other one again lied about tenants, think we had about three different sets. Between damage and paying last lot leave that cost about 15k.

Easy solution to that is to get the agent to put such information in writing and include who the corporate company is.

As above, plenty of cowboys out there, but plenty of good ones too. Effectively you need to do your checks on the agent just as well as you want the agent to do checks on tenants. A good agent will never have an issue.

Claw Hammer

Rock Paper Scissors wrote: »

Do you happen to know of the 'Let' fee that is payable is charged if the tennant stays after the first year?

There shouldn't be a let fee if the tenants stays on. It is different if there is a management agreement. Some of them try and get the tenant to sign a new lease and charge an administration fee for doing this.
If using an agent, reputation is the only way.
You also need to be clear as to what you expect from an agent. It is a mistake to think that you can hand over to an agent and all will be well.
If an agent is managing the property, everything will be charged out at high rates. If a sink needs to be unblock, there will be a call out charge for a plumber.
It might be something you could have done yourself with a plunger. Some agents who have a lot of properties under management are efficient and have a pool of tradesmen to call on which can be great when tradesmen are in short supply. Your repairs will be done quickly and well.
Some agents are more thorough at checking references than others. If the tenant stops paying, you can often be left on your own or else you have to pay the agent to go to he RTB. One agent I know charges €700 plus VAT to go to the RTB.