Definition of a Letting Agent

Letting agents can vary from organisations with hundreds of properties on their books to those with only a few. At pastures-new we focus on the bigger end of this spectrum with the occasional "professional landlord" with a substantial portfolio being included as well. This is what we mean by letting agents in the discussions below.
CostsLetting Agents make their money from some or all of the following:
Taking in the region of 10% of what you pay in rent; Charging you fees for drawing up contracts; and Charging you a finding fee.If you rent through a private landlord then you will avoid paying any of these fees, although in the case of 1. The landlord will probably charge a higher rent meaning that the difference between a property managed by a letting agent and a similar one managed by a private landlord will be minimal if any. The contract fee and the finding fee will be highly variable from agent to agent and city to city and in some cases will not be applicable at all depending on how easy it is to get flats let. Make it a priority to ask the letting agent what fees are applicable. Whilst on this subject, there are a couple of tricks to look out for:
If agents try to charge you for providing information about the properties they have to let then do not use them. This is illegal. Please tell us immediately if any of the letting agents on pastures-new who try to do this. If you have a shorthold assured tenancy agreement (a six month contract in simple terms), some agents have been known to charge a fee for drawing up a new contract at the end of your first six months. Unfortunately this perfectly legal. However, they will be duty bound to tell you, if you ask them if such a fee is applicable.The chances are that with a letting agent you will be paying a fair market rate. Whilst many landlords may let properties for a little less, the chances of being charged a rip off rent by an agent are small. Uncontrolled landlords may try to take advantage.
Quality of PropertiesAll rental homes must now comply with some basic minimum standards. Even in the student accommodation world long drops and a sheep trough in the garden are no longer considered to be acceptable forms of sanitation. A very small minority of private landlords are known to occasionally try to get away with fobbing you of with a flea pit. With a letting agent the chances of this happening to you are probably less.However that is not to say that going with a letting agent will guarantee you a palace. Some agents will maintain properties to a minimum standard whilst some private landlords may be letting out what has been their own home and may have plumbed in a spa and an Aga.
Dealing with ProblemsWhat happens when your heating breaks down in November. Do you:
A. Have a 24 hour number to call and someone will come out instantly;
B. Have an emergency number that may or may not be answered and someone will appear if they feel like it within a week or so;
C. Have your landlords number, you call him, he feels sorry for you, so he brings round a bottle of wine to warm you up whilst he tinkers with the boiler, or
D. Try your landlords number, he is away for three weeks, so you get the yellow pages out and get your boiler fixed. You pay £300 and the landlord refuses to pay you back.
If you have gone with a letting agent you will get either A or B. Whilst the service may vary greatly from agent to agent the chances are that you are relying on more than one person. Frequently a letting agent will have their own maintenance team but as a minimum they will know the local tradesman and will ensure that some action is taken (even if it is just to avoid bad press or a court appearance). Private landlords, as C and D demonstrate, can be brilliant but can be worse than even the laziest of agents.
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