One of the, if not, the first question I get asked by a prospective landlord is, ‘what are your fees?’.
And that is entirely justified, cost can be the dependant factor on whether you do, or don’t work with someone. Not necessarily because it’s focused on the cheapest, but generally most landlords are focusing on the value for money aspect.
So, in this article I’ll be addressing exactly what we charge to market your property, how it fairs in the current letting’s market, and what service we provide in return for our fees.
Have a look at our Is It Worth Using A Letting Agent article to get a feel of the different levels of general service you can expect, and the justifications on which are best suited for your experience, your skillset, as well as your property.
If you choose Abbey Property, we are a small team that have a vast experience in the property field. So, most queries you throw our way are responded to, and addressed in the best way possible, and if not, we’ve got a legal team to turn to for a swift answer.
For a more detailed view, click below to see a PDF copy of our Landlord & Agency T&C’s!
But first, carry on reading to get an idea of the basic price for our services!
To recap, part of the let-only service is us producing a top-notch advert complete with professionally edited photographs, a personal in-depth property walk-through tour, as well as 2D and 3D floorplans, alongside a well-drafted descriptive advert.
To then market it on AbbeyProperty.com, as well as other property search websites such as Zoopla, Boomin’, OnTheMarket etc.
We’re used to receiving a raft of enquiries and deal with them according, fact-finding, asking more about their lifestyles, other occupants they’ll be living with, and getting an idea of their working situations. Deducting whether they are or aren’t a right fit for the requirements you gave us.
For our referencing procedure, every tenant we come across will have to provide us with photographic ID & current UK immigration status, a minimum of their latest 3 months bank current account statements, latest 3 months payslips (if self-employed, their last self-assessment or SA302), and if applicable, a letter from their employer or contract of employment.
We’d also send the applicants out a credit check application to complete, where I’ll receive a report back that confirms whether their bank and address matches up with the electoral roll register. And also, to rule out whether they have any adverse credit or County Court Judgements, whether previous or current.
I’ll then suggest to you I carry out a Check-In Inventory to make an accurate record of the condition of every aspect of the property and its grounds, as well as its fixtures, fittings, and furnishings. The cost of a Check-In Inspection is £100, we will produce a thorough report, that is water-tight, and gives you a good basis to work with in the case of a deposit dispute, and it gets referred to an adjudicator. Have a look at our Check In Inventory article for an insight on what goes into producing such a document.
Beyond that, it’s time to look to move the tenants in. We’ll draw up an Assured Shorthold Tenancy agreement, secure the provided tenancy deposit with the Deposit Protection Scheme, and arrange a move-in date where it’ll give us an opportunity to exchange keys.
The cost of this service is 100% of the first months’ rent. (For example, a property with an agreed let of £800pcm. The chargeable letting cost is £800.)
In some cases, depending on the property and your circumstances, we’ll look to work together to achieve a negotiated figure that suits us both. However, depending on how far we stray from our standardised pricing, may result in losing certain features of our service.
Let-Only + Rent Collection
As described, it includes the same services as a Let-Only agreement, but with the additional benefit of a rent collection service.
Abbey Property will arrange for the rent to be paid directly to us on a regular monthly basis, to which we’ll account for it, and then pay it to you, the landlord.
The benefit of this service is that you’ll never have the lingering feeling that your money is in limbo. It’ll always be overlooked by us. In the unlikely circumstance your tenant falls into arrears, we will take the necessary steps to legally chase payment, and if needed, issue proceedings to serve a notice of eviction for unpaid rent.
Also, another benefit comes in the form of when you declare your rental income to HMRC, we will generate a statement for the period that’s simple to understand. It’ll show everything from income, to expenses, fees, and costs of improvement or maintenance carried out. To give you an easy-to-understand basis when it comes to completing your tax return.
Our costs for a rent collection service are a 100% letting fee, with a 9% monthly fee. When we handle the received rent, we will simply deduct the 9% from the rent, and the remainder will be paid to you.
A Managed Tenancy
The initial level of service is exactly as you’ll receive in a let only and rent collection agreement, shown above.
The distinct difference is, I will oversee the management for the duration of the tenancy. Ongoing contact with tenants, in regard to tenancy queries and property maintenance, will come straight to me to record if necessary and look to address it.
If as a landlord, you’re busy with your own existing lifestyle and/or work commitments, it could be beneficial to leave the workload of management with us, whilst you reap the rewards of receiving an income from your rental property.
Also, overseeing a tenancy and its property has it’s legal responsibilities, that means on-going learning and research on the ever-evolving letting market. Adhering with compliance measures should be at the forefront of the mind too, whether it be checking the immigration status on-time as it comes closer to the expiry for the tenants UK right to rent, or renewing safety certificates to ensure the property is safe to live in.
We at Abbey Property have the right tools to keep track of these responsibilities and take the measures to make sure there are no legal issues within the tenancy. The team is continuously keeping up-to-date on new measures, as well as being able to seek help from a legal team, the knowledge base we have is almost invaluable.
The cost of our managed service is again a 100% letting fee, and our managed packages are competitive at 12% monthly. It’s the most comprehensive cover we offer, an unbeatable package for an incredible price.
We’d look to have an initial conversation with all on-boarding landlords to establish your demands and needs, to tailor make a package to suit you.
Have a look at the link above for a PDF copy of our Agency T&C’s, to give you a run-down of our 3 packages, with a complete breakdown on what’s included, to help you make an informed decision on the right package for you and your property.
Have a chat with me, We’ll discuss your wants and needs from a letting agent and I’ll strive to deliver.
I’ll make suggestions on what package I feel will suit you best, rather than selling you the most comprehensive package if it isn’t what you need.
Either give me a call on 01582 932505 or click here to book a convenient time-slot for me to call you and discuss further on how we’ll work together.