One of the biggest concerns that landlords have when looking to appoint a letting agent is pricing, and so will look for a ‘cheap letting agent’. We appreciate that everyone is working within a specific budget and if an agent’s fees far exceed a landlord’s pricing expectations, then is it understandably an instant turn-off?
On the other hand, we would encourage more landlords to delve deeper into what services are included at the cheaper rate (as well as service quality), compared with those agencies charging slightly more. Upon closer inspection, can you truly say you are getting value for your money? In this article, we discuss how often, choosing a cheaper letting agent will end up costing more money in the long run.
You Get What You Pay For With A ‘Cheap Letting Agent’
Although it may be tempting to opt for a letting agent with an invitingly cheaper price than some others, the saying ‘you get what you pay for’ springs to mind. There is no hard and fast rule as to how indictive the price is of services provided, however, it doesn’t take a genius to figure out that if one agent above all others is significantly cheaper – there is probably a reason for it. That doesn’t necessarily mean that a cheap letting agent will provide a terrible service and a more expensive agent is guaranteed to be amazing.
However, although budget is a key consideration for many – it shouldn’t be the focus when selecting an agent to work with. For example, if all letting agents in your area are charging 10% for a property management service and you come across a cheap letting agent charging 5% – it is quite easy to deduce that the same features are highly unlikely to be included within both packages and to be curious if the same quality of service will be provided at both price points.
Quality Over Quantity
Resist the temptation of rushing into an agreement with an agency because a slightly cheaper price point has lured you in and be sure to have a read through the fine print. Make sure that the services an agency is offering are inclusive of all the features you need. As mentioned above, it is largely the case that things are generally cheaper because services are more limited and not covering as many bases as required.
Additionally, a lower price could be reflective of the quality of the service provided and could imply that the cheap letting agent will only carry out their duties at a basic level, rather than going above and beyond. Spending more money (and a little time) now to ensure that a package is inclusive of everything you need could save you a lot of money (and time) in the long run.
Do Your Research On The ‘Cheap Letting Agent’
Regardless of how competitive a monthly agency fee may seem, if a cheaper price means a more limited or lower quality service, this will leave a lot more work left for the landlord, not only meaning it will take up more of their time, but it also comes at an additional expense as it will result in a landlord having to pay extra costs to cover any exclusions and rectify errors made by potentially poor quality service, especially so with a cheap letting agent!
At Abbey Property, we may not be the cheapest agent, but we aren’t the most expensive. One thing we are confident about is that we have services to suit all requirements. As a result of our expertise and experience, landlords can rest assured in the knowledge that these services will be delivered to only the highest standard. Our fees are an investment in future returns of rent, minimized headaches, and ensuring your property is maintained to a high standard.
We don’t just make bold claims, we back them up with action and quality customer service, giving landlords the comfort that by choosing to work with us, they will get things right the first time around as they’re paying a fair and reasonable price reflective of the services being provided and that their property is in excellent hands.
In contrast, electing the cheapest agent often results in a landlord being dissatisfied with the service provided, and as a result, a landlord must spend even more money (and time) rectifying errors, making up for work that is not covered, and in some cases – chasing work that simply has not been done. Sooner or later, they will need to switch over to a more suitable (and likely more expensive) agency, which in turn means having to spend more money on agency fees and (likely) agreeing to a higher monthly cost.
Hopefully, this article has given you some food for thought and highlighted some of the key considerations when deciding on the best letting agent for you to work with, rather than just a ‘cheap letting agent‘.
We want to make sure that all landlords are receiving a top-quality service that accommodates all their needs and helps them avoid falling into the trap of jumping at the chance of a ‘cheap deal’ that may become more hassle than its worth, as opposed to opting for a letting agent who may be slightly more expensive initially but will show a much greater return on their investment.
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