One of the, if not, the first question I get asked by a prospective landlord is, ‘what are your landlord fees?’
Landlord Fees Working With Abbey Property
So, in this article, I’ll be addressing exactly what we charge as landlord fees to market your property, how it fairs in the current letting market, and what service we provide in return for our fees.
But first, carry on reading to get an idea of the basic understanding of landlord fees based on our services!
A Managed Tenancy – The best choice you’ll make this year!
The landlord fees for our managed service is a month’s rent equivalent to a letting fee, and our managed packages start at 12% monthly.
We will oversee the management for the duration of the tenancy. This includes maintaining contact with tenants in regard to tenancy queries and property maintenance, for 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 many legal responsibilities, which means ongoing learning and research on the ever-evolving letting market.
Adhering to 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 tenant’s UK right to rent, or renewing safety certificates to ensure the property is safe to live in.
We 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 here at Abbey Property is continuously 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.
Rent Collection – Money management, done right.
The landlord fees for a rent collection service is a month’s rent equivalent to a letting fee, and 9% monthly.
As expected, 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 overseen 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 charges and 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.
Let-Only – If you’ve got all the time in the world!
The landlord fees for this service are equivalent to the first month’s rent.
We’re used to receiving a raft of enquiries and dealing with them accordingly.
For our referencing procedure, every tenant we come across will be subject to stringent checks.
Get in contact if you’d like to know what we check for!
We’d also send the applicants out a credit check application to complete.
Have a look at our Check-In Inventory article for an insight into what goes into producing such a document. We can carry this out for you too.
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 which it’ll give us an opportunity to exchange keys.
What Next After These Landlord Fees?
Have a chat with me, we’ll discuss your wants and needs from a letting agent, as well as meet your expectation of landlord fees as much as possible.
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 my direct mobile line at 07508 154748 (+44 7508 154748) or contact us to book a convenient time slot for me to call you and discuss further how we’ll work together.
Visit your property and conduct a mid-term rental inspection frequently, by working it around your own lifestyle or work commitments.
As I mentioned above, the worst thing to come of it is that you’ll lose some of your free time, the best to come out of it is that you’ll be ensuring your £XXX,000 property is being looked after well and you’ve not got a cause for concern!
But at the end of the day, you’ll conduct a Mid-term Rental Inspection and have peace of mind afterwards!