How Much Do Letting Agents Charge?

Posted by Sarah James on March 29th, 2021

Hiring a letting agent in Glasgow is quite beneficial in many ways, but it is quite expensive at the same time. Many landlords hire the letting agents to manage their property, collect rent, and find the right tenants.

Still, there are many who fail to understand what letting agents do? Moreover, they don't have an idea about the average fee of agents for landlords. In the article, you will learn about all this in detail. So read it till the end and thanks to us later.

How Much Fee Letting Charge from The Landlords?

The fee of the letting agents depends on the service landlords take from them. Moreover, not every agent demand the same charges. There are few who are more experienced and charge fee accordingly. Many are trying to settle in the market, so they charge quite reasonable and slowly increase the charges.

You may have to pay the flat fee or percentage of your rent. If someone tells you the exact price for the service, don't get too excited. First, do the research on your own too. For sure, you will see a difference in the charges.

The Typical Fee Charged by Estate Agents

To give you better about everything, when you get a let-only service, the letting agents let to charge landlords around three to four weeks rent. Besides that, if you get full property management service from an agent, they charge you around 10 to 20 per cent of the monthly rent. In some areas, the percentage might go higher. You can get all the information about it on the internet pretty easily.

Different Letting Agents Fee for Multiple Services

First, you must know that all the services are the same. The levels of each service are different. The basic service for which landlords hire the letting agents is to find the tenants and to fulfil the referencing process. Moreover, to collect the deposit and handle the whole tenancy agreement. In these cases, sometimes, the agents also arrange the inventory.

On the second level, the agents also collect the rent every month for you and even follow up with any arrears. Many landlords choose this outsource to avoid the hassle of chasing late payment.

Lastly, you might go for a full management program, including the service that is mentioned above. This means the agent also take care of the maintenance and repairing work on the property. They will contact the tenants on your behalf when needed.

Average Fee Agents Charge from Landlords

Now, as you learn the stages above, it is clear that you will pay the price according to the service you will get. Here is the rough guide that might help you a bit in clearing a few things.

• Once you get the service of finding a tenant and arranging references, you have to pay quite a lot of charge to an agent. This can be high as one month rent.
• For rent collection, you mainly have to pay a specific amount from the monthly rent. Generally, it is 5 per cent of the total amount.
• Once you get the full management service, here is also a proportion of the rent you need to pay to the agent. The percentage is mainly 20 per cent of your monthly rent.

If you don't know where you can find the best-letting agents, we solve this issue for you. Contact Phoenix Property Group, as they have the most qualified letting agents.

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