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Busting the Jargon: What You Need to Know about Landlord Fees

If you're considering renting your house, it's important that you find the right tenants, since t...

If you’re considering renting your house, it’s important that you find the right tenants, since this can help you avoid problems in the future, although it’s not the only factor you need to pay attention to. Knowing which fees you need to pay is perhaps one of the most important things you have to think about before even beginning to rent your property. Becoming a landlord, then, although a simple process, can have multiple steps you need to be aware of, especially because it carries fees that you’re responsible for.

Certificates

There are certain costs involved in renting your property through a letting agent, some of which include the Energy Performance Certificate, which helps prospective tenants determine if your house is the right choice for them. The band ranges from A to G, with A being the most energy-efficient on the scale – this certificate also includes recommendations on how to improve your property’s energy efficiency, so it’s useful for cutting down on your costs.

By displaying the energy efficiency of your home on their website, agents can help you connect with tenants more easily! 

Inventory Report

In order to make sure that everything is in order, your letting agent can provide you with an inventory report before your tenant moves in, which states the current condition of the property. This makes it easier to check your property at the end of your tenants’ contract and see if there’s any type of damage. The cost of this report depends on the size of your property, but it’s worth organising this inventory, as it can save you a lot of trouble. 

Letting Agent Commission

When you place your property in a letting agent’s list, you get the huge benefits of increased market visibility and help with the letting process. For this, you’re required to pay a fee to your agent, which is typically payable when a tenant enters into an agreement to let the house. This cost is usually calculated as the percentage of the agreed rental price together with the VAT at the current rate. 

Marketing Costs

Although the commission you pay your letting agent usually covers the expenses for marketing your property as well, you should always check with them to ensure that this is indeed the case. This is because sometimes there can be additional fees for advertising that you may not have been aware of. 

The professional services of an agent can make the letting process a lot easier, as well as ensure that your property has great visibility in the market and all documents are properly filed. To obtain these services you’ll need to pay a certain amount of fees, which are more than worth it! Don’t hesitate to contact us on 0121 321 3388 if you want to learn more about our services and how we can help you as a landlord.

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