Agents renewal fees

[Aldipal]

I have been letting a property for 2 years now and originally asked the agent to just find a tenant, which they duly did. They couldnt reference them as they were DSS, so didnt really have too much work to do. I paid their fees, now I have just received a second year invoice from them for the same fee again (10%of the years income) is it standard for an agent to invoice the same fee year on year? yes it is in their small print but I assumed that this was for managed properties where they would actually do some work for their money!!
what is the experience of other landlords for ongoing fees?

[callumsgran]

As long as you have the same tenants then you are liable to pay the fees
Its a bit unfair but thats what you signed up for, sorry

[Esio Trot]

The same fee sounds too much.

Half the fee might be justifiable.

Read carefully the terms of business you signed up too.

Bear in mind that as a "business" transaction, much of the unfair legislation will not apply as this only deals with consumers.

[Aldipal]

thanks for that -- I have done some fishing around and it seems that some agents do only charge for the first year, no ongoing fees -- so it looks like I may be in for a bit of a fight !! --- I suppose the moral is to REALLY examine the very small print !

[Nightmare4banks]

Aldipal,in reply to your post and in my view:

Broadly speaking there are two types of letting services:

1.Referencing and Management:Where the agent gets tenant references and manages the property i.e.collects the rent and issues notices etc.
Fees:2-3 weeks rent + Vat to find the tenant and do referencing.
Plus management fees from 8% upto possibly 15% of the weekly/monthly rent.

2.Referencing only:Where the agent finds the tenant and the landlord manages the property thereafter.

Fees:as above 2-3 weeks rent + Vat only.There are no more fees at all.Unless of course your property becomes vacant again and you need a new tenant/the agent's services.

In conclusion:Challenge the amount for the second year.Personally I think you have already been overcharged.

I hope this helps.

If you have more questions,just ask.

Keep us posted.

All the best!