Do letting agents rip you off?

Lovemoney have entered the debate on whether letting agents rip off landlords.  Property Hawk has warned landlords many times about the fact that using a letting agent particularly on a full management contract can be an expensive indulgence.  Here is a detailed financial assessment of the costs of using a letting agent vs managing the tenancy yourself.

Letting agents - is yours overcharging on maintenance work

Fifteen percent management fees (more if you are London) will depress your net yields and obviously your rental profits.  It also highlights a classic con that Letting Agents working for a landlord and who recieve money for sourcing and managing tradesmen will then inflate the tradesman charges by demanding a commission.  As if plumbers aren't expensive enough!

Renewal fees 

We have covered in details the Foxtons case which highlighted the fact that some letting agents were charging landlords and tenants needlessly for renewing a tenants AST when both would be happy for it become a periodic assured shorthold tenancy.

It highlights the fact that the devil is in the detail of the contract and also the fact that when people pretend to help you out they very rarely do it for FREE. Or am I just a hard bitten old landlord?
 
Free property management software, Free tenancy agreements