Thinking of charging for registering deposit

[fatherted]

Thinking of charging for registering deposit, as I know lots of other agents do (although I understand you shouldn't) thought 35+VAT would be good, whats the forums verdict..

[Irvingogringo]

What exactly is the management/lettings fee for? Doesn't that cover it? Would you buy a car and expect the wheels to be optional extras?

[theartfullodger]

I don't think I could live with myself if I charged for handling someone's money in this way. Surely it would not be the British way of doing things - you know, tolerance, fair-play, that sort of thing.

You must do what you think is right of course.

Cheers!

Lodger

[mind the gap]

You must do what you think is right of course.

Clearly he must not, if what he thinks is right is, in fact, wrong!

[johnboy]

We had to pay £600 or £700 (i think) to become members of the TDS Dispute service. So we charge a similar amount as the OP for the inital set up on a new tenancy.
It was a cost we didnt have before so it has to be made up. If it wasnt done this way it would have been recouped else where. Some of the really big agents swallow the cost but we cant all do that.

[Mrs Jones]

My agent charges me a small fee per property per annum for deposit protection. We discussed it and I am happy with that. It is a lot less than £35.

[P.Pilcher]

An agent I am using at present announced a £25 fee to protect the deposit. I immediately told them to remit the deposit to me and I would put it in the DPS.
Then they asked for proof that I had a DPS account, so I told them that as I am self managing this tenancy, what I did with this tenants deposit was my business, to which they agreed. (I do have a DPS account actually.)

P.P.

[mind the gap]

An agent I am using at present announced a £25 fee to protect the deposit. I immediately told them to remit the deposit to me and I would put it in the DPS.
Then they asked for proof that I had a DPS account, so I told them that as I am self managing this tenancy, what I did with this tenants deposit was my business, to which they agreed. (I do have a DPS account actually.)

P.P.

Even £25 is a rip-off. I have just lodged a deposit online with DPS and it took all of four and a half minutes. £300+ per hour, eh? Pas mal du tout:rolleyes:

[potnewagent]

that's why I use the DPS and do not charge anyone!

[cymro123]

Thinking of charging for registering deposit, as I know lots of other agents do (although I understand you shouldn't) thought 35+VAT would be good, whats the forums verdict..

I believe as a general principal it is reasonable to charge clients for:

Your time (at your hourly rate or fraction thereof) + incidental costs

Inflating the cost beyond this principal to.... simply squeeze more more profit out of your customers or.... get to a nice round number is not what the customers value. Cue argument about what is a reasonable hourly rate :D

Tom

[Julles]

I use agents for tenant find only (and only sometimes ).
I let the agent know that I will protect the deposit and do not expect them to protect it ,let alone charge me for it .

[fatherted]

I use agents for tenant find only (and only sometimes ).
I let the agent know that I will protect the deposit and do not expect them to protect it ,let alone charge me for it .

I'm not going to charge the Landlords for it, but hey good idea !:rolleyes: