Letting Commission for Agents in London?

[Ovaltine]

Hi

I'm new to the forum and letting, so have decided to opt for an agency for the first time. However, I have been quoted 14% for a full management fee and wondered if this was a competitive price?

With reference to this (http://www.landlordzone.co.uk/forums/showthread.php?t=6367&highlight=letting) thread, I think it says that agents in West London typically charge just under 10% for let only and an additional 2% for extra. Does this mean that 10-12% would be a more reasonable cost?

With regards to full management, am I right in assuming that typically it will include all the inventory/credit check costs as well or will these normally be extra?

I've also looked at this (http://www.landlordzone.co.uk/forums/showthread.php?t=6435) thread and it says that there may be a one off tenant finding cost. I'm alittle confused as to much this might be so some examples would really help!

Thank you in advance! I have found the advice on this forum very useful so far, particularly with regards to what I should look out for when signing contracts with estate agents.

Ovaltine

p/s: I also found this (http://www.landlordzone.co.uk/forums/showthread.php?t=4597&highlight=finding+fees) thread fairly useful.

p/s: Apologies. I initially posted this on the Letting Agents thread and realised afterwards that this was more appropriate.

[Marky T]

My letting agency charges £300+ VAT to find a tenant which includes a tenancy agreement, inventory and all further renewals. Full management is 10% + VAT which includes free rent & legal protection.

They vary quite alot in the London areas so shop around.

[Poolboy]

hi, I have a property in SW London & trawled all the agents for prices in Feb on my last visit.

Going rate seems to be 10% tenant find service (watch out as they charge again year 2 if he stays) to 15% full management.

If the property is modern the full management upgrade is a bit expensive.

A DIY approach costs 100 GBP for the legals (yr 2 zero because you can copy the contract) plus your time for the inspections.

Be careful if you do let it yourself & the tenant stays as mine did (& does). His rent was set 3 years ago & me not being greedy didn´t increase it, the agents fee would have more than been covered by the new market rent. I put it up anyway now I know!

Cheers & good luck,

[Paragon]

West London - International Estate Agents.
I pay 8% ongoing (negotiated down from initial quote of 10%) for tenant finding services, all KYC (know your customer) checks, reminder when gas certs due, Memorandums for extension of contract.
I also pay (my choice) 2% additional for the collection of rent, transfer to my bank account, monthly statements, and financial year end report for accountant.
Full management would be 16%. Since I have my own handy helpers, including corgi plumber etc, I manage the properties myself.
Using this large firm has meant to me that I have never had a void, and have been able to interview up to 1/2 dozen pre-vetted potential tenants each time and choose the ones I feel comfortable with and at a good rental rate.