Most High Street Letting Agents
would offer 3 standard services namely:
this article we look at the differences of these services
and ways in which you can save money on your letting
A tenant find service would
the property – The first part of the process
would be to market the property to find prospective
tenants. This could be done in a number of ways which
are typically online, in the local newspaper, with
a To-Let board and in the High Street Agent’s
online method is hands down the most effective tool
of finding tenants. It is estimate that around 95%
of all lets are as a result of an online advertisement
on either Rightmove, Zoopla, Findaproperty, Prime
location and Gumtree. These sites probably account
for the majority of tenant enquiries.
a tenant has been secured, the Agent would then go
about referencing the tenant (including a previous
landlord reference, 6 year credit check and an employment
reference. Typically, the Agent would charge the tenant
around £250 per application to carry out these
would be the creation of the tenancy agreement. The
majority of lets would fall under the Assured Shorthold
Tenancy Agreement. Examples of where they would not
would be either letting to a Company, Holiday lets
or where the Landlord is living in the property i.e.
taking on a lodger.
deposit would then be secured with one of the 3 deposit
schemes. This would protect the tenant from unlawful
deductions of the deposit and is a legal requirement.
Failure to lodge the deposit and notify the tenant
as to the whereabouts of their deposit could result
in a fine imposed to the landlord for up to 3 times
the deposit amount.
these elements of the Tenant Find service have been
completed, the landlord would then pay the Agent a
% fee of the rent or a pre agreed fixed fee. Typically,
a charge of around 75% of the first months rent, plus
the dreaded VAT on top. Say the first month’s
rent was £1000, the Agent would therefore deduct
£750 + vat, totaling £900. The landlord
would be left with £100 from the rent.