Landlords - Don't Be Lured Into The "Cheap" Money Trap

Posted on Monday, November 21, 2022

Landlords - Don't Be Lured Into The

We are concerned about the way some letting agents are advertising their landlord fees. They may be promising low prices and claiming to provide a superior service, but in reality, they are hiding fees and charging extra for services that you as a landlord should expect as standard and are in fact a necessity to let and manage a property e.g. an inventory, registering a deposit etc. Another cost saving exercise a lot of the other agents do is to not have your property professionally photographed and saving money on a professional inventory by trying to do one themselves. We are on a mission to make sure landlords are aware of this so they can make an informed decision about who to use and not fall into the cheap money trap.

These sneaky agents are exploiting landlords by false advertising, promising the earth, while stripping out most of the services offered by good honest letting agents and then charging them as extras! They also charge monthly fees to make it seem like the cost is more reasonable, and they create confusing fee structures that even a mathematician would have trouble understanding. 

The best way to avoid being misled by agents is to keep track of all the fees that you are being charged, add them all together, and break down exactly what you are being charged over a year to see what the true cost is.

If you'd like to know exactly how much money you'll be shelling out for your letting agent's services, you're entitled to a full breakdown. If your current agent doesn't agree to provide one, it may be time to look for an agency with more transparency. A lack of disclosure usually means that someone involved is trying to hide something and in today’s world, trust and transparency are of paramount importance, especially when your investment is at stake.

Honesty Is The Best Policy

At Rockett Home Rentals, we always provide an honest and transparent service, which means we always advertise our fees accurately. So before committing to another year with your current letting agent, you should ask yourself whether the fees you're paying are really worth it and do they stack up. If the answer is no, it might be time to switch agents and save yourself a lot of money in the long run.

If you would like to talk to us about our fees contact us

Read more about why Cheap isn't always cheerful