Landlords being ripped off by up to £500 by lettings agents

Rogue letting agents are pocketing profits of as much as 600 per cent by ripping off landlords with hidden costs.
A mystery shop by property management firm the Happy Tenant Company reveals that landlords are being overcharged by nearly £500 on basic services such as minor repair jobs.
Landlords should be paying only around £446 for these services, instead of the £935 they are being charged.

Key charges: A mystery shop shows landlords may be getting ripped off by lettings agents

For example, tenant referencing, a basic check on whether tenants are suitable to move into your property, should cost only £20, excluding  VAT.
But the mystery shop shows the typical charge is £120 before tax.
Gas safety checks  should cost about £55, but landlords are being billed for £150.

 

Some services - such as the tenancy agreement, a contract between tenant and landlord - should be free,  yet landlords  are being  asked  to stump up £150.
Lettings agents are meant to act as the go-between for landlords and tenants.
But a Which? survey this year revealed that one landlord in six was  dissatisfied with their lettings agent