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24/03/2009
Letting agents 'cheating landlords' |
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Residential landlords are being duped into losing a collective £3 million a year by the charges letting agents are imposing on them, it has been stated.
Smartlandlord.co.uk noted that such property investors are billed an average 12 per cent of their rental returns on advertising for tenants via such agencies, which manage 58 per cent of private sector homes.
This amounts to £1,550 per year for each landlord, when such a service could be available online for only £100.
Managing director of the portal Keshav Thukaram said that landlords are "being taken to the cleaners by greedy lettings agents who are milking them for everything they're worth".
Some may wish to take legal advice on their rights as property investors, to ensure they are not losing money in other ways as well.
Another area of concern in the residential property industry is that of estate agents acting as letting agents without the right qualifications.
Earlier this month the Association of Residential Lettings Agents said that this was happening because many estate agents needed to diversify due to low sales volumes, but many have not carried out the studies or sat the assessments to qualify themselves properly.
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