24 Mar

Landlords warned to watch for extra costs

Landlords warned to watch for extra costs

Landlords are unnecessarily paying out a collective £3 million in charges to lettings agents each year, it has been stated.

Agents managing 58 per cent of the private rental sector charge an average of 12 per cent of rents - or £1,550 per landlord - to advertise accommodation to potential tenants, Smartlandlord.co.uk reports.

The portal noted that such services can be found online for £100 a year and its managing director Keshav Thukaram commented that landlords are losing too much money by having their services managed in this fashion.

He said investors should take control of these matters for themselves in order to save money.

Recently the Association of Residential Lettings Agents warned that some lettings agents are under-qualified, having diversified from estate agency work to make up lost sales revenue in the current market, without studying all the relevant legislation or sitting the required exams.

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