Viewing letting agent fees was made a lot easier in 2019, thanks to our site, Rent Round. We enabled landlords to simply enter their postcode, property type and services they need from an agent, then we show fees, ratings and how far the agents are based from the landlords property.
The future of viewing letting agent fees
There’s a lot of change on the horizon as we enter 2020. Plans are already underway to improve the platform, and make landlords lives even easier.
Our base will always be the rental market and helping landlords. We have a large volume of landlords using our platform everyday and we’ve already saved our user base £1,000’s in rental fees.
It’s not just fees our landlords save on, our agents are in addition getting better services and peace of mind.
Seeing how letting agents are rated, enabled landlords to make decisions not just on agent fees, but also ratings.
Finally instead of numerous Google map searches on where agents are based, Rent Round shows exactly how far the agent is based from the rental property – after all every landlord wants a close by agent!
What’s next in our world of viewing letting agent fees?
We’ve already implemented a number of changes to help landlords as part of our commitment to providing the best possible service to landlords.
Letting agent regulatory commitments
One change implemented is giving landlords a view on which regulatory/association the letting agent is signed up to.
Aside from offering competitive fees and being in proximity to a landlords property, being signed up to various regulatory bodies demonstrates a show of professionalism and high service levels.
Below are some of the regulatory bodies & associations (as well as what they do) we request letting agents to tell us which they are part of, during their sign up process:
The Ombudsman’s resolutions are designed to achieve a full and final settlement of the dispute and all claims made by either party. The Ombudsman can, where appropriate, make compensatory awards in individual cases up to a maximum of £25,000 for actual and quantifiable loss and/or for aggravation, distress and/or inconvenience caused by the actions of an agent.
The Property Redress Scheme is a new, straightforward and easy to use consumer redress (ombudsman) scheme for Property Agents and Professionals.
The main purposes of the Property Redress Scheme are to allow Agents to comply with their legal requirement to be a member of a government authorised consumer redress scheme and to settle or resolve complaints made by consumers against our Members.
We’re not a watchdog or a regulator – our job is to resolve complaints – so we can put consumers back into the position they were in before the issue occurred. We also work to help businesses understand their customers, so they can serve them better and resolve problems faster.
ARLA Propertymark is the UK’s foremost professional and regulatory body for letting agents; representing over 9,000 members. Our members operate to professional standards far higher than the law demands and we campaign for greater regulation in this growing and increasingly important sector of the property market.
Safeagent is the UK’s leading accreditation scheme for lettings and management agents operating in the Private Rented Sector. Established in 1999 by the Empty Homes Agency as The National Approved Letting Scheme (NALS) with the backing of the industry, the aim was to establish a single badge for consumers to look for and understand the service and protections a firm offered through adherence to strict accreditation criteria
Cyber Essentials is a simple but effective, Government backed scheme that will help you to protect your organisation, whatever its size, against a whole range of the most common cyber attacks.
The Housing Act 2004 requires landlords and letting agents to protect deposits on assured shorthold tenancies in a scheme such as ours. We provide both Custodial and Insurance-backed tenancy deposit protection, both with free, impartial dispute resolution for when disagreements arise over how the money should be divided at the end of a tenancy.
Mydeposits began in April 2007 when the tenancy deposit protection legislation first came into force, and we’ve been protecting tenant’s deposits on behalf of our landlord and agent members ever since. mydeposits is part of a large network of organisations that works for landlords, letting agents and their tenants.
Client Money Protect (CMP) is a government approved Client Money Protection Membership Scheme that protects any money held by our Members on behalf of their clients should the member misappropriate it. The business was formed in 2014 – originally as the UK’s first voluntary client money protection scheme outside of the traditional agent trade body organisation
Through our respected global standards, leading professional progression and our trusted data and insight, we promote and enforce the highest professional standards in the development and management of land, real estate, construction and infrastructure.
Another change in place: Viewing letting agent fee types
To accommodate the difference in offerings across letting agents nationwide, we’ve now increased the options in fee types offered by agents.
A letting agents fees, whether for tenant find only, fully managed or guaranteed letting services, can not be broken down into:
- One off fee
- % of first months rent
- % of ongoing monthly rent
This gives landlords a more comprehensive display when viewing letting agent fees and gives them a choice of not only the fee itself, but the type of fee (i.e. is it a one off cost or rolling monthly charge etc).
Type of agent: traditional vs online
Landlords differ in terms of if they want a traditional agent or online agent or maybe they aren’t concerned too much about the type of agent and just want to decide based on other factors.
In our search results, we now differentiate and make clear to our landlords, which agents are based online only.
This allows landlords to filter down their results when viewing letting agent fees and also ensures online agents listed on Rent Round get landlord leads, of landlords that are actually looking for an online offering.