When looking to relieve yourself from the stress of managing a property, the solution is a rental agent. But how do you know which one to choose? We’ve compiled a property manager & letting agent fee comparison tool & fee calculator.
Of course agent fees aren’t the be all and end all to a decision. Example factors you should also consider are how close is the agent to your property, what is their track record and do they offer all the services you need?
However if an agent is too expensive and their fees & commission doesn’t make your property cost effective, this should immediately withdraw them from your consideration (otherwise what’s the point?).
In a previous article, we compared online letting agent fees & commissions. Whereas this article will cover both traditional & online agent fees (and we have even thrown in a letting agent & property manager fee calculator!)
It’s important to know that comparing fees is Rent Round’s bread and butter. We have a massive population across the nation & our listed agents are those that aren’t afraid to disclose their fees.
There are some major high street brands not signed up, why is this?
Firstly, they simply may not have got round to joining up yet.
Secondly (and more importantly), with large high street presence, often comes higher agent fees for your property – which is perhaps why some big players don’t want to disclose their fees for comparison to potential landlords.
Have you ever wondered why some agents don’t just list their fees on their site making the lives of landlords easier? Well one reason is they are not competitive enough so they lose enquiries straight off the bat.
Central London letting agent & property manager fees comparison
So let’s take a look at fees for property agents in London, for full management services.
Now all the below compared letting agents are all rated 5 stars, so selecting out of these agents, will come down to price.
|Agent Name||Full management fee||Fully managed type|
|Central Housing Group Ltd||5%||Per Calendar Month|
|Sho International Property Management Ltd||5%||Per Calendar Month|
|PRESTIGE GUARANTEED RENTALS||5%||Per Calendar Month|
|Enviro Estates||8%||Per Calendar Month|
|Barratt Lettings Ltd||9%||Per Calendar Month|
|Knight Young||10%||Per Calendar Month|
|Look Property||12%||Per Calendar Month|
|Century 21 Estate Agents||12%||Per Calendar Month|
|EweMove Staines-upon-Thames||12%||Per Calendar Month|
|Emma’s Estate Agents Ltd||12%||Per Calendar Month|
|Carter Mills||12%||Per Calendar Month|
|Ewemove Sales and lettings Ilford||12%||Per Calendar Month|
|Marybow Property||12%||Per Calendar Month|
|Conran||13%||Per Calendar Month|
|Peter James||15%||Per Calendar Month|
|Century 21 Fieldcrest||15%||Per Calendar Month|
|Base Property Specialists||15%||Per Calendar Month|
|Greater London Properties||15%||Per Calendar Month|
|Howsy||£59||Monthly Fixed Fee|
|99home||£85||Monthly Fixed Fee|
The common theme? Commission charges for full property management are all 5-15%!
If you compare this to agents outside of Rent Round, you can be charged up to 18% for the same service.
While shopping around is time consuming and can be cumber sum, remember you are likely to stick with the same agent for years. Therefore when considering your saving, consider it over the course of years as opposed to a couple of months.
It’s not just London that these types of commission saves are restricted to, MileInvest (also listed on Rent Round), based in the North West, have commission starting at 11%
In addition, Ellen Brooke Estates Ltd based in Manchester (you guessed it, also listed on Rent Round) have charges way below the national average and start at 6%.
Letting agent & property manager fee calculator
Below you can use our calculator to determine how much you could save by being savvy whilst selecting a letting agent or property manager.
It’s not rocket science, its a simple way to calculate based on your assumed rent, what the average agent fees would be vs the fees you’d expect shopping around and using Rent Round to compare agents.
The London average rent is £1,800. This would result in a letting agent commission charge of £324 a month,
If you selected a more cost effective letting agent, you would save yourself £162 a month, resulting a yearly saving of £1,994 (wow!)
If you move towards the outskirts of London, average rent is £1,500. Shopping around, you could save yourself £1,620 in fees for your rental property.
Give the calculator a go to estimate how much you can save by comparing letting agent & property manager fees. Simply enter a few details about your property and the calculator will do the rest.
If you’re not sure on the rent for your property, just go onto Zoopla and search for other similar rental properties in and around your postcode.
What to do next?
Go onto Google, type in ‘letting agents near me’, capture the telephone numbers of 3-6 agents. Then give them a call and have prolongued conversations with each to understand their fees.
No No No!
If you want to find your letting agent or property manager quickly, with a simple way to compare fees & commissions, use Rent Round.
On the search bar below, enter your postcode and a few bits about your property. We will then do the hard work for you and compare their fees.
You can simply pick the best agent (or multiple agents) to then call you back to discuss more details about your property and their services.
We hope this article helped you compare property manager & letting agent fees. Let us know if the fee calculator helped!.