When Will Estate Agents Fees be Legislated?
Discussion
alfaman said:
Well you’ve already been paying admin fees to the agent ? What’s the difference?
Why should the landlord pay for tenant caused damage?
If I rent a car - I may need to take out extra insurance at my own cost to cover myself in case I damage the car - why should renting accommodation be different?
Maybe a block on tenants credit cards would be an idea
... like for car rental
That's what the deposit is for, and I get it back if I don't damage the property. We tend to leave flats in better condition than we get them in - took three days of cleaning to get our current flat up to our standard!Why should the landlord pay for tenant caused damage?
If I rent a car - I may need to take out extra insurance at my own cost to cover myself in case I damage the car - why should renting accommodation be different?
Maybe a block on tenants credit cards would be an idea
... like for car rental Oh and your car example, you have the option of taking the risk yourself. You're suggesting a tenant is forced to derisk.
I would much prefer a block on my credit card and I can stick the cash away earning interest, but many tenants wouldn't be able to!
I put my pen through check out fees, inventory fees and lease renewal fees in my lease, and it was accepted. I did pay the admin fees begrudgingly, but obviously won't in future.
Edited by Integroo on Saturday 1st June 13:09
Integroo said:
That's what the deposit is for, and I get it back if I don't damage the property. We tend to leave flats in better condition than we get them in - took three days of cleaning to get our current flat up to our standard!
I would much prefer a block on my credit card and I can stick the cash away earning interest, but many tenants wouldn't be able to!
I put my pen through check out fees, inventory fees and lease renewal fees in my lease, and it was accepted. I did pay the admin fees begrudgingly, but obviously won't in future.
Well I wish I had tenants like you then.I would much prefer a block on my credit card and I can stick the cash away earning interest, but many tenants wouldn't be able to!
I put my pen through check out fees, inventory fees and lease renewal fees in my lease, and it was accepted. I did pay the admin fees begrudgingly, but obviously won't in future.
My total refurb and redec 3 years ago now looks dilapidated - so I either spend 5k+ putting right stuff that someone else caused - or attract a worse profile of tenant and reduce the rent (downward spiral)
and the house has been ‘fully managed’ by a professional agent
alfaman said:
Well I wish I had tenants like you then.
My total refurb and redec 3 years ago now looks dilapidated - so I either spend 5k+ putting right stuff that someone else caused - or attract a worse profile of tenant and reduce the rent (downward spiral)
and the house has been ‘fully managed’ by a professional agent
Is that wear and tear, or wilful / negligent damage? You probably should be repainting every 18-24 months, new carpets every 5 to 10 years, etc. Just the costs of doing business. Good tenants and high rents typically demand a high level of finish...My total refurb and redec 3 years ago now looks dilapidated - so I either spend 5k+ putting right stuff that someone else caused - or attract a worse profile of tenant and reduce the rent (downward spiral)
and the house has been ‘fully managed’ by a professional agent
I feel your pain re agents - bandits - but at least you have the power to move your property and cash to a new agent if they underperform.
Integroo said:
Is that wear and tear, or wilful / negligent damage? You probably should be repainting every 18-24 months, new carpets every 5 to 10 years, etc. Just the costs of doing business. Good tenants and high rents typically demand a high level of finish...
I feel your pain re agents - bandits - but at least you have the power to move your property and cash to a new agent if they underperform.
Yeah - well the finish was pristine / perfect not long ago.I feel your pain re agents - bandits - but at least you have the power to move your property and cash to a new agent if they underperform.
I’ve covered ‘wear and tear’ by some repaint and some new carpets.
But paint scratched and chipped and dented on every door, architrave, wall and window sill plus stained carpets goes beyond ‘normal wear and tear’ .... its 10x the wear damage in 3 years than from me in 20+
Expecting LL to pay for a total internal repaint every 18 months is silly - it shoudnt need that with normal usage (rather and would add 2k/ year or more cost on a relatively cheap rental..... would render the let uneconomic
alfaman said:
Yeah - well the finish was pristine / perfect not long ago.
I’ve covered ‘wear and tear’ by some repaint and some new carpets.
But paint scratched and chipped and dented on every door, architrave, wall and window sill plus stained carpets goes beyond ‘normal wear and tear’ .... its 10x the wear damage in 3 years than from me in 20+
Expecting LL to pay for a total internal repaint every 18 months is silly - it shoudnt need that with normal usage (rather and would add 2k/ year or more cost on a relatively cheap rental..... would render the let uneconomic
Jeez! Some people. A place I had a while ago was freshly decorated when I moved in and looked as clean when I moved out 2.5 years later.I’ve covered ‘wear and tear’ by some repaint and some new carpets.
But paint scratched and chipped and dented on every door, architrave, wall and window sill plus stained carpets goes beyond ‘normal wear and tear’ .... its 10x the wear damage in 3 years than from me in 20+
Expecting LL to pay for a total internal repaint every 18 months is silly - it shoudnt need that with normal usage (rather and would add 2k/ year or more cost on a relatively cheap rental..... would render the let uneconomic
Mind you! the house I own, that my ex and kids live in, is in a right state. No sooner have I fixed or painted something, it's ruined very quickly.
Yep! if I was a LL, I'd be renting to professional singles or a couple only.
alfaman said:
Interesting - does that mean the ‘1 week’ cost of insurance to tenant is an absolute cost to them rather than refundable?
Yes it is an insurance.Integroo said:
That's what the deposit is for, and I get it back if I don't damage the property. We tend to leave flats in better condition than we get them in - took three days of cleaning to get our current flat up to our standard!
Oh and your car example, you have the option of taking the risk yourself. You're suggesting a tenant is forced to derisk.
I would much prefer a block on my credit card and I can stick the cash away earning interest, but many tenants wouldn't be able to!
I put my pen through check out fees, inventory fees and lease renewal fees in my lease, and it was accepted. I did pay the admin fees begrudgingly, but obviously won't in future.
Its actually really popular with tenants. funding a deposit is not a sign of good or bad tenants thats what good vetting does. Oh and your car example, you have the option of taking the risk yourself. You're suggesting a tenant is forced to derisk.
I would much prefer a block on my credit card and I can stick the cash away earning interest, but many tenants wouldn't be able to!
I put my pen through check out fees, inventory fees and lease renewal fees in my lease, and it was accepted. I did pay the admin fees begrudgingly, but obviously won't in future.
One of the biggest problems for renters is having an old deposit tied up whilst having to fund the deposit for a new place, it can cause a lot of problems for people. IT also means there is no worry about losing the deposit, even good tenants can be in a situation where the deposit is rightly claimed from. Most people see it as a choice of tying up £1500 for an indefinite period and potentially never seeing it again or paying £250 up front for no worries.
The tenant liability insurance is a no brainer, it is often included in tenant contents cover, if not it is a small extra something like £20 per year. It also amazes me how many tenants think the rent provides insurance cover for their property... It does not, and quite obviously can not.
In one of my places I had a lovely guy renting, perfect tenant in every way. He damaged the bathroom door, basically someone opened the door whilst another door was open, this caused the the door handle to penetrate the oak veneer on the door, it was un-repareable. It was not malicious damage, it was not caused by him doing wrong just one of those things that can happen.
The door is an odd size, the company that made them no longer produces this size. So I had to get a joinery company make a door to match, this cost about £1200.
He was glad he had insurance or else that would be his entire deposit.
Some people won't have home insurance, its a bit mental but hey.
I think the difference between hire cars and properties is the hire companies take a deposit on a credit card and KNOW that they will get recompensed for any damage you cause. If the hirer causes damage to a hire car the deposit is on a credit card that will payout to the hirer up to the value of the damage in all cases, then get the money back from the card holder. If property deposits worked this way I would have no issue with accepting that risk (assuming i would be allowed 39.9% APR till the debt was cleared.)
It is your right to walk away, but it is also my right to say i won't rent to people if they dont abide by my requirements. We have not taken deposits for about 3 or 4 years now, tenants love it, I love it. It just easier for all.
nikaiyo2 said:
Its actually really popular with tenants. funding a deposit is not a sign of good or bad tenants thats what good vetting does.
One of the biggest problems for renters is having an old deposit tied up whilst having to fund the deposit for a new place, it can cause a lot of problems for people. IT also means there is no worry about losing the deposit, even good tenants can be in a situation where the deposit is rightly claimed from. Most people see it as a choice of tying up £1500 for an indefinite period and potentially never seeing it again or paying £250 up front for no worries.
The tenant liability insurance is a no brainer, it is often included in tenant contents cover, if not it is a small extra something like £20 per year. It also amazes me how many tenants think the rent provides insurance cover for their property... It does not, and quite obviously can not.
In one of my places I had a lovely guy renting, perfect tenant in every way. He damaged the bathroom door, basically someone opened the door whilst another door was open, this caused the the door handle to penetrate the oak veneer on the door, it was un-repareable. It was not malicious damage, it was not caused by him doing wrong just one of those things that can happen.
The door is an odd size, the company that made them no longer produces this size. So I had to get a joinery company make a door to match, this cost about £1200.
He was glad he had insurance or else that would be his entire deposit.
Some people won't have home insurance, its a bit mental but hey.
I think the difference between hire cars and properties is the hire companies take a deposit on a credit card and KNOW that they will get recompensed for any damage you cause. If the hirer causes damage to a hire car the deposit is on a credit card that will payout to the hirer up to the value of the damage in all cases, then get the money back from the card holder. If property deposits worked this way I would have no issue with accepting that risk (assuming i would be allowed 39.9% APR till the debt was cleared.)
It is your right to walk away, but it is also my right to say i won't rent to people if they dont abide by my requirements. We have not taken deposits for about 3 or 4 years now, tenants love it, I love it. It just easier for all.
If the average tenant stayed two years and pays a 1500 deposit, they might get 90 quid in interest on that, 180 if invested and get a decent return. Think i will pass on paying you 250 instead of a deposit.One of the biggest problems for renters is having an old deposit tied up whilst having to fund the deposit for a new place, it can cause a lot of problems for people. IT also means there is no worry about losing the deposit, even good tenants can be in a situation where the deposit is rightly claimed from. Most people see it as a choice of tying up £1500 for an indefinite period and potentially never seeing it again or paying £250 up front for no worries.
The tenant liability insurance is a no brainer, it is often included in tenant contents cover, if not it is a small extra something like £20 per year. It also amazes me how many tenants think the rent provides insurance cover for their property... It does not, and quite obviously can not.
In one of my places I had a lovely guy renting, perfect tenant in every way. He damaged the bathroom door, basically someone opened the door whilst another door was open, this caused the the door handle to penetrate the oak veneer on the door, it was un-repareable. It was not malicious damage, it was not caused by him doing wrong just one of those things that can happen.
The door is an odd size, the company that made them no longer produces this size. So I had to get a joinery company make a door to match, this cost about £1200.
He was glad he had insurance or else that would be his entire deposit.
Some people won't have home insurance, its a bit mental but hey.
I think the difference between hire cars and properties is the hire companies take a deposit on a credit card and KNOW that they will get recompensed for any damage you cause. If the hirer causes damage to a hire car the deposit is on a credit card that will payout to the hirer up to the value of the damage in all cases, then get the money back from the card holder. If property deposits worked this way I would have no issue with accepting that risk (assuming i would be allowed 39.9% APR till the debt was cleared.)
It is your right to walk away, but it is also my right to say i won't rent to people if they dont abide by my requirements. We have not taken deposits for about 3 or 4 years now, tenants love it, I love it. It just easier for all.
We have our own contents insurance.
I would laugh at any landlord that tried to charge 1200 for a door, and so would the deposit scheme. No chance you'd get that from my deposit.
Integroo said:
If the average tenant stayed two years and pays a 1500 deposit, they might get 90 quid in interest on that, 180 if invested and get a decent return. Think i will pass on paying you 250 instead of a deposit.
We have our own contents insurance.
I would laugh at any landlord that tried to charge 1200 for a door, and so would the deposit scheme. No chance you'd get that from my deposit.
If I rented in UK - I would rather pay the 250 (only 10 per month) for improved cash flow and peace of mind We have our own contents insurance.
I would laugh at any landlord that tried to charge 1200 for a door, and so would the deposit scheme. No chance you'd get that from my deposit.
than 1500 deposit and possible worries about getting it back.
If tenant doesn’t ‘self insure’ against damage to F+F ... runs risk of a big bill taken out of deposit.
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