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Rental cowboys ...

October 18th 2013
By: Melanie Hollidge

This summer there has been much debate about letting fees.  Experienced rental agents, Goodfellows, can see the need for regulation of lettings agreements.  As the market has grown, it has become a growing concern for much of the industry. A recent analysis of 91 letting agencies in England found that tenants have to pay an average of £902 in up-front charges, including deposits, administration fees and the cost of checks on references and creditworthiness.
 
A complaint had also been made in the report that three-quarters of the agents were 'not transparent about fees on their websites' – so news of new guidance affecting the way letting agents advertise their fees can only be welcomed. Ombudsman Christopher Hamer, responding to an announcement from the Advertising Standards Authority (ASA), said 'The ASA ruling is of great significance to the lettings industry. The TPO Code of Practice has always required that fees and charges are actively flagged to tenants but this latest ruling is very specific about when and how this should be done. Disclosure of fees so that prospective tenants understand at the earliest opportunity what costs they will incur is important. The ASA ruling now provides consistency for agents and tenants as to how the fees will be displayed in a relevant and meaningful way.'
 
Our experienced staff at Goodfellows, are always pleased to deliver their best to all their clients and welcome transparency and appropriate regulation around rental agreements and costs. If you would like to find out more about our landlord service, then please pop into one our local branches of Goodfellows for a chat and a coffee.