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Landlords warned to watch for hidden management fees

Landlords should watch out for letting agents including commission charges on any work done, as it can leave them paying more than they should.

Landlords have been warned to keep an eye out for letting agents who charge commission on maintenance invoices without making it clear what the work involved.

Aspect, a property maintenance and refurbishment firm headed by Will Davies, has said such practices end up costing landlords more money than the work is worth.

Agents should mention these extras in their Terms of Business but many are hidden in the small print, meaning landlords are unaware it is occurring.

“Some letting agents milk their clients by charging them a fee to manage the property and then they take an additional commission from the maintenance companies they use,” explained Mr Davies.

“Their clients end up paying more than they should be on top of the charges they are already paying for the service.”

The best way to avoid paying extra is to see what Terms of Business are on offer and to ask the letting agents directly about their policies.

Any property investor will want guarantees of what deals involve, which is why having someone in place to manage a property and find tenants can make the process hassle free.

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