Lettings Letdowns: Extortionate fees top list of letting agent gripes

  • The most common complaint about high street lettings agents amongst British landlords is that they charge extortionate fees.
  • Almost three quarters of British landlords have the same complaint, with almost half also experiencing poor customer service.
  • Rentify polled over 500 British landlords to find out nation’s attitudes towards lettings agents and their most common lettings letdowns.

 

If you ask any of Britain’s tenants about their experiences with high street lettings agents, you’re almost guaranteed to hear some horror stories. And a new survey has revealed that it’s the same picture amongst our country’s landlords too.

New statistics released today by Rentify have found that extortionate fees are the most common gripe when dealing with high street lettings agents, with nearly three quarters of Britain’s landlords (71 per cent) saying that their charges are too high.

The second most common letdown is poor customer service, with 40 per cent of landlords less than satisfied with their agent dealings, and 33 per cent complaining that they struggle with agents’ strict 9-5 working days, leaving them in difficult situations out of hours.

 

THE TOP 5 MOST COMMON LETTINGS AGENT LETDOWNS ARE:

  • High lettings fees & costs – 71 per cent
  • Poor customer service – 40 per cent
  • 9-5 working hours – 33 per cent
  • Insufficient tenant referencing – 28 per cent
  • Inaccurate property valuations – 23 per cent

 

Rentify CEO George Spencer said: “We hear countless stories about poor experiences with disorganised and exploitative high street agents all across the country, every week. These statistics show that those suffering with high street agents are not alone, and it’s important that people know all the facts when it comes to letting their properties to avoid becoming the star of their own horror stories.”

More than a quarter (28 per cent) of Britain’s landlords also complained that high street agents are not thorough enough when screening new tenants, with a similar complaint also made about their property valuations – 23 per cent regularly finding their appraisals inaccurate.

Furthermore, one of every ten (10 per cent) landlords found that high street agents took more than 48 hours to reply to their calls and emails, with slow responses also leading to delays in property listings – 33 per cent claiming high street agents took more than 48 hours to post their listing, and 14 per cent even taking longer than 72 hours.

Once properties were listed, over a quarter (26 per cent) of landlords using high street agents found it took an average of more than three weeks to get tenants in.

More than half of landlords (52 per cent) believe that high street agents will suffer from the competition of online players such as Rentify in the next five years, with 14 per cent of landlords already using Rentify saying they saved more than 80% compared to if they had used a high street lettings agent.

Click here to learn more about how Rentify can help you let and manage your property cheaper than high street agents.

 

Notes to Editors:

Rentify polled 500 British landlords between the dates of 22nd and 29th September 2015.
For more information please contact the Rentify press office at rentify@mischiefpr.com

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