User Pay: Letting Fees Abolished | Impression Real Estate
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User Pay: Letting Fees Abolished

Posted by Impression on 03, Dec 2018

Letting fees are banned from December 12 and – like so many things in life – we’re moving to a ‘user pays’ system. ​

We’ve been fielding a few questions from our customers about this system, so here are the most common ones answered:

How will this affect my fees? Each time a tenant vacates your property and you want us to find a new tenant, you will be charged a tenancy fee.

What does the tenancy fee cover? The tenancy fee includes finding suitable tenants, vetting and credit checking them thoroughly, and signing your chosen tenant up to a suitable tenancy agreement.

What if I don’t want you to find a tenant? You can find your own tenant if you prefer and you will not be charged a tenancy fee. Please make sure you check all prospective tenants using every available method – we would hate for you to end up with a nightmare tenant.

What about my Airbnb apartment? For our Airbnb management clients, there will be no additional payments as we don’t find tenants, they find you. However, if you use our seasonal system of longer-term tenants over the winter, finding those tenants will incur a tenancy fee.

Can I raise my rent to cover the cost of the fee? We anticipate rents will rise in summer 2019 due to market forces. This will probably be in the range of $20 to $50 a week depending on what type of property you have; you can raise your rent along with the market rates. If you choose to put an above-market rate on your property, it may take longer to rent or remain vacant for longer.

What can I do to avoid being charged the tenancy fee? Aside from finding a tenant yourself, your best way to avoid the fee is to take care of your property and have it well-managed so your tenants stay for as long as possible. Lower tenant turnover means lower costs for landlords.

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