Letting Agents just want to make money out of me!

At the end of a tenancy we will often hear the accusation “You letting agents just want to make money out of me”.

Well, this actually isn’t true, in fact the reality is the exact opposite. Letting agents actually lose money at the end of tenancies when deductions from deposit are necessary. Here’s why:

The landlord
Let’s imagine a tenant has damaged a door, badly stained a carpet and left the kitchen in a dirty state. The landlord has to pay for these to be put right ready for the next tenant. The landlord is entitled to reimbursement of the costs (loss) from the deposit. The landlord is not entitled to make money (profit) out of any deduction – this is law.

The Letting Agent
At the end of a tenancy we have to thoroughly inspect the property, comparing the before and after condition and, if differences are found, record the detail of the differences as evidence and negotiate between landlord and tenant. We are duty bound by regulations to be fair and ensure the landlord does not profit. The evidence has to be detailed and accurate just in case negotiations fail and the matter goes to arbitration or court. The worse the condition difference, the more time we have to spend – this process is very costly for us. We do not charge the landlord for the time spent. Likewise, we do not charge the tenant for time spent (with the exception of a specific event, such as meter changing, referred to in the tenancy agreement).

To sum up
The landlord is fairly compensated for any loss due the breach of contract by the tenant.
We make a significant financial loss if a property is left in anything but a perfect condition. Take it from us, the last thing we want at the end of a tenancy is all that extra work. We would much rather tick all the boxes, return the deposit to the tenant and move the next tenant in.