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It’s the question asked by many, many tenants – Why do I have pay so much money to the letting agent to secure a property?
It’s a fair question, and here’s a straightforward answer – other agents charge high tenant fees purely and simply because they can (at the moment).
Whereas other agents have looked at tenant and tenancy administration fees as a source of income, we’ve never believed that it should be like that. We believe that fees charged to tenants should be fair and commensurate with the work, or indeed underlying costs, actually involved.
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Proper Local has been fortunate enough to be instructed on Vive Living @ Childers Street, developer Aitch Group's first build-to-rent venture.
This scheme of 83 private residential apartments is located on the Deptford-New Cross borders, an area increasing in popularity. It very much reminds us of what Hackney used to be in the late 1990's. Whilst there's still some good old-fashioned South East London charm, the influx of coffee shops, bars and restaurants is most welcome.
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Canary Wharf Property Prices - Part 1
I don't know about you, but I always find that whenever national property prices are published they never 'fit' with what I'm thinking, or how my local area is performing.
I write, of course, as an estate agent (because I am one), but I'm also a local resident on the Isle of Dogs E14. So therefore believe me when I say, I'll try to give you a balanced, realistic opinion on what is actually happening right now.
There are several national commentators on property prices. The Halifax and Nationwide, in their capacity as mortgage lenders. The Office of National Statistics and the Land Registry, as governmental sources. And Rightmove & Zoopla as property marketeers.
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What is property marketing in the modern world?
In the olden days (a much under-used word these days don’t ya/you think) property marketing consisted of listings in the local newspaper, sometimes even with photos, or a trip down to your local estate agent to ask what they had ‘in stock’.
Of course, the interweb changed all that.
We may think that Rightmove has been around for ages, but in fact it was only founded in 2000. Back in 2000 it’s also perfectly conceivable that your local estate agent didn’t have their own website.
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It’s a big place, East London, stretching from the City via Shoreditch and Hackney to Leyton, and from Bow and Stratford through to Canary Wharf, Limehouse and Wapping, but across that area there’s only one estate agent who will offer you fixed selling and letting fees, Proper Local.
We know we’re swimming against the tide somewhat, with most agents charging percentage-based fees to sell or let, but we think that’s all a bit old hat. The rise of online agents, like Purple Bricks, comes down to the public saying they’ve had enough of paying high fees to sell and let property.
We think there’s a middle way, a third way.
It doesn’t need to be high fees and proper local knowledge versus low fees and a marketing service (because they’re not estate agents, Purple Bricks, they just put your property on Rightmove, it’s a marketing service, that’s all) - you can have your cake and eat it.