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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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Lanterns Court consists of three highly desirable residential apartment buildings. Denison House, Cobalt Point and Trinity Tower. Denison House compromises 292 units, Cobalt Point 167 and Trinity Tower 54.
Developed by City & Docklands and completed in 2010 Lanterns Court is something of a Canary Wharf mainstay. Located just off Millharbour, under a 10 minute walk away from Canary Wharf, it is arguably one of Docklands’ most prestigious residential addresses.
The development benefits from 24 hour, 7 days per week concierge, whilst the residents’-only gymnasium is located beneath Cobalt Point.
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OK, so good marketing might not sell your house, but it will make the phone ring and the email enquiries come through. Good quality marketing is more important now than it ever has been, with the vast majority of buyers and tenants using the internet to conduct their property searches.
Like you, we spend lots of time looking through online portals such as Rightmove, Zoopla and Prime Location to keep up to date with new properties in the area. And again like you, we keep spotting the same properties still on the market for months at a time.
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So, what is it that a property owner actually wants from their estate or letting agent?
I was speaking with someone the other day who had worked at Purplebricks for 2 years. His experience from being there was that property owners DIDN’T want to use an online agent, they actually wanted to use a traditional estate agent, they just didn’t want to pay through the nose for it.
Jayne Dowle, who was kind enough to mention Proper Local a few weeks back in The Times, published this blog Money for old rope: take care when choosing an estate agent in The Spectator recently.
Jayne picks up on some interesting points.
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So, it would seem that I’m not the only person who is considering the question.
Only yesterday Jayne Dowle wrote the article “What it really costs to sell a property” in The Times. Jayne was kind enough to interview me earlier in the week on the subject of estate agents’ fees. We all have to acknowledge that estate agents’ fees make up a large part of moving costs, second only to stamp duty on the next purchase.