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Just curious, how do agent fees normally work in London?

For a "tenant find" service, agents normally charge landlords between 5% and 15% of the annual rent. They will then add on charges for deposit handling, contract drafting, referencing, etc... All fixed charges at the £30-£150 mark each.

To tenants, agents will charge similar fees, normally in the region of hundreds of pounds. This will cover referencing and general "admin".

It is these fees we are combating against - and will hopefully be able to eradicate.

Agents will also offer a "fully managed service" for between 5% and 15% of the rent per month, but that is not something we're tackling at the moment...

Thanks for your elaborate answers. here in Germany the fees are sometimes in the range of 1 - 2 monthly rates. The last one is the maximum allowed value by law. But, as you have to pay a damage deposit to your new landlord as well, this might add up in cost around 5 monthly rents. OK, if everything goes well, the damage deposit returns to your valet, once you move again, but that is a lot of money to have at hand upfront.

So a service like this will help a lot of people - as said before.

It's amazing that a system like that has lasted. Good luck to you!

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