Richmonds offers three levels of service to our Landlords:
Tenant Find (known as Let Only) 6% + VAT
- Advertise your property on all major property websites including Rightmove, Zoopla and Prime Location
- Agree the current market rent
- Erect To Let board outside of the property and in accordance with the Town and Country Planning Act 1990
- Source Tenants, carry out accompanied viewings
- Full Reference Tenants including credit check, Landlord check and Employment Check via our preferred reference agency Rent4Sure – www.rent4sure.co.uk
- Arrange check-in and move in date with Tenant
- Draw up Tenancy Agreement and Prescribed Information
- Take receipt of the 1st Month’s rent and Security Deposit (1.5 x rent)
- Register Security Deposit with The Tenancy Deposit Scheme, known as “TDS”
- Provide Standing Order to the Tenant with your bank details for all future payments of Rent
- Commission is paid as a one-off payment at the start of the Tenancy. This is calculated at 6% of the yearly rent, plus VAT. For example, if the property is Let for £1,000pcm, this is worked out as follows: £1,000pcm X 12months = £12,000 X 6% = £720.00 + 20%VAT = £864.00 total fee payable.
- You will manage the property yourself throughout the course of the Tenancy and will liaise directly with your Tenant(s) for any maintenance and rent issues.
Rent Collection 8% + VAT
In addition to all of the services offered on a Let Only Service:
- Collect and remit the monthly rent to your nominated bank account
- Deduct any invoices from the monthly rent prior to remitting
- Deduct our commission from the monthly rent prior to remitting. For example, if you rent your property for £1,000pcm, this is worked out as follows: £1,000pcm X 8% = £80 + 20%VAT = £96.00 commission deducted upon receipt of the monthly rent.
- Pursue any late or non-payment of rent and take action where necessary
Full Managed 10% + VAT
In addition to all of the services offered on a Let Only Service and a Rent Collection Service:
- Liaise directly with the Tenant(s) throughout the duration of the tenancy
- Arrange maintenance work via our trusted and approved contractors
- A minimum of 2 property visits per annum, followed by a report detailing the condition and any/all issues.
- Holding of the keys for the property throughout the course of the Tenancy
- Advise all utility providers of new tenants, end of tenancies, meter readings etc
- Deduct our commission from the monthly rent prior to remitting. For example, if you rent your property for £1,000pcm, this is worked out as follows: £1,000pcm X 10% = £100 + 20%VAT = £120.00 commission deducted upon receipt of the monthly rent.
Additional Fees for All Services
- Check-in Fee (Landlord pays for check-in and Tenant pays for check-out). This is optional but strongly advised so that a full and detailed condition report is produced at the beginning of the Tenancy. The fee for this varies depending on the size and number of bedrooms in the property. Please call for up to date costs.
- If at any time during the Tenancy you would like Richmonds to attend the property to carry out an Interim Inspection, with a report, there is a fee of £78.00 inc VAT per visit/report. **Please note this only applies to Let Only and Rent Collect Services. Property Inspections are included in our Fully Managed Service, minimum of twice per year and up to 4 per year.
- Renewal and Rent Review -We will contact you two months prior to the end of the Tenancy Agreement to ask if you would like to renew. If you would like to renew the Agreement for a further 12 months, there is a renewal fee of £114.00 inc VAT to cover our administration and to re-protect the Security Deposit.