Property Letting Agent -- Fees

[NY_Resident]

I currently use Sherry Fitz as my letting/managment agent for renting out a house in Cork. They have historically charged a fee of 12% of the rent collected plus VAT (i.e., approx 14.5% of rent or 1.75 months of rent)

I am aware of other agents in Cork City who are charging lower fees (e.g., Rose property, who charge 1 months rent inclusive of VAT) but not sure if their marketing/brand presence and service capability is as good.

Has anybody out there been successful in negotiating a better rate from Sherry Fitz in light of the lower fees being charged by other firms + the current enconomic environment?

Thanks

 

[minion]

I posted this somewhere else last week. Letting agents will be the first to be jettisoned if things get tough. They know this.

Just a quick one.
Although i really hate to have to use letting agents i have one of my properties is far enough away, that i cant get to it myself regularly enough to run it by myself. For this i have employed an agent to run the property at a charge of 10% of the monthly rent.
Even though i have to keep a close eye on them and follow up everything they do. It is a necessary evil.

Back to the point though.
Recently the tenant changed in that property and the market rate is down by 10% where it is. The letting agent was charging 10% to let and manage this property before. I had a chat with them and they agreed to 7.5% to keep the property under their management, which i am happy with. It was either they reduce the fee, or i do my best to manage it myself, or i went to someone else. So i guess they had no choice really.

There is now a new tenant and the shortfall in rent received is partly made up by the lower fee to the agent. Its a win/win for us both. Really they dont have a lot of work to do for their fee and they are still making 7.5%.

Just letting people know that there is room to negotiate now with letting agents if you need to.

 

[NY_Resident]

It's 2 years later......and boy, how things have changed! Just wanted to re-post this question to see if rental management fees have reduced significantly since 2009, and to hear about any negotiations you have had on this subject - and in particular, with Sherry Fitz.

Thanks,