Revolutionary Benefits

Here you will find a range of questions explaining why Letability really is Revolutionary – if it’s not what you were looking for, click one of the menu options below.  

If you have a question that we have not answered, just get in touch and we will come straight back to you.  And if we feel your question would be of interest to a wider audience, we will include it here.

At Letability, we have set out to be the best Letting Agency that we can – the sort that you would be happy to take home to Mum!

But we wanted to go further – much further.

We wanted to do the things – those little extra things – that you will notice and be proud to have chosen Letability as your letting agency.

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When you take a look around our website, read our brochures or speak to us, you’ll appreciate that some of our ideas are pretty revolutionary. That’s because we have ‘ripped up the old Letting Agency Manual’ (if you can believe there ever was one?) and started again.

At the outset, our approach was to ask, given an ideal world, what would a great landlord and a great tenant want from a letting agency? And from that came Letability.

And then we just kept adding…

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Consider it a dividend if you like. You are investing in us – by giving us your business – so we are sharing our success with you. At Letability, we are particularly proud of this!

The Scheme is free to join and you will be automatically enrolled when you ask us to manage your property. Then, each year, you will get to share in the success of Letability.

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In May each year, we will allocate 50% of our distributable profits for the previous financial year to our landlords in the form of a credit against their Management Fees. And the longer you have been a member, the bigger the share you will get.

So not only do you enjoy fair pricing at the outset, you’ll also get to share in our success as well!

The full rules of the Revolutionary Scheme are included in Appendix D of the Management Agreement a sample of which can be viewed here.

Be a Revolutionary! – Become the Revolution

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At Letability, we really dislike unfairness. And we think the ‘percentage fee’ model used by other letting agents is unfair. Why should the fees you pay depend on the rent you achieve?

So, at Letability, our fees are based on our costs plus a mark-up for our profit. That way, you’ll know exactly what you are paying from the outset. What’s more, we include as many costs as we possibly can within our Set-Up and Management Fees. That means you won’t be constantly surprised by charges for this, that and the other.

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Our Fee Schedule can be found here but be warned, there’s not a lot in it! 

And if you’re eager to find out what our Set-Up and Management Fee will be for your property, take a look at our interactive calculator

You’ll see that our fees are based on the work involved – not some arbitrary percentage plucked out of thin air!

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Because most of the expenses you’re likely to incur during a tenancy are included in our Set-Up Fee, it’s one less thing for you to worry about.

And if you choose to include optional items – such as Rent Guarantee Insurance or a Gas Safety check – we’ll add them to your Monthly
Management Fee as well so you can spread the cost over the tenancy term.

All this means fewer invoices and fewer invoices means less work and that, ultimately, keeps both our costs down.

We pay them into our bank account – initially.

Referral fees are becoming less and less common due to the need to disclose them.

But at Letability, you will definitely be aware of every referral fee that we get because we will either credit them directly to you or, if you prefer, you can donate them to our chosen charity – Shelter.

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Clause 7.8 of our Management Agreement states…

Where the Agent makes any referral of business for the Landlord in the course of management of the Property, any referral fees shall be paid into the Agent’s nominated bank account. The Agent shall account to the Landlord for the referral fee in full, less the reasonable costs of the Agent in procuring the referral (if any), the amount of which will be paid to the Landlord by way of a credit to the Landlord account within 14 days of receipt of the payment by the Agent.   

Now isn’t that refreshing? And we do the same with tenants. We credit referral fees directly to them as well.

The upshot is, if we do recommend a supplier to you, it will be because we believe they meet your needs. Not because Letability is going to make a fast buck via the back door!

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You can read about the Rent Guarantee and Legal Expenses here.

But as you may suspect, at Letability we like to go that little bit further!

If you choose this cover, aside from what you would normally expect, you’ll also get the following:

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1.  We understand that cashflow is important so if you have taken out this insurance and your rent is ever more than two weeks overdue, we will pay you your rent and then wait to claim it either from the tenant or the insurance company.

This means that no matter what happens – whether your tenant has merely forgotten to pay their rent or the matter is more serious – you can bank on receiving your money each month. We are happy to wait.

2. Even though Letability has to pay the insurance premium up front, you can pay it as part of our Management Charge over the term of the tenancy. Another cashflow saving.

3. The price we pay for the insurance is the price we charge you. There is no mark-up on this one. 

4. If there is a claim, there is no need for you to get involved. Letability will handle everything.

With Letability, it’s the little things that count.

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At Letability, we strive to make sufficient checks on our tenants to ensure that Letability tenants are the greatest.

But sometimes, on very rare occasions and no matter how hard we try, we may get a situation where a tenant damages your property to the extent that the cost of repair is greater than the amount recoverable from the Deposit that we hold.

Of course, this is why you have Landlord Insurance but it will still mean that an excess will have to be paid. And it’s also inconvenient.

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At Letability, we have taken a look to see how we might ‘lessen the blow’ when something like this happens and have come up with the following:

If you experience damage to your property which means that you have to claim the cost of repair from your Insurance Company, we will help you by waiving our Monthly Management Fees for 12 chargeable months.

And we aren’t tying this offer up in terms and conditions either! As long as you insure your property, look after it during the tenancy and deal with any maintenance issues promptly, we will waive our fees*.

At Letability, we work with SJL Insurance Services to provide our Rent Guarantee Insurance. However, they also provide a range of products specifically designed to cover the additional needs of landlords. Click here for more information. And remember, any referral fees we get will be yours.

*We may request evidence of the claim you make against your landlords insurance policy.

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Have you seen those adverts where new customers get a much better deal than those that have been with the company for years? Of course you have. And it’s not fair is it?

At Letability, when it comes to calculating our fees, we use a ‘cost plus’ pricing model. We work out our costs, add a profit margin and that is what we charge you.  

And the truth is – and this applies to every company out there – the overall cost of dealing with an existing customer is much less than the cost of dealing with a new one.

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So, because our price to you reflects the costs that we incur, we charge you less. 

In the same way, if you bring a second property to us, certain costs will not re-occur so we won’t charge you for them. 

At Letability, we want your business for as long as you are renting property. We strive for the same with our tenants.

Great landlords want great tenants. Great tenants want great landlords. At Letability, we partner you to make it happen!

By reducing our set-up fees because we do less work, you benefit. And as a result, so do we. We hope you’ll stay with us and continue to enjoy those benefits for a long time to come.

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At Letability, we have decided to use Tenant Shop to manage all aspects of these charges both during a tenancy and when the property is empty (you can opt out if you wish).

And there are benefits for you too:

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1.  It saves us time which means that we do not have to charge you for the work we do!

2.  During void periods, Letability will receive and pay Council Tax and utility bills on your behalf and then recharge them to you (usually quarterly).

3.  If you agree to transfer the supply of utilities when a tenant leaves, it will be managed for you and you may also receive a referral fee.

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If you have instructed us to find you a tenant, we do not charge fees during void periods.  

However, if your property is not available for rent, we will charge you the appropriate fee each time you request us to make an inspection of the property or any other matter.

Our price list is available here.

If you want to move the management of your property to Letability, we will welcome you with open arms!

Naturally, there will be paperwork to complete and there will be fees for you to pay as outlined in our Management Agreement and Fee Schedule. But, subject to confirmation, we will cover any reasonable fees that you are required to pay to be released from your current Agreement.  

We want to ensure that you are not ‘out of pocket’ as a result of choosing Letability.

This option is a little more difficult and we would need to discuss it with you to understand the exact nature of your current Management Agreement. Sometimes they are straightforward and fair while others are designed to be as awkward as possible.

Generally speaking, the best time to move is when a Fixed Term Tenancy Agreement comes to an end – even if the tenancy is continuing.  If you are prepared to wait that long, we will work with you to ensure that the moving process is as painless as possible.  

If, on the other hand, you simply have to move right NOW, we will work with you to make it happen! 

In circumstances where the Law allows us to retain a holding deposit, we will share it 50/50 with you. 

Still have questions?  Why not take a look at our other FAQs?

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