The NALS Fair Fee forum - an initiative launched last month - has now set up a working group to consider, amongst other things, what constitutes a ‘reasonable’ fee levied by letting agents on tenants.
NALS created the forum to look at enforcement and ways to curb “the fee excesses that may have crept into some parts of the market.”
At its first meeting this week - attended by agencies including Belvoir, Chestertons, Foxtons, Hunters, Leaders, Northwood, Portico, Savills, Society, Spicerhaart, Touchstone, and Winkworth - there were “robust viewpoints discussed” according to a memo issued after the event.
Amongst matters agreed was the need to undertake additional work on “the current lack of enforcement for those letting agents who do not explain their fee structure clearly or even adhere to the requirement to display fees.”
Now a working group is to meet within the next month to consider how to provide further clarity on fees to tenants and the service the agent is providing, enforcement issues, a definition of what is ‘reasonable’ regarding fees, affordability problems for vulnerable tenants, and lessons to be taken from the ban on fees in Scotland.