The Government have recently announced that, as of 01/10/10, the threshold for ASTs (Assured Shorthold Tenancies) will increase from £25,000 to £100,000.

Generally this is a good thing and something the majority of the industry has been pushing for for quite some time. The reason for this is it offers the Tenants far more protection (including Deposit Registration) and Tenancies at this level have become far more common place over the last decade or so.

However, as always, it is the finer details that have been over looked and, in particular, the implementation. Although a date has been set the law will apply retrospectively. That is to say any current and ongoing tenancies (typically a common law tenancy agreement) that fall in to this category will instantly be invalid. Not only that but, in effect, the Landlord will also be in breach of the Deposit legislation. More to the point, what if the Tenancy has less than 6 months to run or was noegotiated for a long term with over 3 years remaining?

Too many questions but needless to say that the government has ignored almost all industry advice in this regard!

Keep posted and, if you are a Landlord with a Tenancy with rent of £25,000-100,000 pa (£480-1923 pw) then you will need to follow this matter very closely over the coming months.

Whether lettings or sales there is the eternal conundrum: How much should you pay? Well, as always, there are really three choices open to you:

Cheapest fees around? Just like buying any product or service, at the end of the day you do get what you pay for. If choosing your agent is driven solely by securing the cheapest fees possible don’t be surprised or disappointed if the agents’ performance is poor. You wouldn’t expect a Ford Fiesta to compete with a Porsche- why should Estate Agency be any different? To have quality trained/experienced staff and good marketing takes money and this is reflected in the fees a company will charge. Expect to pay around 5% for a let, 8% let & Manage and 1% for a sale.

Middle of the market? Established, independent Estate Agencies will usually fall in to this category. Here you are typically getting a company with a proven track record and good knowledge base. Staff are typically more loyal and longer serving in this area of the market and therefore service is typically of a higher standard and more personal. You should get a strong marketing presence (predominantly internet based)- a popular choice with most clients. Expect to pay 7-10% for a let, 12-15% let & management  and 1.5-2.5% for a sale.

Peak market? Going for the large and corporate brands carries good and bad factors. On the upside, their marketing presence will usually be quite phenomenal with a strong internet presence backed up by a large regional/national multi-publication print campaign. This is also backed up by numerous flash offices and hundreds of branded cars zipping around. On the downside, fees are at the highest level. As larger companies, the service is usually far less personal than the previous two categories and staff turnover is typically very high. Don’t forget that you are also one of thousands being marketed so, whilst their marketing LOOKS impressive, how well will your property stand out? Expect to pay 10-13% for a let, 17-20% let & manage and 2-3.5% for a sale.

As with most things in life, you often get best value in the middle of the market where quality and price balance out. When choosing agents always shop around and trust your gut- a good agent should be someone you can see yourself dealing with 10+ years down the line.

To get that perfect balance of high quality service combined with mid-market fees contact base today on 020 7033 1901 or visit our website at www.baseps.co.uk

The nature of our business is to be competitive. Competition both internally between sales staff and externally between companies is one, if not the, driving force behind our business. It keeps us sharp and on our toes and helps us do better for our clients.

I am therefore often astonished to meet clients who have signed with agents on a ‘sole agency’ basis for more than 2 weeks. In my opinion, unless you are offering an amazing, bespoke and expensive marketing campaign what is the appeal?

Sole agency agreements merely encourage a lazy service with the agent in full knowledge that you can go nowhere else. If they really are as confident that they can produce the required results, then 2 weeks should be ample time to do so.

My advice- don’t do it!  As bizarre as it sounds, I usually recommend that Landlords/Vendors instruct 2-3 agents every time. Competition encourages agents to be pro-active and this ensures that the clients best interests are always looked after (and not the agents)!

If your estate agent wants you to sign a sole agency agreement for a long time- what is the justification for this? There are bona fide reasons so do ask and make your own call- but unless they are very good you should always look to instruct more than 1 agent.

If, however, you have a particular agent that you have developed a strong relationship with and don’t want to risk damaging this- talk to them. Agents operating in the same area, particularly independents, often share properties on a shared commission basis (‘split commission’). This can mean that you get the same great service/agent that you like but with several agents working on your behalf.

An agent that is afraid of competition has something to hide- usually that they are not very good at their job. Don’t fall for this, remember that your needs as a client are foremost and not the agents’.

To make base one of your choice agents call us on 02070331901, email us at info@baseps.co.uk or for more info on our full range of services visit our website at: www.baseps.co.uk