What is an admin fee?
An admin fee is a one off fee charged to the tenant, that is associated with the administration of setting up a tenancy or the renewal of a tenancy.
This fee doesn’t include:
- Council tax
- Cost of £20 to tenants or guarantors for their reference.
You can include the above in your rental amount if preferred. The landlord is in full control of how much rent to charge, and the rent should incorporate any costs of setting up the tenancy.
Why can’t I charge any admin fees?
OpenRent are here to ease the administrative burden of renting a property, as well as minimise fees for both landlords and tenants. Rent Now costs just £49 and includes advertising and tenancy creation, with no further costs for securing the tenancy.
Before we existed, landlords were forced to pay £1000+ to a high street letting agent, and the agent would then also charge the tenants for the one-off admin involved in setting up the tenancy (£500 average in London). These fees were often hidden, and unexpectedly large. They often prey on the fact that tenants are already committed to the property, before being revealed.
Benefits of no admin fees
Our average let time of 7 days is a direct result of this ban.
Ultimately this policy means more tenants searching for your property, and more demand means properties being let quicker than ever.
A fairer, more transparent way of renting a property.