Letting agent is the facilitator that one might need to settle the agreement between the landlord and the tenant. When you are letting your house to go to rent, make sure that you and you are tenants are on the same page. Your tenant must agree on everything to avoid any problems in the future. A signed agreement between the two parties is formally dealt by a letting agent him/herself. This is usually done in the United Kingdom and other countries of the Commonwealth.
These letting agents do not work free of charge. They ask for a handsome amount of money as their commission with each rent paid each year.
If you want to find a good letting agent, ask your real estate agent for it. These agents work in collaboration due to their overlapping fields. However, the letting agents work closely with renting only.
Services Provided by A Letting Agent
An introductory service is the most common among all the services provided by a letting agent. In this service, the letting agent helps the landlord to find a suitable tenant for their house or apartment. The other type of services that a letting agent would provide you is administrative. This is the most important side of their work. The administrative services provided by the letting agent includes filling up your house papers and making agreements with your tenants. This would also help you to develop the terms that you want your tenant to follow in the future.
The other service that they provide is rent collection. This job can easily be adopted by the landlord himself. However, if the landlord does not want himself to entangle in the rent, then the letting agent take care of this business as well. However, they do not offer this service for free. They demand extra money besides the annual charges from the rent.
For people who are extremely busy in their work or want their property to be rented in any other place, the letting agents provide management services for them. In this service, they take care of all the steps and procedures required without the presence of the landlord himself. Nevertheless, none of the decision is made without the agreement of the landlord.
How Much Does a Letting Agent Charge?
A letting agent will cost you inventory and exit fee. This is important for the main inspection of your property before and after it is rented. The other areas they might charge you include administrative free. The administrative fee is important to cover all the administrative work. Last but not the least, your letting agent might charge you for renewal of any term and condition, usually termed as the renewal fee.
The cost of hiring a letting agent might be high, however, an agent makes your life way easier than you can imagine. They can take care of all the legal paperwork without any hassle. They make sure nothing goes without your consent, which is the most important thing.