Published: 30/12/2021A letting agent is a property expert who helps landlords or owners find suitable tenants. An agent will conduct a free valuation of the property and determine its potential rental income.
Once a landlord and agent have agreed on rent, the letting agent will advertise the property in various ways. This could include posting the real estate on property websites, placing an ad in the local newspaper or putting a photo of the premises on the window of their shop.
It is then the letting agent's responsibility to show the property to potential tenants and inform the owner of any interest or offers made. In some ways, they are the middle negotiator who liaises with both parties until a tenancy agreement is signed. Sometimes a tenant may make extra requests before moving in such as extra furniture or lower rent.
When everything is agreed upon, the agent will provide a tenancy agreement and a legal contract for both parties to sign. A landlord doesn’t need to meet the tenants and can get the letting agent to receive and process the signatures from both sides.
Other Letting Agent Services
A letting agent can be employed to research prospective tenants by checking their credit history, obtaining references and other background checks. This assures a landlord that their tenants will keep their property in good condition and consistently pay the monthly rent.
An agent will compile a full list of the condition and contents of a property at the beginning of the tenancy in the presence of the tenants. Therefore, a landlord will be aware of any damages to their real estate and the tenants will need to pay compensation.
Management Of Property
Some letting agents are heavily involved in maintaining the condition of the property by organising necessary repairs during the tenancy. Plus, they may hire experts such as plumbers, electricians and engineers to deal with any other issues within the home.
Not to mention, a letting agent can offer to collect rent and deposit on behalf of the landlord whilst arranging a new tenancy agreement when the contract expires.