A letting agent is a British term used to
define a person who acts as a mediator between tenants and the house owner who
helps in making the agreement of the house for rent and other formalities
related to rented property which is mostly residential. There are letting
agencies flourishing these days and they charge commission for the service they
provide. There charges may vary according to the organizational rules; roughly
it is some percentage of the annual rent. A letting agent may or may not work
in collaboration to estate agent. There are two types of crucial renting it may
be letting agents dealing with tenancy between private individuals or house
owners.
Role & Services
The basic service provided by any letting
agent is finding a tenant for the land lord’s residential property. The letting
agent’s charges may vary according to his/her wish. After this, the letting
agent is also involved in the administrative and legal procedure which includes
tenancy agreement, drawing up of tenancy and so on. Many letting agents canary wharf prefer to collect rent from the
individual for this they may charge commission. Whole management of the rental
property is done by letting agents. Even day to day small management task will
be handled by letting agent. Many letting agents do this management for the
house owners, who wishes to receive hands off to investment.
Fees
To cover the administration tasks and services
some fee is charged, that tenants need to pay to the letting agent. Special
inventory fee is charged to cover cost of inspecting the property and drawing
an inventory. An agreement is signed by the tenant to stay for specific period
of time in the property. When the tenant extends to staying limits then he/she
is liable to give tenancy extension or renewal fee.
Benefits
When searching for a rentable property, it is
good to hire a letting agent as he/she knows the exact rentable property and
all things about it. A letting agent who is expert in this field will surely
save your time and effort. Also, a good letting agent will share knowledge on
all the doubts you have regarding the rental property like rent, location and
other amenities available. The letting agent is mutual link between tenant and
land owner, so if any issues arise then a good letting agent will surely help
both of them to overcome such conditions.