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Letting Agents And How They Operate

Author : James JR Robinson

Submitted : 2010-10-22 03:56:47    Word Count : 562    Popularity:   105

Tags:   letting agent, letting agents, letting agency, lettings agency, letting agencies, lettings agencies

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There are three main types of letting agent who supply particular services to landlords in relation to the letting out of residential properties. Such residential properties will typically include apartments or flats of various sizes, some of which will be in town centre locations, and others will be in more remote areas. Houses will also be covered by this service, as will large mansions. The services offered by the agents in relation to such properties range from a basic service to a full service. The type of residential property agent that is chosen by the landlord will depend on the particular service that the landlord needs in relation to their specific situation and requirements.

The first category of letting agent supplies a basic introductory service to landlords of residential properties. These kinds of agents will take various steps to find a tenant for the property and arrange the production and completion of a written tenancy agreement. The tenancy agreement will cover the terms of the tenancy, and it will usually be signed by the landlord and the tenant. The financial arrangement for the work that the agent does will often take the form of a one-time set fee payable to the agent. Another payment system often seen in the residential letting arena is for the property agent to receive a percentage of the annual rent paid by the tenant, which is usually something like ten percent.

The second category of letting agent supplies a more comprehensive service, carrying out both letting and rent collection activities. So to start with, this type of agent will look for a tenant for the property and set up an agreement regarding the tenancy. With this category of property agent, the letting service is supplemented by the additional service of collecting the rent that is due from the tenant on a monthly basis. For providing this service to the landlord, the letting agent will usually be paid a fee by the landlord which is a percentage of the rent that is received from the tenant. This will often be somewhere between eleven to thirteen percent, to take account of the extra work involved.

The third category of letting agent provides a full residential letting management service. Initially, the work of the agent will be focused on securing a tenant to occupy the property. The next area of activity for the type of residential property agent in this category will involve setting up the tenancy agreement. Collecting the rent each month is also included in the full management service offered by this type of agent. Another service performed by a full service letting agent is dealing with maintenance to the rental property. The fees payable to a full service letting agent can be up to fifteen percent of the rent received. However a lower 'portfolio rate' can often be negotiated if the landlord has a number of properties to be managed by the letting agent.

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Search for a letting agent or properties to rent on Propertywide.co.uk

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