A letting agent is a term used in UK to refer to a person who facilitates the making of an agreement between a tenant and a landlord in cases of residential properties. This letting agent is known to charge some commission for his/her services which is generally a fixed percent of the twelve-monthly rent.
These agents generally work in conjunction with Real Estate Agents because of the similarities in their line of work, but many letting agents are also known to work independently and deal only in lettings.
The services that letting agents are known to offer can be divided into three (3) sections:
Their main service is introducing the landlord and the tenant. The landlord is normally charged a certain percent of the agreement’s total tenancy term and this is charged at the beginning of the term. This is generally in between seven (7) and eleven (11) percent.
The tenant is asked to pay, what is referred to as, the administration fee, and this is also charged at the start. This is towards the application being processed, and also normally takes care of possible tenants wanting to undertake credit searches. These fees can be wide ranging, and are generally in between
Leave a Reply
You must be logged in to post a comment.
