Real Estate Information


The Letting Agents Role


Letting agents play an important role in the buy-to-let industry and a good agent can help make or break your lettings experience. So what should you expect from your letting agent?

Professional reputation

To attract good tenants, the agent needs to be well established in the local area and have a good reputation. Try to find agents that are members of national letting organisations, such as ARLA, as these will provide peace of mind for both you and your potential tenants.

Credit checks and references

Once a tenant's offer has been accepted, the letting agent will do some background research to ensure they are suitable.

Credit references from the bank or building society, plus personal references from employers and where applicable, previous landlords are all standard. For the self-employed, references are expected from an accountant or solicitor.

Through their own experience, letting agent's should be able to assess the suitability of potential tenants and advise if they feel that somebody would not be suitable.

Inventory

Once the suitability of the tenant is assured, an inventory and condition report will be drawn up. This records the condition of the entire property, including carpets, curtains, furniture, wallpaper and paintwork, along with a list of the entire contents of the property.

At the end of the tenancy, the inventory is used to check that the contents and condition of the property are the same as they were at the start. Changes resulting from general wear and tear are taken into account.

Tenancy agreement

Although it is possible to purchase tenancy agreement forms 'off-the-shelf', an agreement produced by a letting agent is likely to give better legal coverage having being revised on numerous occasions by specialist property lawyers.

The agreement should include:

-- Length and cost of the tenancy

-- Deposit to be paid

-- Responsibilities of the tenant

-- Any other specific matters important to the property

It is also a good idea to ensure that a clause is included that allows the letting agent to begin showing the property to new potential tenants, once the existing tenancy has nearly finished. This will help to ensure that you minimise the amount of time that your property is vacant.

Once the tenancy agreement is signed by both parties, the agent will need to advise the tenant on changing the utility bills and council tax payments to their name. They will then need to wait for the cheque for the deposit and first month's rent to clear. Once this has happened, the keys are given to the tenant and they are allowed to move in.

Ongoing management

Throughout the tenancy the agent will be responsible for collecting the rent, arranging for maintenance repairs to take place, alerting the landlord to any major issues, plus periodic visits to the property to check all is well and that the tenant is satisfied.

Concluding the tenancy

At the end of the tenancy, the agent is responsible for checking the contents and condition of the property against the inventory report, returning the tenants deposit, minus any monies for damaged property or missing items and ensuring that utility bills and council tax payments revert back to the landlord.

Don Suter is Managing Editor of the UK Property Portal (http://www.ukpropertyportal.co.uk), an online directory and magazine for UK property sales, rental, surveyors, mortgages, conveyancing, property insurance, removals, news, investment and development.

For more information, please visit our property rental section.


MORE RESOURCES:
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news


CNBC

Student, senior, storage real estate could withstand Fed's interest rates
CNBC
Student, senior, storage real estate could withstand Fed's interest rates. 5 Hours Ago. Chris Merrill, Harrison Street Real Estate CEO, discusses the impact the Federal Reserve could have on the real estate industry if it continues to raise interest rates.



Rutgers Real Estate School releases landmark study on school-aged children in multifamily properties
ROI-NJ.com
The number of school-age children in multifamily housing units increases with the number of bedrooms, regardless of the residents' income level and building product type. And, if income and bedrooms are fixed, it can be shown that denser properties ...



The Sun Herald

A Coast real estate agent cried when a judge told her how long she could spend in prison
The Sun Herald
Coast real estate agent Kim Foster, 47, of Vancleave, has pleaded guilty to conspiring to rig bids on properties sold at public auctions in South Mississippi. Foster began to cry Thursday afternoon when U.S. District Judge Louis Guirola Jr. told her ...

and more »


Chime Complete Real Estate Business Solutions
Inman.com
Chime is the world's smartest real estate platform. Chime Technologies offers the real estate professional a full suite of integrated online and offline sales acceleration products and services — the smartest business-growth tools available for high ...



Law.com

Dechert Targets Middle East Real Estate With Dubai Hires
Law.com
“We have an enormous commitment to the Middle East already, which is not just lawyers there but in London, Paris and elsewhere,” said Rick Jones, who chairs the firm's global finance and real estate practice groups. “A piece of the puzzle we were ...



GoDanRiver.com

Dan River Region real estate transfers
GoDanRiver.com
Douglas L. Dawson and Vernie M. Dawson to Stephanie L. Sigmon, 160 feet, 160 Withers Road, no money transferred. » Odell Roy Inc. to PCM Real Estate, 45 feet, partial lot, 460 Henry St., $10. » Davis Rental Real Estate Inc. to Richmond Wholesale Deals, ...



Miami Herald

How dirty is Miami real estate? Secret home deals dried up when feds started watching
Miami Herald
The staggering fall in transactions may give ammunition to federal officials who argue that secretive real estate deals allow criminals to launder stolen money into the condos and mansions sprouting up around South Florida. Those officials want to see ...



Chron.com

Real estate briefs: New coworking brand, California industrial investor, Engel & Völkers ink new deals
Chron.com
REth!nk, a new coworking brand focused on the real estate industry, has acquired the Master Mattress Works building at 1512 Center Street at Houston Avenue. The property, along with another in the RiNo Arts District in Denver, will launch a national ...
Engel & Völkers buys brokerage with $130M in salesSouth Florida Business Journal

all 3 news articles »


Why Wall Street loves real estate tech, according to a short seller
Inman.com
Wall Street vet Andrew Left tells real estate professionals why Wall Street suddenly loves real estate tech at Inman Connect San Francisco. Article image credited to Scott Chernis/Inman. Subscribe to Inman Select and read the entire article. Get the ...



Forbes

The Hidden Gem Of Turnkey Real Estate Investing Is In Ohio
Forbes
Take it from this Ohio investor and turnkey investment provider: The Gem City, — Dayton, Ohio — is truly a hidden gem of turnkey real estate investing. Here are eight reasons you may want to add Dayton investments to your portfolio. • Promising rent ...

and more »

Google News

home | site map
© 2007