A letting agent is a facilitator during the negotiation for the rental of a property through a real estate investor. This is most commonly utilised in countries with British English as the official language, such as countries of the Commonwealth, where it is sometimes assumed that agents speak the language. Most often than not, however, agents that work on behalf of landlords or investors will be those who have gained the necessary professional experience of being a landlord or an investor to be able to negotiate in the language of the country they are currently in. This may take time, but once the arrangements are final and it is confirmed that the tenant will indeed be moving into the property the agent will forward the documents to the new tenant so that they may move in. This document is known as the tenant’s statement of agreement or the contract of agreement.
The roles of these professionals are not limited to the provision of legal responsibilities and the negotiation of contracts between tenants and their private landlords. Letting agents may also be involved in offering a range of promotion services to help property owners to promote their properties. Through these promotions they may be able to advertise the rental properties they are listing to potential tenants and perhaps conduct open days and other events to help potential tenants find out more about these properties. They may also be responsible for collecting a fee from a potential tenant at the end of the tenancy period and acting as a clearing house between landlords and tenants when it comes to payments.
Because of the nature of the role these professionals play, a good letting agent should have a variety of skills to offer. Having a varied portfolio is a great way to show that you have a wide range of experience in this industry. It shows prospective tenants that you have done quite well in the past and gives them a reason to trust your judgement on future developments in this area. You should have a good knowledge of local laws and regulations regarding rentals and be able to offer sound advice and guidance based on your understanding of these laws. If you can demonstrate through your portfolio or references that you have successfully promoted properties for previous landlords and tenants, your prospects will see you as a person with significant business acumen and will want to work with you on a regular basis.
Good letting agents will be aware of the lease options available to tenants and carefully choose those which best suit their needs. They will carefully match the terms of the tenancy agreement to the needs of tenants and landlords and will avoid putting pressures on either party to enter into a lease with too much room for negotiation. Good letting agents will also actively encourage good tenants to rent from them and will work with landlords and tenants to try to get the best possible outcome for everyone. Ideally, they will be able to secure the best rental price and avoid any unpleasant implications for either the landlord or the tenant if the lease does not come through.
Good Letting Agents will also be aware of local rules and regulations in terms of landlords advertising their property and collecting rent, among other things. They will try to only advertise properties in areas where they are actively competing against other landlords, and will use this knowledge to their advantage to find tenants who might be interested in moving in. A good letting agent will always ensure that tenants find something suitable for them, rather than have to search elsewhere. They will also make sure that landlords know how to advertise their property so that they do not fall foul of local estate agents.
Good letting agents are there to serve you, and in order to help you to find tenants, they need to show you that they have done so. Good agents can do this by showing you examples of their services to demonstrate their ability to find tenants and landlords willing to do what is required of them. These examples will enable you to decide for yourself whether or not you want to work with them, and if you do, you can rest assured that you will be fully protected by law. Landlord legal responsibilities are a complicated area of law, but if you hire the right people you should have nothing to worry about.