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.

---

How To Sell A Home That Didnt Sell

If your home has just come off the market and... Read More

3 Tips to Help You Sell Your Timeshare - For More

The values of timeshares are constantly changing. There are numerous... Read More

How to Decrease the Value of Your Own House

Owning a house is part of the American Dream. Depending... Read More

Real Estate Values or Just Bad Habits

There are several small businesses that retain hundred year old... Read More

Choosing Your REALTOR ®

With so many realtors competing for your business, how do... Read More

What To Expect In Closing Costs On A Home Purchase

Many are taking advantage of this year's low mortgage rates... Read More

Boston Real Estate ? You Still Have Considerable Control Over the Sale of Your Boston Home

Boston real estate is a hot topic. Daily newspaper articles... Read More

Understanding the Escrow (Closing) Process

1. What is an escrow?Escrow is defined as a process... Read More

Before Selling Your Home

Here are some important steps you should take before you... Read More

Investing in the Baltic Tiger: What Has Estonia Got to Offer?

Estonia's reputation is growing within the property investment market. Rising... Read More

Investing in Real Estate Vehicle for Wealth Building

Real estate is one of the best vehicles of building... Read More

Home Selling: How To Set The Right Asking Price

Many homes remain unsold for a long time because they're... Read More

Budgeting Your Log Home - Creating a Checklist

If you've read my first article, BUDGETING YOUR LOG HOME:... Read More

Give Your Home A Timeless Feel

In the world of real estate, there is a huge... Read More

Should you Sell your Home yourself?

Should you sell your home yourself? Yes and no. Yes,... Read More

10 Important Tips to Successful Real Estate Investing

When it comes to investing, everybody has certain goals and... Read More

Boom or Bust

For those looking to invest in the real estate market?keep... Read More

We Buy Houses Scams ? How to Spot Them and How to Avoid Them

There are many reasons why a home owner would want... Read More

Refinance Rental Property - Dont Sell It

You own a rental property for years, and never see... Read More

Basic Tips for First Time Home Buyers

Choosing a first home can be a daunting task, but... Read More

Real Estate Growth: How Long Will It Last?

There has been speculation in the media recently about the... Read More

How to Find and Buy a Bargain House with Little or No-Money Down

Real estate investors know how to make money buying distressed... Read More

Reinventing Real Estate, Part 2: Online and Empowered Consumers Are Taking Charge and Paying Less

Demanding consumers"Internet buyers tend to be better informed on market... Read More

Investment Real Estate Made Easy ? Make the Most from Each Investment Dollar

When it comes to buying investment real estate, there are... Read More

Notify Them When Youre Moving

One of your first steps, when you're getting ready to... Read More

Selling by Owner Tips

Do strangers scare or intimidate you? If you're planning to... Read More

Commercial Income Property Financing: Part 1 of 3

Welcome to this first portion of a three-part series about... Read More

Easing Your Way Into Homeownership: A Guide To Low Down Payment Mortgage Programs

There's no question about it: Buying a first home is... Read More

Virtual Agent? Online Real Estate

When preparing to sell a house, you should always consider... Read More

Property Investing Secrets 8

Property Investing: A Buyer's Secret Weapon When Purchasing Real EstateMy... Read More

Making Money In Real Estate - 10 Ways

Making money in real estate is an endless topic that... Read More

Why Do Realtors Advertise Your Home in Print,on the Radio, on Television, etc.?

Why Do Realtors Advertise Your Home in Print,on the Radio,... Read More

Selling Your Home: 5 Deal Killers That Are Lurking In Older Homes

You've listed your home for sale, you have a Buyer... Read More