In real property business the decision to engage the services of an agent can sometimes spell the difference between success and failure. With the continued evolution of letting properties management models, from simple board and lodging for a few days to a yearlong tenancy agreement or rent contract, the necessity of property letting agents has become a rising standard.
Letting agents do not act on their own. Their relationship with the landlord is one of trust and confidence, in which the letting agent acts in behalf of the landlord in dealing with future tenants. Hence it is very important that the landlord imparts whatever information he may have about the property to his agent.
Letting Agents, although they offer many and varied services, operate on a legally binding trust and confidence with the owner. Even with a “No Let, No Fee” policy, still, all actions of an agent are construed to protect the property owner’s interest as well as the relationship it hopes to create between the property owner and the tenant, with the agent as intermediary. Payment of agent’s fees is only made when a deal is closed and inked. And usually, it is a percentage fee from the value of the rent.
The letting agent receives only a commission based on the amount of the rent agreed upon. Because of the fiduciary nature of the relationship, the fees vary with every landlord. That is why, every landlord can demand and expect the agent to work better so that if the rent is higher then the agent’s commission will be higher too.
Choosing an agent is a big decision. It requires careful consideration and a lot of research. However, it is worth noting that the capability of a letting agent to deliver the desired results does not depend on how much his commission or agents’ fee will be. As in all fields, big account agents do not necessarily mean success and agents with minimum fees do not also mean low capabilities. However, what often contributes to the success of the agent is the cooperation of the property owner in terms of giving information, clear and distinct guidelines, as well as expectations.
Fifth and final point, letting properties nowadays has become complex. Laws and ordinance have been recently passed to protect the landlords from unscrupulous agents. Also, letting agents are now organized and they police their own ranks in conjunction with the State. That is why the risk of engaging a letting agent has been minimized.
So, Why should you invest in a letting agent? Simple; because it works.
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categories: real estate,property,property management,letting agents
