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Property Agents On this page you will find links to Realtors, Letting and Estate Agents, Leasing Agents and Brokers from around the world....... Letting Agents - Property agents provide valuable
professional services to both tenants and landlords. Their primary role is
to act on behalf of a landlord to advertise and manage a property to let,
including timely collection of rent. It is normal practice for a new
landlord to pay the agent a % of the ongoing rental income paid by tenants.
Sometimes this charged is levied up front and is typically between 10% to
15% of the gross rental income before local tax (such as VAT). There are
thousand of letting agents situated in many urban high streets providing
local knowledge of areas. An advantage of using a letting agent is they can
provide advice on suitable rental values for a particular property in a
particular area. IN addition, their high street presence ensures a stream of
prospective tenants to view the property and hopefully sign a tenancy
agreement to rent the property. Some agents members of accredited associations providing
access to professional training skills, formal qualifications and sometimes
economies of scale discounts with regards to landlord liability Insurance
legal expenses insurance and other legal policies. Most letting agents or leasing agents have their own
website to enhance the high street branch sales team. Most tenants find the
telephone number and/ or property details of rental properly even before
they visit the agent branch (if at all). With 3D virtual tours, photos,
video and established property search websites providing up the hour details
of property to rent, the internet has made tenants life very easy. Property
portals such as homesonthenet.com provide a comprehensive source of
advertising for landlords with as range of different search criteria and
geographies. One of the most time consuming and important activities
for letting agents is showing prospective tenants around property. This is
usually the job of a junior sales negotiator who will have to deal with
prospective tenants on the phone and face to face during the viewings.
At a time where there is growing pressure on new builds
and a shortage of affordable housing, many mobile workers and struggling
first time would be buyers are forced to rent. As a result, it is not
uncommon for apartments and houses to be snapped up by tenants with hours of
the first viewing. The agent will normally expect a non refundable 'holding
deposit' to take the property off the market (thus preventing other tenants
from renting the property). The holding deposit normally has a conditional
time limit as allow for credit checks and references to take place.
Letting agents provide access to local property
maintenance companies (or may have their own in house maintenance staff).
When pipes burst in winter, or boilers break down or some other damage
befalls a tenants property, the agent can normally be contacted to ensure
swift repairs are carried out. In the UK, landlords have a legal duty to
provide appropriate repairs to ensure tenants rights are not breached (in
particular with regards to boiler maintenance, habitation, fire safety and
privacy). Landlord who choose to self manage a let and deal with tenants
directly will have to balance the cost saving versus the hassle and time of
dealing with tenant enquiries and complaints. Most tenants will have to provide the letting agent with
information such as salary slips to show they are credit worthy in the form
of providing information for a formal credit check). This is usually done
with companies like Experian. These checks will look for history of bad
debt, non payment of debt, county court judgement, etc. In addition, tenants
are normally expected to provide some form of reference. This may either be
from past landlords, an employer, bank reference or accountancy firm (if the
prospective tenant is self employed). For student lets, who may not have a
credit history to check quite yet, a 'guarantor' such as a parent may be
expected to provide a written undertaking with regards to suitability,
ability to pay rent and actually be responsible for rental payments.
The inventory check-in is a normal part of moving into a
new house. The inventory details all the furniture, fixture and fittings in
the property including their state of wear and tear. If items like plates
and sofas or carpets are damaged during the life of the tenancy, the
inventory provides an independent records of before and after. External
clerks are often used to ensure impartiality in the event of a dispute
between the tenant and landlord at the end of the tenancy. In the UK, the letting agent will normally assist tenants
in signing the short hold tenancy agreement (AST). This is a legal document
that binds the landlord and tenant together to agree statutory rights and
responsibilities on both sides. The landlord is free to add in additional
conditions into the contract, (so long as they dont conflict with current
legislation. For instance, there may be clauses regarding rent increases
over set periods or exclusion of use of outbuildings for commercial activity
by the tenants. Letting agents will normally have a good knowledge of the
regulatory compliance issues that affect a buy to let landlord investment.
For instance, in the UK, an annual gas safety check is required by law by a
qualified CORGI gas engineer. Other legal issues include explaining or
participating in the Government introduced tenancy deposit scheme to ensure
tenants pre moving in deposit (usually a month rent in advance) is held
independently of the landlord to protect both tenants and landlords in case
of dispute at the end of the tenancy. In terms of costs, most property agents charge on either a
'finder’s fee' or a 'full property management' basis. This is to cover all
the activities described above. Some landlords prefer to self manage and
must use the landlord to 'find' suitable tenants in the first place.
Estate Agents Primary Role - History of Realtor - Differences in agents role cross brorders - Notarie, estte
agent, Sales & Negotiating Tactics - Growth of FSBo -
http://www.betterhomesbg.com/
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