With a full management letting agent, you can let out your property without the hassle of collecting rent and dealing with repairs. However, it is important to have a clear agreement in place to ensure the smooth management of your property during the tenancy.
A letting agent terms of business agreement allows a letting agent to manage part or all of the lettings process of a property on behalf of a landlord. A let only letting agent will source a tenant and hand over the management to the landlord at the start of a tenancy. A full management letting agent will manage all aspects of the tenancy before and during the tenancy.
A full management letting agent will take care of all aspects of letting and managing a property. This means sourcing and referencing tenants, preparing an inventory, registering a deposit, collecting rent from the tenant and conducting routine property inspections. The letting agent will also be the tenant's point of contact for repairs and other tenancy related issues.
An inventory is a useful document which provides photographic and written evidence of the state of items in a rental property before it is let to a tenant. It must be prepared before the tenant moves in and must be signed by the tenant. The inventory will be used as a reference point on check out to determine if the tenant has been negligent and if repair costs should be deducted from the deposit.
An inventory will be used as evidence in the event of a deposit dispute by the landlord or tenant. An inventory will include photos, item numbers and dates to provide an objective indication of the state of a property and its contents at the start of a tenancy.
A letting agent terms of business needs to specify if the inventory services are included in the agent's fee or if it's an additional cost. It is important that the letting agent provides the inventory fee to ensure that the landlord, the tenant and the agent can all agree on the state of the property at the start of the tenancy.