A letting agent is someone who facilitates the exchange of contracts between two parties. They represent one party and ensure that a contract is drawn up between them and another party. In many cases they are also acting as a solicitor for their client. Letting agents have to follow certain rules and regulations when drawing up a contract. These rules and regulations are put into place by the government and the letting agent has to abide by these rules. The laws governing letting agents and their clients differ slightly from area to area.
Tenants Pay Letting Agents
Letting agents get paid by the tenants under the lease or tenancy agreement. They receive a percentage of any rent which is above their retainer fee. Any expenses such as legal fees or costs for advertising are also paid by the tenant. However, letting agents can also take the fee from the tenants, which covers all their outgoings. This means that the tenant will not have to pay anything extra to the letting agents. They will receive the same fee throughout the duration of their contract.
Choosing Letting Agents
Many people do not actually bother to look into the quality of letting agents before signing on the dotted line. There are some important factors that they need to consider before letting themselves into the hands of the letting agents. One of the most important aspects of their check list is the fees and charges which they might have to pay. The amount of money that they might have to fork out can vary from one person to another depending on their financial circumstances.
There are a lot of websites which allow potential tenants to look at different rental properties. They can find out about the place without even leaving the comforts of their home. They can read about the place and about the various amenities that they have to look forward to living in. The tenants also have the option of going through the photographs of various properties to decide on the one that they feel is best suited for them. While visiting these websites, potential tenants can contact letting agents in Edinburgh and talk to them about the various rental properties.
Landlords
Some landlords need help in understanding the various regulations and rules that apply in a country. For example, they may be required to get rid of substandard items from their premises. So if a tenant finds something suspect, the landlord needs to be able to provide evidence that it has been brought up to the standards stipulated by the law. If the tenant can provide proof then the landlord will be exempted from having to give out such items.
Many landlords are also faced with issues related to the lease renewal. A lot of landlords need help in formulating the fee structure and the terms and conditions that come with it. Letting agents are of great help in such situations as they can advise landlords on how they can make the fees as reasonable as possible. They can also negotiate with the landlord on the terms and conditions. Without letting agents, landlords would have to spend a lot of time trying to understand the various rules and regulations.
