A letting estate agent plays an important role in helping the prospective tenants secure rental property that is suitable to his or her taste. Having found the property of your choice, there are various things that letting agent will usually do to help you move into your rented property as a full tenant. These things are discussed here.
Letting agents will market the property on various property portals, in order to get the best marketing exposure for the type of tenant that the property will attract. A good letting agent will be selective on the websites they market the property and know which will be best for flats/studios/room lets and larger holiday homes for instance. Marketing on these portals are normally quite expensive, which is why many landlords decide to use agencies.
Good agents will use good panoramic or wide angled photos and add a good description of the room/house they propose to market.
Furthermore, the best agents will then filter phone calls from perspective viewers, by asking questions before agreeing to a viewing. Good agencies will generally only allow genuine viewers who are likely to be a good fit see the property. Viewers who are genuine will be those who are actually able and willing to move in a reasonable time frame, whilst being the sort of tenant the landlord is looking for.
A bad agent will generally book in any person who calls and ask questions later. This will give landlords false hopes that the tenant demand may be high, when a high proportion of the viewings will be time wasters.
Additionally, the best agents conduct viewings in evenings to maximize the opportunities to show tenants who work long hours and can’t make day viewings due to work comitments. Generally tenants who work long hours indicate they will have the ability to pay their rent, though this will always be verified by pay slips as part of the references process.
Professional agencies will also prevent uncomfortable instances where two or more different viewers all want the same property by staggering viewings and not doing an open house viewing where various viewers turn up at the same time.
Taking the property off the market
Once a suitable tenant is matched to a property, the first thing to do is to get it off the property market. This is usually done by asking the tenant to pay an agency or holding fee in order to indicate they are serious in wanting to rent the property.
The letting agent will then commence the administrative job of getting references and a full deposit.
The letting agent will normally ask for the following documents:
• Proof of tenant’s employment
• ID with proof of previous addresses
If the landlord or agency is not fully comfortable with the information provided by you, he may request a guarantor who will be legally and financially responsible for your rent should you fall into arrears.
A responsible tenant is one that is capable of paying his or her rent without be asked to do so. So, your prospective landlord will be eager to know whether tenants are capable of paying for rent as at when due. The landlord will be keen to know tenant’s employment status.
The tenancy contract is the agreement reached between the landlord and the tenant which specifies certain rights for both parties. The tenancy agreement specifies the right a tenant has to live in the property as well as the right of the landlord to receive rent.
The tenancy agreement that specifically sets out the obligations of the landlord as well as the tenant as regards renting of property. Assured Shorthold Tenancies (ASTs) empowers the landlord to repossess the property at the termination of the agreed term or should a tenant fail to meet their obligations.
Taking inventories is important because it gives a detailed list of items contained in the property and the condition of each of the listed items on the day of moving in. The inventory can be prepared either by the landlord or by the agent. It is worth asking your agency if they do this as a matter of course. We at green acorn property ask landlord’s to do their own inventories.
This is the last event that will help to secure the property. The deposit is for one to two month’s rent. The money acts as collateral to the landlord to offset damages and the cost of repairing and replacing property if caused by the renter. A letting agent will always get this before a tenant moves in, and register them in a government accredited scheme for the duration of the tenancy.
Whilst the above can be done by a landlord themselves, it is clear there is quite a few checks which need to be conducted, which may not be convenient to all landlords.