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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.
A letting agent will conduct periodic property inspections to verify that the property is being looked after by the tenant and that they have not breached the terms of their tenancy. A letting agent must give at least 24 hours written notice to the tenant. A property inspection must also be performed at a reasonable time of the day. During an inspection, a letting agent will also inspect the state of smoke alarms and carbon monoxide detectors.
Property inspections are also an opportunity for the letting agent to build a relationship with the tenant. A good relationship will facilitate communication between the landlord and the letting agent which will contribute to a smooth tenancy.
A letting agent terms of business must indicate how frequently a letting agent will conduct property inspections on behalf of the landlord. The agreement must also specify the cost of additional inspections should the landlord request some.
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