Let only Letting agent terms of business agreement with inventory services

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If you're a Letting agent or property manager, you need to have the terms of your agreement with the landlord in writing.

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 let only letting agent will source a tenant and conduct credit and reference checks to determine their suitability for the tenancy. A let only agent can also prepare an inventory for the property and collect and register deposits on behalf of the landlord.

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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 specifiy 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 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.

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