If you need to to manage a property on behalf of a landlord you should consider using a Letting Agent Terms of Business Agreement. This page will explain why and how to create your next Letting Agent Terms of Business Agreement.
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.
If a landlord is asking you to manage the property on a full-time basis then you should ensure you have a full-management letting agent terms of business in place to make sure the terms are clearly defined and understood for deposits, inspections and maintenance. If a landlord is simply asking you to source a tenant and conduct reference checks you will need a let only terms of business agreement. A let only terms of business agreement should equally clarify what is not included in the agreement such as mid-tenancy property inspections.
A letting agent terms of business protects both the letting agent and the landlord by clearly defining each side's rights and obligations. For example, it needs to specifiy if the inventory services are included in the agent's fee or if it's an additional cost. A letting agent terms of business must also indicate how frequently a letting agent will conduct property inspections on behalf of the landlord and the cost of additional inspections should the landlord request some.
Clearly defining the responsibilities of the agent and the landlord ensures a smooth management of the property.
To create a full management or let only letting agent terms of business agreement which meets your requirements, simply register with Legislate and answer some simple questions about the arrangement. In minutes, Legislate will build a custom terms of business agreement which will allow you to manage a property on behald of a landlord.
Single occupancy, multiple obligations.
A report and review into exciting trends and common difficulties in the rental market 2021.
What to do when the model agreement isn't suitable
Online platforms for contract creation to rent collection.
3 things missing in your agency’s template agreement with landlords
In law, is a landlord responsible for the actions of their agent?