A letting agent is a United Kingdom term for a facilitator through which an agreement is made between a landlord and tenant for the rental of a residential property. In the Coventry the agreement between landlord and tenant is normally formalised by the signing of a tenancy agreement. A letting agency will normally charge a commission for their services, usually a percentage of the annual rent.
Letting agents in Coventry will often operate under the umbrella of an Estate Agent due to the synergies that exists between the two professions, but there are many agents that deal exclusively with lettings.
Although there are two main types of renting, letting agents deal primarily with tenancies between private individuals and landlords.
Services offered by lettings agents in Coventry usually break down in to three parts:
The basic service is the introduction of a Landlord to a tenant. The cost to the Landlord for this service is normally a percentage of the total rent over the term of the tenancy and is charged up-front. The commission for this service is normally between 7% & 12.5%.
Tenants are charged a so-called "administration fee" up-front. This includes the processing of the application, and usually involves prospective tenants undergoing credit searches. Fees can vary widely, and can range from £50.00 - £300.00. Often fees are non-refundable, unless the landlord withdraws from the process.
Many agents will offer to collect the rent from a tenant for an additional 2-3% commission calculated as above.
Full Management is the term most often used to describe the day-to-day management of a rental property. Many agents provide this service on properties which they have let for a commission of between 7% and 12.5%. This part of the commission is normally charged monthly.
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