Entrepreneurs or businessmen are said to be one of the busiest people living on Earth. They travel from one country to another or from town to town. They work day and night. It’s like this career would take most of your time attending meetings, visiting business sites and monitoring business operations. If you are going to think about the routines, then you will say that it is too busy. But, that is not a reason to stop expanding and growing their business because they want more properties.
As an entrepreneur, who is too busy managing the existing businesses, you depend on so many people. For example, when you would like to buy a piece of land for your new investment, then all you can count on is a real estate agent. But, if you just want to lease a building or lot and become tenants, then you may count on letting agents. These people will work for you by finding the best and suitable locations for your commercial and private needs.
To be a letting agent for a rental property is not that easy. You need to make sure that you can meet all the requirements or preferences that your client demands. If you do so, then you will earn from this success. Anyway, you need to know and understand a lot of things about being a letting agent.
What is this profession?
A letting agent is a profession, who have expertise in the field of finding tenants for a particular property. They are doing this on behalf of the owner, who is actually your client. Let’s say that they act as representatives or marketing staff of a company. Now, this company has various properties with vacancies. But, the company does not sell the properties. Instead, they are for lease. Anyway, do not expect that every agent is the same because they are tailored in different ways or depending on the service that they offer.
As a letting agent, you will not simply tell a potential tenant that there is space for rent here or there. You have to make sure that you have seen and have gone to this space. You must be good in evaluating and assessing the properties for rent. Through this, you will be able to deal and bargain with the owner about the rental fees as well as your commission. After this, being agreed, you will then start scouting and advertising this property. And then, you need to show this to your future tenant. After this person agreed to your presentation, the next steps must be accomplished legally with all documents signed.
You may be a businessman, but this does not mean that you know everything about finding a suitable space to rent for your business expansion. I am not saying that you cannot do this task. But, being a letting agent is a profession and you need experience in this field. Well, if you have enough time to learn about a letting agent’s job, then maybe you can do his job. Now, if you do not mind paying him for his service rendered, then it would be great to rely on his expertise.
Responsibilities of a Letting Agent
It is true these agents have their own expertise, but they generally are obliged to the same responsibilities. First, they have to be a registered agent. For example, if you are a letting agent from Australia, then the company that you are working for must be under a letting agency that is approved by the government like the Business Licensing Authority or BLA. This will help you as a tenant to inquire about licensing issues, especially when you would like to check if the agent’s company is for real or not. Click here to know more about business licensing.
The work of the agent is not only focused on finding a location for the tenants. There are things that must be explained to the potential customer. It is very important for the agent to guide the customer about the tenancy agreement as well as the legal responsibilities of the landlord. Sometimes, failure to do this may lead to confusion and miscommunication. Therefore, it is a must to practice giving the costumer their right to know all legal information about the tenancy.
Finding and Choosing an agent
In the part of entrepreneurs, finding a reliable agent is not easy, especially when you cannot get recommendations from other businessmen or friends. Therefore, you have to make an effort in checking the legality of your agent’s company. Make sure that they are registered and has the license to operate as letting companies. It would be great, too, if you can ask your local government office for a list of agencies. This may be time consuming, but it is necessary to avoid scams and other bad practices in the field of tenancy.
You may also try to go online and search for the top most and the best agencies in your area. A company with a good reputation as well as an established one, would surely have a web site. I know that a lot of them are found online and you cannot avoid this because they are really in a tough competition. But, from their official web site, you can check their credentials and qualifications. Anyway, an agency that cannot comply with the policies, rules and regulations of your local government are surely blacklisted or under probation. So, just make sure to inquire from the BLA before communicating with them.
Do not be confused about a letting and estate agents because they sometimes work together. Some companies operate not only for lettings and rentals, but for selling properties as well. Anyway, this won’t be a problem when you want to deal or make transactions with such companies because they have experts in those fields. They will not surely provide you a real estate agent, who only focuses on selling land and buildings when all you need is a letting agent to find you a space to rent, right? Nothing to worry because they have dedicated personnel for the service that you need.