In his everyday life, a single person can make a lot of transactions. How much more when you count a transaction made by a certain group of people in a given time? The point is, making transactions is one of the most common things that people do every time. And before making a transaction, you may need a piece of property advice.
Now, when we talk about properties and property management, you will have to think of transactions first. When you have either asked a person to manage your property or you hired a company to do it, there must be a transaction to be done. These transactions are done by three different parties. Let’s take for example the apartment business. When a tenant rents an apartment, there will be an agreement between the tenant, the landlord and the letting agent. What is a letting agent?
In the United Kingdom, the term Letting Agent is used to refer to a person who will serve as an initiator of a certain agreement. For example, a tenant wants to close the renting deal for a certain property to the landlord or the owner of the property. The Letting Agent will seal the deal and will stand as witness to the transaction. Letting agents are commonly found in companies who already have them in hand. And you can be sure that these letting agents from certain companies are those who have proven themselves effective.
Without a doubt, these letting agents are required to be paid. And the paying process of these agents is based on the rental given by the tenants to their landlords. This means that there will be a certain percentage allocated for the letting agent based on what has been agreed upon. But most likely salary agreements are commonly settled in an annual basis with the percentage of 10%-20% of the tenant’s rent.
If anything, it is still up to you if you would hire a letting agent to formalize a deal. And if you will hire someone, it is your choice to choose someone from a reputable company or an individual.