All letting agents use contracts of some sort. This is an agreement drawn up between the letting agents and the landlords. Many contracts are drawn up pretty quickly, however others may take longer, depending on many factors.
Before drawing up your contract you need to ensure you and your letting agents have a full understanding of what you want, and what they can do for you. Once all of this is set out, only then can the contact be drawn up. Remember, if you’re not happy with the contract then another one can be drawn up.
When you get your contract you should set a couple of hours out to read through your contract numerous times, just to make sure everything is correct and there are no mistakes. It’s also a good idea to check that everything is in there and that there’s no missing information. Of course if you aren't sure on anything in your contract then contact your letting agents as they are there to help and answer any questions you may have.
It’s also a good idea to have a look through and find the termination clause and be clear on what you have agreed on to terminate your contract. In most circumstances this will be by giving notice, usually around 2 months before the end of the tenancy. It’s really important to take notice of your termination clause as some letting agents may try and indicate that they can take a percentage of your selling fee.
What are the most important things to take into consideration when reviewing your contract?
Make sure you look out for management fee’s. Some letting agents will include additional fee’s and hidden charges which may entitle them to bill you or your clients for tasks such as general admin, bank processing, contract preparation and emergency call outs.
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