Estate agents switch to lettings

 

With the economic downturn many sales agents are changing to lettings but lack the necessary expertise.
Stephen Ludlow comments: ‘Legislation wise, the lettings industry is more involved than sales and it is very difficult for a sales estate agent to just change over to the lettings industry overnight. They will not have the systems, schemes or knowledge necessary to operate on a daily basis. A letting agent must understand the tenancy deposit scheme, about taking deposits and how to adequately take references on tenants.
It might seem easy enough to buy terms and conditions and letting agreements off the shelf, but nevertheless the estate agent will need to have a knowledge of how to deal with all the legalities. They need to know about break clauses, company lets, inventories, overseas landlords, HMO – to name but a few areas

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