Landlords 'must' understand estate agent contracts
Property professionals
3rd February 2009
It is vital that landlords ensure they fully understand any agreement they are entering into with an estate agent before signing on the dotted line, it has been claimed.
According to Tom Entwistle, editor of Landlordzone.co.uk, landlords should also attempt to negotiate any deals being discussed where necessary and be aware that some estate agents may insert a clause entitling them to commission if the property is sold.
He commented: "[Renewal] fees are always negotiable, so what landlords should do if, when they set up an agreement with an agent, think about renewal fees at that stage and come to an agreement with the agent."
In December 2008, the Association of Residential Letting Agents reported that 90 per cent of landlords were neither selling nor purchasing rental properties.
Landlordzone.co.uk is an online community and a portal for landlords involved in letting property.
For more information on how Giles can help you with your business insurance, Click here.
