Agent
- There is more than one kind of agent.
- Letting agents act for property owners (landlords)
- Sole agent -only one agent is appointed by an owner to sell or let a property
- Multi Agent - more than one agent is appointed by an owner to sell or let a property. The successful agent takes all (the commission)!
- Multi marketing by multi agents means some will not be paid for their efforts, acting as a deterrent. Sole agency usually gets best results through more committment.
- Sole Agents prioritise the sale or let of properties ahead of multi agent appointments.
- Agent for the landlord
- This can be anyone acting on his behalf
- It need not be a formal agent, it could be a friend.
- Agent for the tenant
- This can be anyone acting on his behalf
- When a person makes a payment on behalf of a tenant it is prudent and best practice to provide a receipt and to have this countersigned by the "agent for the tenant" stating the purpose for the payment (rent, bills, deposit, etc) and the property it relates to.
- The authority to act as agent is established by (R.E.A.L.):
- Ratification
- Estoppel
- Appointment
- Legal implication
- Think of Real (estate) Agent
Published: 5 November 2013 Last Updated: 17 November 2021