Handle Letting Agents with Care

image

Letting agents are professionals who act as facilitators between the tenant and the landlord of a residential property. Letting agents’ operations include formalising a rental or tenancy agreement and associated financial services such as deposit and rent collection. The letting agents’ income comes from the commission charged for the services which would normally be a percentage of the yearly rent. While letting agents work usually under an estate agency umbrella, there are many who deal exclusively with tenanting or letting operations.

While letting agents are bound by law to do bona-fide business, it is common knowledge that, like in other businesses, there could be individuals looking to earn a buck through hoodwinking innocent people. It would be prudent approach with caution when dealing with these agents considering a few cases that are coming to light lately regarding letting agents who stole clients’ money are now jailed for two years.

When letting agents do frauds, a lot of people stand to lose money including the tenant who has paid the deposit, the landlord who may not receive his rent correctly and other workers like the painter and plumber who may not be paid for their services. Irrespective of the reason to cheat, letting agents who do not pass on the financial components to the parties concerned are tried as criminals and if proved guilty would be liable for punishment.

There are many real estate markets in and around London which are doing booming business thanks to enhanced infrastructure. Bethnal Green is a district in East London originally considering the poorest locality in London. The area is, however, now becoming increasingly popular owing to good transportation connectivity and its proximity to the City limits. There are a number of Bethnal Green estate agents who promise to deliver property services covering all of North and East London.

Shoreditch is another district in East London which is built up from parts of the north of London City. Again a vast plethora estate agents in Shoreditch offer property services suiting one’s budget and requirements.. The real estate in Shoreditch is a mixture of modern apartments and old-fashioned London houses. Hitherto considered the outskirts of the city, Shoreditch is today a popular real estate destination for many because of increased transportation links and large amount of regeneration in the market.

All upcoming real estate markets are sure to have real estate and letting agents promising properties and deals that sound good and sometimes too good to be true. As is evident from various fraud reports, increasingly people are falling in the fraudulent net of these agents. And surprisingly there is no law from stopping them from returning to the business once they complete their prison term and continuing the defrauding process.

Letting agents fraud could include transactions wherein a tenant is paying upfront rent for a non-existent or fraudulent property, tenants could be making the payment to someone other than the actual owner of the property. It would be prudent to check the background, read up reviews, set up a meeting with the actual owner, do a sample check with neighbours etc before signing any agreement or making any payment to real estate or letting agents.