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A letting agent is a facilitator through which an agreement is made between a landlord and tenant to rent a residential property. [1] This is commonly used in countries using British English, including countries of the Commonwealth. In the UK, Australia, and New Zealand, the agreement between landlord and tenant is normally formalised by the signing of a tenancy agreement. A letting agency normally charges a commission for their services, usually a percentage of the monthly rent.
Letting agents will often operate under the umbrella of an Estate Agent due to the synergies that exists between the two professions. Still, there are many agents that deal exclusively with lettings.
Although there are two main types of renting, letting agents deal primarily with tenancies between private tenants and landlords.
- ^ Ross, Peter (17 April 2021). "Letting agents obligations to Landlords & Tenants". British Landlords Association.