Letting agents are people who help arrange agreements between landlords and tenants who wish to rent their properties. As potential tenants will learn on lpiproperties.co.uk, most lending agencies charge commissions for this valuable service. This commission is normally, but not always, a percentage of the total rent tenants must pay during a given year.
Many Estate Agents also act as letting agents, but other letting agents only handle lettings, not property purchases. The main job of a letting agent is assisting with the tenancy agreement which formalises the arrangement between tenant and landlord. Tenancy agreements are described in greater detail on lpiproperties.co.uk.
 Another important thing letting agents usually do is introducing landlords to potential tenants, and the commissions letting agents charge to landlords for this service range between seven percent to 12 and a half percent of the complete rent charged for as long as tenants remain in the property.
Letting agents also charge administration fees to tenants prior to processing their applications and performing credit searches. According to lpiproperties.co.uk, these fees are usually charged up front and are non refundable. Letting agents frequently collect rental payments from tenants for additional commissions from two to three percent.
When tenants decide to renew or extend their tenancy, letting agents typically charge renewal fees which are slightly lower than their initial introduction fees. Other fees sometimes charged by letting agents include inventory fees for inspecting proposed rental properties, and exit fees when tenants choose to leave properties.
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