Only just signed up to an agent but now I have found my own tenant
5:35 PM, 4th June 2015, 11 years ago
7
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I signed up with a High Street letting agent 2 weeks ago to help find a tenant for my property but now I may have found my own tenant.
Will I still have to go through letting agent and pay there fee or not?
I know I did sign to be exclusive to them for 6 weeks .
Thank you
Regards
Heather
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Regulated activity or not?
Member Since January 2011 - Comments: 12216 - Articles: 1411
5:38 PM, 4th June 2015, About 11 years ago
Hi Heather
It’s impossible to say without reading the contract.
Perhaps what you should be asking yourself is whether you are confident to let and manage the property yourself and whether it’s really worth your while.
See our Property Management Checklist to see what is involved to do a proper job >>> https://www.property118.com/letting-supermarket-full-management/68829/
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Member Since July 2013 - Comments: 193
8:41 PM, 4th June 2015, About 11 years ago
I think the only way out of this one is to ask the prospective tenant to wait another 4 weeks before signing. Of course you then risk the possibility of losing the tenant.
I suppose it’s just a bit unfortunate you made a decision which you now regret, but at the end of the day you will have to make the decision as to which tenant you take, which is far more important than whether or not you would then have to pay a fee to the agent.
Member Since July 2013 - Comments: 1266 - Articles: 1
4:00 PM, 6th June 2015, About 11 years ago
Finding a tenant is only part of the service. Are you going to write the agreement, take and correctly protect their deposit, do credit referencing etc. etc.?
I use an agent and if I found a tenant I would refer them to the agent for the admin. I expect they have paid for advertising etc. which they should be entitled to reimbursement for. But it really depends on their contract.
Member Since April 2014 - Comments: 986 - Articles: 2
4:27 PM, 6th June 2015, About 11 years ago
Hi Heather, what does your terms of business with the agent say? Even with a six week exclusivity there may be an opt out clause and there should now be a cancellation policy, although the later maybe be void if the service (advertising etc) has started.
Member Since September 2014 - Comments: 277
7:03 PM, 6th June 2015, About 11 years ago
Do what tenants very often do, don’t pay!
Member Since July 2013 - Comments: 357
8:01 PM, 7th June 2015, About 11 years ago
Hi
Don’t lose your integrity for a few pounds talk to agent and explain what has happened and see if they will release you.
As already stated managing a tenant is not easy but you do learn.
Member Since September 2014 - Comments: 277
9:29 PM, 7th June 2015, About 11 years ago
Integrity’ is a good word! I can’t help thinking few have ever heard of it!